At the time of writing, the crypto market is undergoing a sell off. The top cryptocurrencies by market cap Bitcoin and Ethereum record between 3% and 10% losses over the past week.
The sector is potentially heading for a sluggish summer. Per the trading firm QCP Capital, several factors on the macroeconomic scene and seasonality will push the Bitcoin price and the altcoin market into a prolonged low volatility environment.
Mainly, the Trumps and other institutional investors might be pulling away for the summer leaving the crypto market in a cautious stalemate. QCP stated:
Summer sluggishness has set in for crypto. BTC implied volatility is back below 40%, erasing its recent spike. Risk reversals are still negative, suggesting cautious sentiment.
