Weekend trading fueled the rise of Bitcoin

Weekend trading fueled the rise of Bitcoin

Weekend trading fueled the rise of Bitcoin

It shows that 40 percent of Bitcoin’s increases this year have taken place on weekends since May. How do the leading experts interpret this?

Unlike traditional exchanges that are closed on weekends, Bitcoin is traded 24/7. According to the news in Bloomberg, the largest crypto currency therefore tends to experience tougher price fluctuations on Saturdays and Sundays. Bitcoin even climbed for $ 20,000 on a Saturday.
The data compiled by Bloomberg shows that 40 percent of Bitcoin’s price increases this year have occurred on the weekends since May.

David Tawil, president of ProChain Capital, the crypto money free investment fund, says Monday that many major companies have chosen for announcements about this abnormal situation, and that stockbrokers may be trading over the weekend to act before the news. Bence I think it’s not wrong to think that Monday morning would be a positive development, T says Tawil.
On the other hand, Hunter Horsley, CEO of Bitwise Asset Management, commented, “The market is mostly made up of individual investors, and I think they can find more time to browse the news of the week, chat with friends and share the exciting things they hear.” .

Jonathan Zeppettini, one of the directors of the crypto currency project Decred, has a different perspective. According to Zeppettini, the fact that markets operate even when banks are closed causes price movements to exacerbate, and such movements require less effort while everyone is sleeping or during the weekend.

Bitcoin is traded at $ 11,270 as of 21.40 TSI.

[Total: 1    Average: 5/5]

Leave a Reply

Your email address will not be published. Required fields are marked *