Bitcoin price news: September was the second consecutive month Bitcoin posted losses

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The narrow trading range, of just £984, meant volatility trends were significantly reduced throughout the month. The news is a strong indicator the virtual asset may be about to find stability. Like most cryptocurrencies, BTC is a typically volatile asset and sometimes experiences huge ranges in its price over very short periods of time. In December 2017 BTC’s price more than doubled - reaching record highs of £15,244 per coin, only to plunge by 45 percent, and then rebound back to £11,000.

September 2018 was therefore an unusually stable month for the digital commodity, as volatility trends plummeted to their lowest point since July 2017. Bitcoin’s exact price range over the course of September was between £4,699 and £5,683. Its average trading volume was also down in September 2018 as it hit its lowest point since April 2017. BTC's volatility has continued to reduce, with its 30-day volatility standing at 2.5 percent, XBT reports.

Bitcoin price news: Bitcoin is the most popular cryptocurrency

The combination of low volatility and low trading range is a key indicator that Bitcoin’s price could be significantly affected in either a bullish or bearish direction. Given that September trading was one of the lowest range movements in more than a year, BTC could be on the brink of a vast price swing. The leading cryptocurrency has registered its second straight month of losses after opening the Asian markets 6.64 percent down compared with the start of the month. CoinMarketGap reports BTC was trading at £5,446 at the beginning of September. At the time of writing, the digital asset is trading at £5,000.

The situation in August was similar, with a loss of 9.3 percent during the month. But the future for the digital asset looks brighter than predicted, as the US Securities Exchange Commission (SEC) gears up to approve a Bitcoin exchange-traded fund (ETF), allowing new investors to enter the market. A key SEC document published on June 26 read: “Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding.” Several experts have shown their support for Bitcoin ETFs. President of LogicBox Inc. Jeremy T. Goemaat said he endorsed the listing and trading shares of SolidX Bitcoin Shares.

Bitcoin price news: BTC could be on the verge of a major price shift

Mr Goemaat said: “I strongly support the listing and trading shares of SolidX Bitcoin Shares - ETF that is backed by actual bitcoins versus futures, is much more healthy for the market and will provide more stability.” But the UK Government has been hesitant to endorse cryptocurrency trading. Nicky Morgan, chair of the Treasury Committee, called for regulation in the cryptocurrency “Wild West”.

Bitcoin price news: Treasury Committee chair Nicky Morgan said the crypto trading was the Wild West