One thing about bitcoin that has drawn investors to it has been the fact that it does not have a closing time. Unlike the stock market, which has clearly laid out trading times and is closed on the weekend, users are free to trade bitcoin whenever they feel like it. As such, it is easy to differentiate during what times there has been the most recovery or losses for the bitcoin market. Presently, it looks like the Europeans are the ones recording the best prices.
Asia And US Tank Bitcoin
Over the last 8 months, there have been clear discrepancies between the most active regions when it comes to where the price of bitcoin is. Most of the losses have been recorded when two different regions have been most active, and that is Asia and the United States.
Asia boasts the most crypto users of any continent, but these numbers have not been able to hold up the price of bitcoin. It is also important to take into account the fact that bitcoin and mining activities have met significant opposition in these regions, with China outright banning crypto assets and mining. So it is not surprising to see that bitcoin has been down 41.75% during Asian time in the last 8 months.
BTC performance flat during European hours | Source: Arcane Research
The United States is the country with the most crypto users and has seen much interest from even those who do not invest in the market. It performed considerably better than Asian time but still falls short compared to its European counterpart.
Bitcoin’s returns for the past 8 months during United States’ time have been pegged at a 24.93% loss, about 50% lower than the Asia losses but still significantly lower than European time. In terms of days, American hours have seen 56 days with positive returns of 1% out of 240, while Asian time has seen 42 days with positive returns of 1% or more.
European Time Sees Better Numbers
The best out of the three regions has been the European time. The disparity between Europe, the US, and Asia is a large one, given that bitcoin returns for the last 8 months sit at a negative 1.36%. This is more than 32% better than during US times and 41% better than Asian times.
Interestingly, though, the number of days in which there have been more than 1% in BTC returns is not that much larger in Europe. It saw only 57 days compared to 56 for the US and 42 for Asia. The -1.36% returns show that the bitcoin price has mostly remained flat during the European.
BTC continues downtrend | Source: BTCUSD on TradingView.com
The most movement in the market is actually being recorded during US hours compared to the other market regions. So it has been a mix of negative and positive movements. As for the European market, it opens right as the US market sleeps, which could explain the sluggish movement given that the US has proven to be the largest market mover.
Featured image from Picjumbo, charts from Arcane Research and TradingView.com
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Source: https://bitcoinist.com/bitcoin-positive-movement-happens-on-european-time/