RATE Group | You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations
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You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations

09 Mar You Call That Volatility? Bitcoin Traders Scoff at Wall Street’s Gyrations

Posted at 23:57h in Cryptocurrency News by

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It was just another Monday in the notoriously volatile cryptocurrency markets, which stay open 24 hours a day, seven days a week.

Traders in the 11-year-old digital-asset industry described few changes in business activity or sentiment as coronavirus-related fears gripped Wall Street and sent stock markets reeling. 

“We’re not the ones uncomfortable with the volatility today,” said Ricky Li, co-founder and head of Americas at Altonomy, a cryptocurrency-focused proprietary trading firm. 

Prices for bitcoin (BTC) slid by 2.9 percent to about $7,800 as of 16:48 UTC (12:48 p.m. Eastern Time) Monday. That decline was less than half the 7 percent plunge in the Standard & Poor’s 500 Index of large U.S. stocks, a drop so fierce it tripped market “circuit breakers,” temporarily halting trading under exchange rules designed to help limit investor losses.

The latest sell-off in stocks left the S&P 500 down about 18 percent since its record high on Feb. 19. Since then, bitcoin has…

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