قالب وردپرس درنا توس
Home / Business / Bitcoin price spikes due to weekend trends: Report

Bitcoin price spikes due to weekend trends: Report



The stock market closes on the weekend, but Bitcoin never closes. And that's probably why the industry is constantly shaken by wild Bitcoin price volatility.

While you spend a relaxing weekend, buy and sell crypto dealers elsewhere. Since May, the hustle and bustle of the weekend trade has caused 40% of Bitcoin price gains this year, Bloomberg reported.

The best never rests and Bitcoin does not?

There are several reasons why this could happen. David Tawil is the president of the crypto-hedge fund ProChain Capital.

Tawil says one factor is that crypto traders trading on the weekend want to stay ahead of the pack.

Run the news cycle by trading on the weekend. You are a bit blind in the sense that you do not know if there really will be an announcement on Monday morning. But in a busy news cycle like Crypto … I do not think it's wrong to bet that Monday morning would be positive.

  Bitcoin Price Chart

Opportunistic Dealers Attack Weekend Lulls

Bloomberg Intelligence analyst Mike McGlone believes he uses savvy traders to make a quick profit.

"It's more Asia than the more demanding traders who choose the time and paths with least gain. I assume that leverage professionals use all the tools to achieve movement and profit.

Still others believe that the Bitcoin price will rise on weekends as crypto investors have more time to process all the news that occurred during the reporting period. You then use this data to perform calculated trades. Hunter Horsley, CEO of Bitwise Asset Management, said:

"The market is largely made up of retailers. I think at weekends these people have more time to read the news of the week, talk to friends and discuss exciting things they heard about during the week.

Skeptics: Bitcoin's volatility is a major handicap

Then there is the possibility that Bitcoin whales manipulate prices by doing large-volume deals on weekends to determine where the market is on Monday.

The volatility of Bitcoin is a major reason why the crypto industry has gained widespread media attention and hype. However, its unpredictability is also the reason why skeptics denounce Bitcoin and cryptocurrencies as unreliable financial assets.

Sean Williams, a vocal crypto-skeptic from Motley Fool, says Bitcoin will never reach mass acceptance because it's so volatile. And this makes it toxic for retailers.

"The volatility of Bitcoin is a major reason why most retailers do not accept it, and even with blockchain-based transactions, which can potentially be validated and settled faster than payments in traditional banking networks, the delay in settlement times can still increase Crypto Bulls: Bitcoin Goes Nowhere [19659004] Crypto cops respond to naysayers by saying Bitcoin would not go anywhere, so they'd better get used to it.

"Bitcoin is more popular than Jesus."


Source link