Could be tied into "$usd strength" narrative. As historically there has been a correlation between EM currency market weakness and crypto flight to safety. Such

Could be tied into "$usd strength" narrative. As historically there has been a correlation between EM currency market weakness and crypto flight to safety. Such was the case with Greece and Spain. But now with Turkey, South Africa, and others seeing 5% moves per day. That correlation seems to be broken in favor of the Almighty Dollar. Be careful out there. August volatility can be especially fraught in illiquid markets as traders are away from their desks and out on the beaches in East Hampton ;)