Data shows that the majority of Bitcoin positive movement occurs on European time
One thing about bitcoin that has drawn investors to it has been the fact that it has no closing time. Unlike the stock market, which clearly has posted trading hours and is closed on the weekend, users are free to trade bitcoin whenever they feel like it. As such, it is easy to differentiate in which times there has been the most recovery or loss for the bitcoin market. At the moment it seems that the Europeans have the best prices.
Asia and US Tank Bitcoin
Over the past 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 USA.
Asia has the most crypto users of any continent, but these numbers have not been able to keep the price of bitcoin up. It is also important to take into account that bitcoin and mining have faced significant opposition in these regions, with China outright banning crypto-assets and mining. So it is not surprising to see that bitcoin is down 41.75% during Asian time in the last 8 months.
BTC performance flat during European hours | Source: Arcane Research
The US is the country with the most crypto users and has seen great interest even from those who do not invest in the market. It performed significantly better than Asian time, but still falls short compared to its European counterpart.
Bitcoin’s return over the past 8 months US time has been tied to a loss of 24.93%, about 50% lower than the Asia losses, but still significantly lower than European time. In terms of days, US 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 of the three regions has been European time. The difference between Europe, USA and Asia is large, given that the bitcoin return for the last 8 months is a negative 1.36%. This is more than 32% better than during US time and 41% better than Asian time.
Interestingly, the number of days where there has been more than 1% in BTC returns is not that much greater in Europe. It saw just 57 days compared to 56 for the US and 42 for Asia. The return of -1.36% shows that the bitcoin price has largely remained flat below the European one.
BTC continues downtrend | Source: BTCUSD on TradingView.com
The biggest movement in the market is actually registered in US hours compared to the other market regions. So there has been a mixture of negative and positive movements. As for the European market, it opens just as the US market is sleeping, which may explain the slow movement given that the US has proven to be the biggest market mover.
Featured image from Picjumbo, charts from Arcane Research and TradingView.com
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