Bitcoin’s Latest Record Run Is Less Volatile Than the 2017 Boom

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An engineer runs diagnostic tests at a cryptocurrency mining farm in Norilsk, Russia.Bitcoin’s record-breaking rally has come with some extreme moves, but by one measure, it’s not as chaotic as 2017.For instance, on a rolling 60-day basis, the swings in Bitcoin are generally smaller now than when Bitcoin was peaking in 2017. Part of the reason is that prices have steadily climbed for the last year, and the January selloff was orderly.What makes the current run-up different than four years ago is a wider belief that Bitcoin will develop into mainstream asset class and the backing of big investors, such as Paul Tudor Jones and Stan Druckenmiller. Crypto proponents argue that volatility is bound to eventually decline as demand broadens from speculators to long-term buyers, citing Tesla Inc.’s $1.5 billion purchase as one example.“Bitcoin is on a nascent journey to becoming an established asset class,” said Paolo Ardoino, chief technology…

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