MPost Markets: Crypto volatility continues

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Crypto volatility continues plaguing investors, with bitcoin prices remaining unstable and experts believing the bearish market is here to stay for longer.

Despite the dip to as low as $28,702 yesterday, the bitcoin price is back to oscillating just below the $30,000 mark. At the time of writing, it’s $29,460.42 and experiencing a slight rise of just under 1%. BNB also seems to be doing a bit better than yesterday, with a slight uptick of 1.35% and a price of $326.49. On the other hand, both Ethereum and XRP remain in the red, though not as much as yesterday.

Coins used for NFTs are not doing much better either, with Flow, ApeCoin, Decentraland’s Mana, and Tezos all in the red. SuperRare and BakeryToken, on the other hand, are experiencing a massive jump in prices, of 25.16% and 21.13% respectively.

It’s definitely too early to state whether the market is stabilizing. According to the head of research at Valkyrie Josh Olszewicz, we’re still not out of the woods, and bitcoin prices might still be going down.

“This [movement to hit bottom] will probably take at least all of Q3, perhaps Q4 as well, if it were to happen this year,” Olszewicz told CoinDesk.

That’s a rather grim prognosis for those hoping for a bullish market. Olszewicz believes institutional investors might be behind the downturn in prices due to the on-chain movement.

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Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

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