{"id":125330,"date":"2019-06-30T12:10:42","date_gmt":"2019-06-30T12:10:42","guid":{"rendered":"https:\/\/www.bnreport.com\/weekends-are-the-wild-west-for-bitcoin-but-nobody-knows-why\/"},"modified":"2019-06-30T12:10:42","modified_gmt":"2019-06-30T12:10:42","slug":"weekends-are-the-wild-west-for-bitcoin-but-nobody-knows-why","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/weekends-are-the-wild-west-for-bitcoin-but-nobody-knows-why\/","title":{"rendered":"Weekends are the Wild West for bitcoin, but nobody knows why"},"content":{"rendered":"

By Vildana Hajric
<\/strong>
Thinking of jumping into Bitcoin<\/a>? If this weeks boom and bust trading didnt scare you away, you might want to do so on a Saturday or Sunday.<\/p>\n

Bitcoin, which trades 24\/7, tends to spike on weekends. In fact, surges in weekend activity since the beginning of May account for about 40% of Bitcoins price gains this year, according to data compiled by Bloomberg. Need more proof? Bitcoin peaked at $19,666 on a Saturday in December 2017, according to data from Bitstamp<\/a>, a cryptocurrency<\/a> exchange.<\/p>\n

Unlike securities on most traditional exchanges, cryptocurrencies trade around the clock across the globe. Thats because digital assets run on decentralized networks powered by blockchain technology that record all of the transactions, allowing crypto investors to send digital tokens anywhere, any time.<\/p>\n

\u201cIts absolutely unique,\u201d said David Tawil, president of crypto hedge fund<\/a> ProChain Capital.<\/p>\n

As with all things crypto, theories abound as to why prices tend to spike on weekends. Here are some of the potential reasons:

Ahead of the Pack<\/strong>
The news cycle, like crypto trading, never ends. But many large corporations may wait until Monday morning to make significant announcements. Merger Monday, for instance, has been well documented, with companies choosing the morning of the first day of the week to report acquisitions.<\/p>\n

Crypto companies, too, choose Mondays for announcements and a lot of traders could be trying to get ahead of the news deluge by trading over the weekend, said Tawil.<\/p>\n

\u201cIts a little bit of anticipatory or front-running the news cycle by trading up on the weekend,\u201d he said. \u201cYoure somewhat flying blind in the sense that you dont know if there will really be an announcement made on Monday morning but in a packed news cycle like crypto, where theres developments really every day, I dont think its wrong to bet that Monday morning would have a positive development.\u201d<\/p>\n

Groupthink
<\/strong>Alternatively, crypto investors might spend Saturday or Sunday discussing any news items with friends or other investors, moving them to trade the underlying tokens.<\/p>\n

\u201cThe market is, by and large, retail individuals and I think that weekends are a time when those people have more free time to read the weeks news, to chat with friends, to pitch friends on exciting things they heard about during the week,\u201d said Hunter Horsley, chief executive officer of Bitwise Asset Management.<\/p>\n

In 2017, when the price of Bitcoin was ballooning, Thanksgiving dinners across America famously featured crypto talk, with many enthusiasts taking on the task of explaining the merits to their closest friends and family.<\/p>\n

And huge crypto and blockchain conferences have a similar effect in driving up excitement, said Horsley. Bitcoin surged during New Yorks Blockchain Week this May, when thousands gathered to celebrate the latest deals and developments.<\/p>\n

Volume Plop
<\/strong>But even as prices spike on weekends, fewer people may be trading altogether, accounting for more pronounced price moves, according to Montreal-based Jonathan Zeppettini, international operations lead at Decred, a digital currency.<\/p>\n

\u201cThe fact that these markets are operating when the banks are closed leads to price movements being exacerbated,\u201d said Zeppettini by email. \u201cIt also takes a lot less to move the needle when everyones sleeping or its the weekend.\u201d<\/p>\n

That rang true to Bloomberg Intelligence analyst Mike McGlone. \u201cIt is more Asia and those more sophisticated traders picking time and paths of least resistance to profit,\u201d said McGlone. \u201cI fully expect the leveraged money professional-types are utilizing all tools to spark moves and profit from.\u201d<\/p>\n

FOMO
<\/strong>Then theres those who see Bitcoin gain a tremendous amount during the week and,Read More \u2013 Source<\/strong><\/a>
\n[contf]
\n[contfnew]
\n <\/p>\n

ET Markets<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

By Vildana Hajric<\/p>\n

Thinking of jumping into Bitcoin? If this..<\/p>\n","protected":false},"author":1,"featured_media":125331,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-125330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nWeekends are the Wild West for bitcoin, but nobody knows why - Business News Report<\/title>\n<meta name=\"description\" content=\"By Vildana Hajric Thinking of jumping into Bitcoin? 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