Ether (ETH), the second-largest cryptocurrency by market value, witnessed a significant spike in volatility early Monday as the renewed trade war between the U.S. and its trading partners triggered broad-based risk aversion in financial markets.
The price of ether tanked as much as 24%, with considerable dislocations across centralized exchanges. On Deribit, the price hit a low of $2,065, compared with $2,127 on Kraken and $2,150 on Coinbase (COIN), the lowest the Aug. 5 crash, according to TradingView and CoinDesk data.
According to CryptoQuant, the slide was the biggest since May 19, 2021. The token of the Ethereum blockchain fell for a third straight day, losing 23% over the period, the most since November 2022. BTC, meanwhile, fell just over 5% to $91,200.
Ether’s one-day at-the-money volatility jumped from an annualized 34% to 184% as the price dropped, according to Deribit’s options data tracked by Presto Research.
Deribit’s ether DVOL index, which measures the expected price tur
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