Bitcoin rises mainly during ‘European hours’ this year, while Asians seem to be selling off

Last Updated: 2 September 2022

The bitcoin market is something global and 24/7 ‘open’ This provides interesting insights between different regions. Data from Arcane Research shows that Europe is the most positive about bitcoin. On the other hand, Asia and the United States are creating selling pressure.

Three buying and selling fronts

Over the past eight months, there has been a clear difference between the regions with the most bitcoin trading. Most of the price declines have come from the times when Asia and the United States are ‘active.’

Since the beginning of the year, bitcoin fell as much as 41% during the times when the Asian market was ‘open.’ Is this an aftermath of the ban on bitcoin mining and the trend in China, among others? On the other hand, Asia is obviously more than China.

But there is mainly selling pressure in the US too. According to the same research, bitcoin’s price fell by around 25% at times when the US traditional exchanges were open. This means they did better than Asia, but Americans are more pessimistic than traders in Europe.

In only 56 of the past 240 days did bitcoin rise more than 1%. In Asia, this was only the case 42 times in the same time frame.

Europe more positive

Europeans seem to be trading more positively, so to speak. The gains on bitcoin during European trading hours provided a return of -1.36%.

In addition, the number of days on which the price rose more than 1% was interestingly not extremely high. This was 57 days, just one more than in the United States.

These statements are not watertight, of course. A European whale can dump its bags just fine when Asian traders are active, and the Netherlands is asleep, and vice versa. This is then not reflected in this research.

Author

  • Ivan came across the topic of cryptocurrencies in early 2016 and, as an author and enthusiast, has been intensively involved with the topics of cryptocurrencies, blockchain and STOs ever since.

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