Earlier in January Bitcoin, as it receded as recipient of an infinite press, began to see its trading range tighten after months of wild swings. I pointed this out as perhaps the start of new stability for Bitcoin, which in turn could help its platform mature, or indicate maturation thereof.
There was some squawking that the time frame I had selected as ‘enough’ to indicate a trend was too short. It was a reasonable complaint. Happily, Bitcoin has behaved and exonerated me by tacking on another tranche of time of generally stable prices.
The gist is simple: For nearly the entire month of January Bitcoin has traded in the 900s, with minor exceptions in 1,000s. For a currency that until very recently could see 50% of its value drop in a day and not have that day stand out all too much, it has been something of a calming of the seas.
Here’s the D1 chart you need (Mt.Gox data via Clark Moody):
The white Y Axis here points to the 6th of Janurary, when things calmed down.
Why does it...