Bitcoin price volatility is causing a huge chaos in the cryptocurrency market. The instability of the crypto coin has garnered negative criticism from the economists and traders involved in the cryptocurrency sector. However, the American stock market index is more unpredictable compared to BCH due to its extreme price swings.
The Standard & Poor’s 500, often abbreviated as the S&P 500, is considered to be riskier than the cryptocurrency, Bitcoin. Stocks are struggling to secure a firm grip after October marked one of the worst months of the bull market. Rather than the Bitcoin plunge the ten-day historical volatility for the U.S. stock market turned out to be more precarious.
Meanwhile, Bitcoin had been coasting in recent months on fairly low volatility until “things exploded” and prices tanked more than 10 percent. Fearing the worst, some traders started selling their cryptocurrency assets and that triggered the market to further decline. Despite the Bitcoin price hitting too low, a cryptocurrency fund manager Brian Kelly expects it to be a “very short-term” event. “I think it’s probably an opportunity,” he added.
According to Kelly, Bitcoin Cash is doing a “hard fork” or effectively a software upgrade,” When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing,” as stated in CNBC. However, some traders are worried that Bitcoin and Bitcoin Cash will lose its footing and might run into a slowdown or “chaos” after the software upgrade.
Despite that, Kelly has warned potential buyers not to trade in cryptocurrency presently due to its volatility. He was quoted as saying, “So, we’ve got ourselves a ‘crypto civil war’.” Meanwhile, Meltem Demirors, Coinshares, scrutinising the unpredictability of the Bitcoin price, voiced her opinion that cryptocurrency financial crisis is happening. In the meantime, U.S. stocks resumed their slide, ending the three-day advance amid renewed concern on trade, as reported on Bloomberg.
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