Research conducted by Arcane Research shows that Bitcoin prices fell significantly during Asian and American trading hours. Bitcoin price works best during our European office hours. Arcane takes a look at how the price of Bitcoin has grown since the start of 2022.
Bitcoin has no end time
One of the key features of the crypto market is that international crypto exchanges do not have opening and closing hours. Bitcoin can always be traded, turning the entire world into a huge liquidity pool.
Traditional stock markets open in the morning and close in the evening. And there is no chicken to be seen at the weekend fair.
Three reasons why opening hours are important for Bitcoin
You may argue that stock market opening times are very limited with crypto, but that is not true. Working hours are easily synchronized with other office work. There are three reasons why this is important Bitcoin price:
- Stock performance is highly correlated with Bitcoin price.
- Private traders, crypto funds, brokers and other parties who trade crypto for clients are bound by office hours.
- People sleep at night. They wake up, start trading, and it’s time for social activities when everyone else is out of school and working (this behavior changes when FOMO occurs).
Average opening hours for Asia, America and Europe.
With this information, you can compare how Bitcoin performs during business hours in Asia, America, and Europe. In that order, these are the three largest markets by trading volume.
Timings below Average opening time Largest continental exchanges. If we don’t include the overseas territories of France and England, Europe doesn’t have many time zones. America has 6 time zones and Asia is more than you can handle.
All times are adjusted to Dutch time:
- Asia: 03:30 to 11:00
- USA: 15:30 to 22:00
- Europe: 09:00 to 17:30
Over the past 8 months, there have been significant differences in how it’s done Bitcoin price Conducted in three regions. Most of the losses occurred during trading hours in Asia and America. European traders achieved high returns. Arcane research He drew this on a map.
Bitcoin falls sharply in Asia
Asia has the most crypto users of any continent, but it hasn’t been able to save Bitcoin’s price. While the public loves crypto, there are many governments that want to see it differently. Mining is banned in China and central banks are strongly speaking out against crypto and its trading.
So, it’s no surprise to see that Bitcoin has fallen 41.75% in the last 8 months Asian time.
Bitcoin is doing slightly better in the US
In the United States, crypto is getting a lot of attention, and the mainstream media and people in our bubble (yes, they exist) are slowly asking about Bitcoin. During US trading hours, Bitcoin prices are significantly higher during Asian hours, but not close to Europe.
Bitcoin’s return for the past 8 months in the US is set at a loss of 24.93%, which is 16.81 percentage points lower than in Asia.
Europe Beacon of Stability for Bitcoin
The best of the three regions is Europe. The difference between Europe, America and Asia is huge, with Bitcoin returns minus 1.36% over the past 8 months. This is 23.57 percentage points higher than the US period and 40.38 percentage points higher than the Asian period.
So you can say that Bitcoin price was not volatile during the European opening hours. The same cannot be said for Bitcoin on US time.
Correlation Bitcoin and Nasdaq
US market hours are a major contributor to price direction. In general, there have been very erratic price movements during US market hours. This is because Bitcoin and stock prices follow each other.
Since the start of 2022, Bitcoin has fallen 25% during US trading hours, while the Nasdaq (the main index of tech stocks) has fallen 24%.
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