As the bitcoin volatility index chart below shows, the recent bull market was by no means exceptional in terms of volatility, which is still well below bitcoin’s 2013 and 2018 peaks, which were followed by dramatic price drops.
That price difference typically ranges between 2% and 5% and went momentarily to 15% in recent weeks.
That changed in May 2021 when Elon Musk reversed an earlier decision to allow customers to purchase Tesla vehicles using bitcoin, and the Bank of China cautioned against the use of cryptocurrencies as a means of payment.
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