The biggest risk to crypto markets is artless regulation. You'll feel the hammer if it comes down, but developments thus far have failed to leave lasting financial impact...
Ripple was the current best case study in regulatory risk. A few weeks ago, the SEC made some unfavorable announcements about investigating whether XRP was really a securities offering for RippleLabs in disguise, and subsequently XRP plummeted. Today it is flirting with all time highs again and has a more or less vertical graph the past few days. So that regulatory danger is still there, but its hard to put to any enduring $$$ consequences so far.