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Crypto Volatility: Sell Offs Continue

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Edior’s Remarks:
Traders who have been complaining about the current spell of ultra-low volatility in global financial markets should take a step into the world of cryptocurrencies. The sector hit a peak in early June, but it has been a rough ride since then, with an aggregate fall of 30%. Our chart today looks at the falls this week alone, and it is not pretty. The largest, Bitcoin with its $38bn market cap, has held up best this week but has fallen 22% since its peak of 3,018 to the USD on June 11th. The smaller currencies have fared worse. Ethereum, with its market cap of $19bn, has fallen 27% in a week and is 50% lower than the peak on June 14th. The smaller Ripple XRP, with a $7bn market cap, hit its high on June 21st and is now down 40% since then. Now that’s real volatility.

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