Since the early days, cryptocurrencies, including bitcoin (BTC), have been criticized for being too volatile relative to traditional markets and unreliable as a medium of exchange or a store of value.
However, recently bitcoin, the so-called risk asset, has held remarkably steady amid heightened volatility in nearly every traditional market asset, including U.S. government bonds, which are widely regarded as the safest, according to a paper published in the American Economic Review.
With prices stuck between $18,000 to $25,000 since early July, bitcoin's annualized 90-day realized, or historical, volatility has crashed from 80% to a 21-month low of 21%, according to data sourced from charting platform TradingView. The cryptocurrency's 90-day implied volatility, or expectations for price turbulence over three months has dropped to a four-month low of 63.7%, according to data tracking platform Laevitas.
Meanwhile, with the Federal Reserve hell-bent on raising interest rates to control...
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