Kaiko: Bitcoin and Ethereum have lost volatility to oil

Analysts at Kaiko said that Bitcoin and Ethereum are losing volatility to oil

Bitcoin and Ethereum volatility fell to multi-year historical lows in the summer of 2023, experts said

The leading cryptocurrencies bitcoin (BTC) and Ethereum (ETH) in the summer of 2023 yielded to oil in terms of volatility, Decrypt writes, citing data from analysts Kaiko.

Cryptocurrencies have historically been more volatile than oil, which is evident in the greater frequency and magnitude of their price movements, leading Kaiko analysts to call the current market condition "unusual." The volatility indicator for BTC has declined as "Bitcoin is becoming a more mature asset," experts said.

The bitcoin rate fell to $28.6 thousand on August 17 and updated the minimum for the month. Ethereum (ETH) was trading at $1.8 thousand at 10:00 Moscow time.

On August 16, traders lost $134 million per day due to the jump in cryptocurrency rates. Thus, on August 15, bitcoin fell by 1%, reaching a local minimum of $29 thousand paired with the Tether USD (USDT) stablecoin on the Binance exchange. At the same time, 92% of traders whose orders were forcibly closed expected further market growth, about 7% of liquidated positions were short.