Price in the crypto sphere is only dictated by transactions (which is why it's illiquid) because there is no intrinsic value. There is no wealth creation occuring. Volatility is definitionally illiquid.
In the equity sphere, assets have intrinsic value, and their price may be affected by extrinsic factors as well, but if the price tanks overnight because of bad quarterlies it's because the intrinsic value declined. The business's wealth creation potential declined.