Developments of bitcoin and cryptocurrency universe have been a growing part of the mainstream finance news already. Today South Korea's government announced its plans to ban cryptocurrency trading. South Korea is one of the most significant geographical cryptocurrency markets.
Such news would have been expected to make a painful or even a lethal hit to the market that seems controversial or even a bubble to many highly ranked talking heads of the financial elite. However, not that many people are aware of the multiple times higher volatility that bitcoin used to have during hacks and forks years ago or only even one year ago.
Within a day, bitcoin prices have ranged between USD 15,000 and 13,100 according to coinmarketcap.com. It means a drop of some 13 percents. Dollar valuations of other cryptocurrencies did not follow the drop as dramatically. Taking into account that the market has already started to recover, a well-diversified cryptocurrency portfolio may have taken hit only one-digit amount of percents, closer to zero than ten. In contrast, I can see similar figures when checking the list of higher beta stocks traded on a normal day.
This may be a sign that the daily or at least weekly rollercoaster rides of cryptocurrencies require more dramatic news in order to shake the ecosystem. You may ask: does this train have brakes anymore?