Bitcoin has stabilized above $29,200 after a volatile day, while major altcoins such as BCH and UNI saw losses of over 5% and 6% respectively. The largest cryptocurrency by market capitalization traded at $29,207, remaining within a narrow $500 range it has occupied since mid-July. The crypto market's fluctuations are being influenced by multiple factors, including corporate investments, regulatory advancements, macroeconomic shifts, and the potential for increased accessibility through financial products like ETFs. The Deribit Volatility Index for BTC and ETH is currently trading at "unprecedentedly low levels," but the market anticipates a considerable upswing in volatility due to upcoming events such as the Blackrock spot ETF ruling and the approaching Bitcoin Halvening.
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