{"id":109035,"date":"2021-01-21T12:44:39","date_gmt":"2021-01-21T12:44:39","guid":{"rendered":"https:\/\/precoinnews.com\/?p=109035"},"modified":"2021-01-21T12:44:39","modified_gmt":"2021-01-21T12:44:39","slug":"cryptocompares-bitcoin-volatility-index-drops-5-as-btc-consolidates-around-33k","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/cryptocompares-bitcoin-volatility-index-drops-5-as-btc-consolidates-around-33k\/","title":{"rendered":"CryptoCompare&#8217;s Bitcoin Volatility Index Drops 5% As $BTC Consolidates Around $33K"},"content":{"rendered":"<p>As the Bitcoin price consolidates around $33,000 (for reasons given below) on Thursday (Jan 21), it is worth noting that CryptoCompare\u2019s Bitcoin Volatility Index (BVIN) has fallen around 5.25% in the past 24-hour period.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2021\/01\/CC-Chart-BTCUSD-One-Day-21-Jan-2021-1.png\"><\/p>\n<p>On 3 December 2020,\u00a0CryptoCompare, a leading cryptoasset market data provider, launched the\u00a0Bitcoin Volatility Index (BVIN), which was developed in partnership with the\u00a0University of Sussex Business School. This innovative tool for Bitcoin traders provides a highly accurate way to understand Bitcoin\u2019s 30-day implied volatility, i.e. how volatile Bitcoin prices are likely to be over the next 30 days based on traders\u2019 expectations. In the past 24-hour period, BVIN has fallen 5.25%.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2021\/01\/BVIN-on-21-Jan-2021.png\"><\/p>\n<p>According to data by CryptoCompare, around 16:00 UTC on Tuesday (January 19), just before the start of U.S. Senate Finance Committee hearing to consider the anticipated nomination of former Fed Chair Janet L. Yellen to Secretary of the Treasury), Bitcoin was trading around $37,390.<\/p>\n<p>Currently (as of 10:07 UTC on January 21), Bitcoin is trading around $32,760, down 5.67% in the past 24-hour period.<\/p>\n<p>So, why has the Bitcoin price dropped 12.38% since that U.S. Senate hearing? <\/p>\n<p>Well, this seems to be mostly due to selling by BTC whales, as explained in the thread below by Ki Young Ju, the\u00a0CEO\u00a0of South Korean blockchain analytics startup\u00a0CryptoQuant:<\/p>\n<p>As for why BTC whales and some retail investors might be selling, it is probably partly to lock in some profits and partly over concerns about Yellen\u2019s comments at Tuesday hearing, where she made some negative comments about cryptocurrencies in response to a question by Senator Maggie Hassan (D-N.H.).<\/p>\n<p>Popular crypto analyst and trader Micha\u00ebl van de Poppe said earlier today that the kind of Bitcoin price correction we are witnessing is healthy:<\/p>\n<p>And prominent crypto analyst Alex Kr\u00fcger said yesterday that it is silly for traders and investors to worry about short-term BTC price action when it is clear that major institutional investors are getting into Bitcoin, which should mean that the long-term outlook for Bitcoin remains bright.<\/p>\n<p><em>Featured\u00a0Image\u00a0by\u00a0\u201cSnapLaunch\u201d\u00a0via\u00a0Pixabay.com<\/em><\/p>\n<p><em>The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cryptoglobe.com\/latest\/2021\/01\/cryptocompares-bitcoin-volatility-index-drops-5-as-btc-consolidates-around-33k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the Bitcoin price consolidates around $33,000<\/p>\n","protected":false},"author":3,"featured_media":109034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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