CryptoWatch: There are silver linings in the cryptocurrency cloud, analyst says

Major digital coins traded largely unchanged Friday, continuing a run of subdued volatility that some traders undoubtedly find eerie against the backdrop of declining global stocks.

In Friday trading a single bitcoin BTCUSD, -0.07% was trading at $6,419.90, down 0.3% since Thursday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. For the week, bitcoin has traded between $6,403 and $6,498.

While advocates argue the falling volatility could be a precursor to a move higher, Rob Sluymer of Fundstrat Global Advisors isn’t ready postulate a bull market is around the corner. “While it is still premature to conclude a major upside trend reversal is broadly under way, each week we have highlighted an incremental ‘Silver Lining’ developing within the crypto universe,” he wrote.

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