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Bitcoin Stabilizes Around $6530 Levels After Early Week Gains

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by Bhushan Akolkar · 4 min read
Bitcoin Stabilizes Around $6530 Levels After Early Week Gains
Photo: Pixabay

Bitcoin is showing more signs of maturity as more financial institutions warm up to digital currencies.

Today, the overall cryptocurrency market is witnessing soft trading with most of the cryptocurrencies showing minor movement. In the last 24-hours, the overall cryptocurrency market is relatively stable around $120.5 billion, according to the data on CoinMarketCap. Similarly, Bitcoin (BTC) is showing a soft movement and is currently trading 0.12% up at $6539.

Earlier this week, the announcement of Fidelity Asset Services shot the Bitcoin price up over $6900 levels. However, this momentum was short-lived with Bitcoin managing to end the day, October 15, at just over $6600 level. The entry of Financial Services giant Fidelity Investments is a big vote of confidence in the cryptocurrency market. The crypto exchange Fidelity Assets will provide cryptocurrency storage and trading services to institutional and enterprise clients.

Fidelity Chairman and CEO, Abigail P. Johnson said:

“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors,” said Abigail. “We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”

Crypto Experts Comment on the Latest Bitcoin Volatility

Looking at Bitcoin’s sudden price swing this week, experts yet again warned against the crypto’s extreme volatile behavior. Sam Enrico Williams, of cryptocurrency due diligence platform, told The Express UK:

“The crypto market is still extremely volatile so you need to keep an eye on your assets 24/7. The market can be brutal. My brother and I have got some horror stories of friends of ours going to bed a millionaire and waking up a pauper because their holdings tanked overnight.”

CME Reports a 41% Jump in Bitcoin Futures Trading

Derivative exchange group CME said that there was a 41% jump in Bitcoin Futures Trading quarter-over-quarter during the Q3. During this period, CME averaged nearly 5053 contracts, each contract equivalent to 5BTC traded during daily trading sessions. This amounts to 25,265 BTC traded in volume terms.

In comparison to Q2, the open interest in market jumped by 19% during the Q3.

Although there is a steady increase in BTC volumes, CME CEO Tery Duffy said that the company is not rushing to list new products. Earlier in July 2018, Duffy was quoted saying:

“Before we get into any other cryptocurrencies, we’re going to see how this one goes, and I think that six to eight months as a listing of bitcoin is not a good enough barometer to decide what your future should be for any other cryptocurrency. I will not just put products up there to see where they’re going to go. I will take a wait and see approach with Bitcoin for now.”

A number of global institutions are now increasingly looking towards Bitcoin. Chairman of the Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, also acknowledged this fact. He said that more institutions are interacting with Bitcoin and other crypto assets. He called it a sign of growing maturity in the crypto market.

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