Bitcoin’s volatility drops to nearly two-year low

Summary:

  • Twitch reportedly removes cryptocurrency payments for subscriptions
  • Bitcoin’s volatility hits nearly two-year low in March
  • Ethereum and Ripple test key support areas

Recent days have not been so rosy for major cryptocurrencies as they have experienced some declines. Moreover, Tuesday’s trading has also brought some losses so far. However, the scale of these drops could be described as slight. Apart from that, it is worth noting that Ethereum and Ripple have approached their key supports. According to CoinMarketCap, the capitalization of the whole cryptocurrency market stands around the $136.5 billion mark whereas the market capitalization of altcoins (ie. excluding Bitcoin) sits a notch below the $67 billion handle at press time.

When we take a look at the Bitcoin’s (BITCOIN on xStation5) chart, we could notice the largest cryptocurrency has experienced three consecutive bearish candlesticks on the daily chart in previous days. Moreover, Tuesday’s trading has also produced a red candlestick so far as Bitcoin has dropped to around the $3875 handle. Source: xStation5

Twitch removes crypto payments for subscriptions?

The live streaming video platform Twitch had purportedly removed the option of cryptocurrency payments for the website’s subscriptions, as users of Reddit noticed. The platform, owned by Amazon, added crypto payments in mid-2018, and it was allowing its users to pay using Bitcoin and Bitcoin Cash - crypto payments were handled by BitPay, a blockchain payments processor. Moreover, the company published a tweet on its Twitter profile in January which showed that Twitch was accepting such payments in that time. Nevertheless, now users could not pay in such a way. What reason may stay behind this step? Maybe, such the option was not especially popular? No one knows, because this step has not been explained by the company so far. Of course, crypto donations for streamers are still available for Twitch users.

Ethereum (ETHEREUM on xStation5) has approached its 50-period moving average (a light green line) on the daily chart. This technical indicator seems to be a key support for the second largest cryptocurrency. Source: xStation5

Bitcoin’s volatility drops to nearly two-year low

The CoinDesk website analyzed the Bitcoin’s performance in March, and it compared it to the previous months. What’s interesting, the largest cryptocurrency has experienced the lowest volatility (ie. the average daily trading range) since April 2017 this month (note the analysis was published yesterday). More precisely, the average difference between the Bitcoin’s opening and closing prices was $85 in the analyzed period of time. The CoinDesk’s report is not particularly surprising as major cryptocurrencies, including Bitcoin, have not managed to show major price movements in March thus far.

Ripple (RIPPLE on xStation5) has declined to nearly a three-week low during today’s trading. However, the virtual currency has not managed to clearly break the $0.30 area yet which seems to be a technical obstacle for Ripple. The digital currency is trading a little above the $0.29 handle at press time. Source: xStation5

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