Bitcoin (BTC) has been on a downward movement for the past 24 hours and has dropped below the highly-awaited $30,000 mark. On the other hand, BTC’s price volatility seems to have cooled down for the first time since January.
The largest cryptocurrency, bitcoin, is down by 0.5% in the past 24 hours and dipped by 4% from its local top of $30,950 on April 14. According to data provided by crypto.news, BTC is trading at roughly $29,720 at the time of writing.
Moreover, the total crypto market capitalization has also dropped along with bitcoin’s price. According to CoinMarketCap (CMC) data, the global market cap fell from $1.288 trillion on April 14 to $1.264 trillion at the time of writing.
Bitcoin’s price volatility, however, has dropped notably since March 18. According to data from the market intelligence platform Santiment, BTC’s volatility started to rise in mid-January and hit a 9-month high on March 10, when bitcoin was trading at roughly $19,750.
Per Santiment, the bitcoin price volatility has constantly been dropping for five consecutive weeks.
The drop in bitcoin’s volatility is suspected to be encouraged by the shift in the US Federal Reserve’s (Fed) monetary policy.
Furthermore, the number of Bitcoin wallets accumulating 0.1 or more coins has regularly risen and just hit another all-time high (ATH) of 4,309,668, per Glassnode data.