Contrary to popular belief, the inherent volatility of cryptocurrency markets is not a bug but a feature. In the absence of circuit breakers, the always-on, globally accessible nature of cryptocurrency markets often makes them the primary source of liquidity for investors. In fact, in times of panic, cryptocurrencies may be the only asset investors can sell, as was the case Sunday night in the Western Hemisphere. By the time the U.S. stock market opened Monday morning, cryptocurrency markets had stabilized, with bitcoin and ether recovering about 10% from their lows of the previous night.
