almost 3 years ago • 1 min
It’s been a good week for bitcoin, with the price rising about 15% since Sunday to more than $57,000 – not far off its all-time high.
Bitcoin has settled into an intriguing pattern, however, declining during the Asian daytime before rallying as the sun rises over Europe and steadily climbing into the US trading hours.
The red bands on the chart show how – on every day except Tuesday – bitcoin fell between the hours of midnight and 8am UK time, when people in Asia would have dominated trading.
The pattern seems to suggest that traders in Asia – where the vast majority of bitcoin mining takes place – are offloading their bitcoin, only for those in the West to snap up crypto later in the day. It’ll be interesting to see if the pattern holds into next week, and which region will be proved right in the longer term.
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