Investors have breathed a sigh of relief that after a month of steady prices, extreme volatility has returned to crypto markets.
Between the 13th and 20th of July, ETH increased 55% in value with crypto analysts such as Tom Degenhardt welcoming this return to normal service. “With all that’s going wrong in the world – chaos in Sri Lanka, Europe burning in record heat, WW3 in Ukraine – there’s something familiar and comforting in crypto markets jumping wildly again like a nervous cat faced with a vacuum cleaner.
“Prices had been steady for so long, crypto was starting to resemble a tediously reliable store of wealth like gold or the dollar. And that’s not the point of it at all. But the charts now for ETH at least are starting to look promising – Hope versus Reality and FOMO are all heading the right direction. And that’s what will get gamblers – sorry, I mean investors – back round the roulette table. Sorry, I mean investing.
Degenhardt is hopeful that normal service can also be resumed with BTC and other coins, leaving investors safe in the knowledge that every day they will face either an exhilarating gain or a devastating loss. “For me, the return to crazy pricing feels like putting on a warm pair of slippers, albeit they’re warm because they’re in the tumble dryer and you’re in there with them. But aren’t those the best kind of slippers?”