Ethereum

Bitcoin

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<p>Bitcoin has dipped below $29,000, <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">currently trading</a> at $28,873 on the Bitstamp exchange in spite of the substantial news from PayPal about its further foray into the cryptocurrency arena.</p> 
<p>As <a href="https://u.today/breaking-paypal-launches-its-own-stablecoin" rel="noopener noreferrer nofollow">reported by U.Today</a>, the global payments leader has further ventured into the cryptocurrency arena by launching its own stablecoin, known as PayPal USD (PYUSD).&nbsp;This represents a critical move in PayPal's increasing commitment to cryptocurrencies, marking the most significant action since it initially joined the digital currency space in late 2020.&nbsp;</p> 
<h2 id="an-early-bull-run">An early bull run?&nbsp;</h2> 
<p>In a separate but related development, the ongoing Bitcoin bull market seems to be just getting started, with significant investors ramping up their accumulation of the digital currency, Bloomberg analyst Jamie Coutts <a href="https://u.today/bitcoin-bull-run-in-early-stages-as-major-holders-accumulate-bloomberg-analyst" rel="noopener noreferrer nofollow">observes</a>. There has been a marked uptick in the acquisition of Bitcoin by long-term investors, who now hold roughly 75% of the total Bitcoin supply.&nbsp;</p> 
<h2 id="extremely-low-volatility">Extremely low volatility&nbsp;&nbsp;</h2> 
<p>Bitcoin, a cryptocurrency known for its extreme price swings, is currently witnessing <a href="https://insights.glassnode.com/the-week-onchain-week-32-2023/" rel="noopener noreferrer nofollow">a substantial reduction in volatility</a>, according to the latest analysis from blockchain analytics firm Glassnode. The firm says that under 5% of trading days currently present a tighter trading range, signifying an unusually low volatility period in the Bitcoin market.</p> 
<p>Simultaneously, the futures market is notably subdued, with trade volumes for Bitcoin and Ethereum nearing historic lows.&nbsp;</p> 
<p>The options market is witnessing a sharp decrease in implied volatility, with premiums at less than half of the 2021-22 levels, and record lows in the put/call ratio and 25-delta skew metrics, indicating a current preference for call options and an expectation of reduced near-term volatility. The analysis concludes that either Bitcoin is shedding its infamous volatility tag or the current volatility is mispriced.</p>

Bitcoin (BTC) Dips Below $29,000 Despite Big PayPal News

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