While markets sell off, this is barely moving

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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Another point to consider is that Bitcoin receives much of its daily volume from the Chinese market. While U.S. equities have been taking it on the chin, the Shanghai Composite Index is virtual even with its Monday morning open.