BitCoin price action.

in #bitcoin7 years ago

BTC/USD (currently 7016) has traded down about 16% this week. Low volumes have been a key contributor to the declines this week. Daily volumes have remained below the 8k BTC/d line across the major exchanges [aggregated]. BTC is down about 40% for the month contributing to what is a total 65% drawdown since the December peak in December.
The key background issues to all of this is twofold:

  1. the US Federal Reserves stated desire to withdraw liquidity from the US market by starting the slow process of increasing rates and reducing the size of the balance sheet.
  2. Geopolitical uncertainty.
    This has significantly increased volatility across major asset classes, with bonds and equities in particular not knowing which way to go. The VIX index on the Chicago markets has moved out of the 9-16 range where it spent all of 2017 to the 15-30 range.
    Continued volatility can be expected in Crypto as well as other asset classes until the market settles into new ranges. The predominant sentiment will continue to be bearish.
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