Crypto markets saw a sharp rise in short term volatility last week as traders reacted to changing expectations around US interest rate outlook.

A wider sell-off across global markets has pushed up short-term volatility in major cryptocurrencies, Bybit noted in the latest 'Bybit and Block Scholes Crypto Derivatives Analytics' report.  Around 4.7% of the total crypto market value was wiped out in 24 hours The report said the shift was driven by a repricing of the US Federal Reserve’s policy outlook and a stronger US dollar. Around 4.7% of the total crypto market value was wiped out in 24 hours, with losses led by the larges