Bitcoin Has Gotten Boring. ‘Havoc’ Could Be Coming.

The price of $Bitcoin(BTC.CC)$ has risen less than 1% over the past 24 hours to $19,100. The largest crypto has been trading between $19,000 and $20,000 for much of the past month and a half. This is in stark contrast to the stock market, when September was the worst month for both the $Dow Jones Industrial Average(.DJI.US)$ and $S&P 500 Index(.SPX.US)$ since March 2020.
While the overall trend in recent days has been lower, the moves have been relatively mild and look more consolidatory than anything more worrying.
The next catalysts for risk assets will likely come in the day ahead when minutes from the Fed’s meeting on monetary policy in September are released. Thursday will then see the print of the consumer price index (CPI) for September, which is key inflation data. Both the minutes and data will be closely watched by investors for signs of how the Fed will act when it next decides on policy in early November.
Looming larger over the crypto market is a decided lack of volatility—what was once one of Bitcoin’s most defining characteristics. Bitcoin and other digital assets continue to trade mostly in lockstep with stocks, but the moves have been far milder relative to equities than they once were. Ironically, this stability has some analysts worried.
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