Kraken Releases Their July 2020 Bitcoin Volatility Report

Kraken Releases Their July 2020 Bitcoin Volatility Report

Kraken intelligence releases their monthly report on Bitcoin’s volatility and other factors affecting the Bitcoin market.

Kraken intelligence, the research arm of the Kraken cryptocurrency exchange and trading platform, released their July 2020 report on Bitcoin. The main factors that Kraken research identified are the 10 day Bitcoin rally that led to a 14.5% market increase, annualized volatility of 45%, Bitcoin’s correlation to gold reaching a 1 year high, and the allowance of crypto custody services by United States nationally chartered banks. These factors, as well as Bitcoin’s market dominance falling to a 1 year low (an indicator that more money is being introduced into other cryptocurrency projects), coincide with a 24% increase in price in the month of July.

Kraken Intelligence thinks that many of these signs point to increased volatility and higher prices in the near future. Bitcoin has maintained itself above $11,000, and now that it is staying strong with this range, a range that the Bitcoin price has only been for 2.5% of its history, Bitcoin may “unlock” new and higher levels of resistance. According to Kraken, August is one of the most volatile months for Bitcoin historically, so if the patterns they are predicting hold, we may continue to expect volatility in the future.

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