Bitcoin’s price this week sputtered, muttered, and ended up in a worse position than when it started. As of Sunday, July 5, its price is $9,049.
But if traders will take one thing to take away from their work this week, it will surely be thankfulness for Bitcoin’s relative stability.
Perhaps uncharacteristic for a cryptocurrency famed for its volatility, Bitcoin’s weekly high, $9,310, wasn’t so far from its weekly low, $9,011.
Compare that to Bitcoin’s rocky road through 2020—in the past few months, it’s risen from $4,106 to, at times, $10,000—and the first week of July seemed pretty stable.
There was some commotion in the middle of the week. On Wednesday afternoon, the price of Bitcoin rose from about $9,165 to its weekly high, $9,310, before abruptly falling to about $200 dollars on Thursday afternoon, when it fell from about $9,262 to $9,040 in under two hours.
And Bitcoin did end the week in a worse position than it started. It started the week at about $9,150 and, as of Sunday afternoon, looks like it’ll end it close to $9,000.
But why split hairs? While the rest of the world faces economic collapse as governments write blank checks to help their countries through the pandemic, Bitcoin’s…doing okay.
It’s certainly recovered from its mid-March coronavirus crash, which saw the price of Bitcoin cut in two. It’s not managed to surpass the figures seen in February—about $10,000—but, meh! We’re in the middle of a global pandemic.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.