While markets sell off, this is barely moving

Mike Blake | Reuters A Bitcoin ATM machine at a restaurant in San Diego, Calif.

Mike Blake | Reuters
A Bitcoin ATM machine at a restaurant in San Diego, Calif.

While U.S. equities markets tank, and gold is hanging near a one-month high, one famously volatile currency is roughly flat on the week.

Bitcoin, which made news when it dipped to an 11-month low earlier in October, is up about 1.6 percent since Monday morning, according to CoinDesk’s price index. While this may be a big move for some currencies, the relatively illiquid cryptocurrency routinely sees $20 swings in a day: It has moved from about $371 to roughly $377 since Monday.

In fact, the digital currency’s volatility is still near all-time lows despite the major changes experience by other markets this week, according to the Bitcoin Volatility Index.

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Bitcoin did see a spike on Tuesday to above $400, but its drop back to nearly even with Monday may suggest the computerized asset is not acting as a safe haven investment—as some have suggested it would.

Instead of acting like gold 2.0, bitcoin may be responding to its own set of headlines: On Tuesday New York state made a fresh set of announcements regarding an impending “BitLicense.” While the state said it would not require software developers to get a license, some worry that the new law will require bitcoin services to spy on their users.

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