Most BTC investors and crypto traders are changing their methods of trading BTCs in 2020, preferring to trade around the American trading session because of the high price volatility that occurs at the start of New York stock market trading time, about 2.30 pm local time.
Data seen on Twitter feeds show that price volatility for the world’s flagship currency by market capitalization is highly correlated with the opening of American financial markets.
In addition, other trading sessions like the London and Asian financial market openings have considerably little impact on BTC’s price volatility.
“Can we just halt $BTC trading during Asia + Euro hours,” a crypto trader, Hsaka, said uploading evidence, which relates to the previous few days on U.S. exchange, Coinbase.
— Hsaka (@HsakaTrades) July 3, 2020
The data may have unearthed changing tendencies among BTC traders, possibly due to the increasing prevalence of institutions within the market.
Furthermore, Skew.com, a crypto analytic firm, found out that the midweek had more volatility in the BTC market than the beginning or end of the trading week. Weekends were also observed to be quiet.
Meanwhile, data from Glassnode, a data analytic firm, showed that about 1.8 million Bitcoins are held in miner wallets around 10% of the supply (18.5million BTC). However, around 1.73 million belong to first-time miners (7+ years) and are most likely lost. That leaves only 70k BTC in the hands of current mining pools.
However, around 1.73M belong to very early miners (7+ years) and are most likely lost.
That leaves only 70k BTC in the hands of current mining pools.
— glassnode (@glassnode) July 3, 2020