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Bitcoin Price Spikes Fueled by Weekend Trading Surges: Report



The stock market closes on the weekends, but bitcoin never closes. And that's probably why you see the industry constantly whipsawed by wild bitcoin price fluctuations.

While enjoying a relaxing weekend, crypto traders are busy buying and selling. Since May, the flurry of weekend trading has accounted for 40% of bitcoin's price gains this year, Bloomberg reported.

The Best Never Rest, and Neither Does Bitcoin?

David Tawil is the president of crypto hedge fund ProChain Capital

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

running the news cycle by trading up on the weekend. You are somewhat flying blind in the sense that you don't know if it will really be an announcement made on Monday morning. But the price is very low… I don't think it's wrong to have a good morning development. ”

 bitcoin price chart Opportunistic Traders Pounce on Weekend Lulls

Bloomberg Intelligence analyst Mike McGlone believes that savvy traders try to take advantage of weekends to turn a quick profit.

In total expectant money professional types are utilizing all tools to kick moves and profit. ”

week. They then use that data to make calculated trades. Bitwise Asset Management CEO Hunter Horsley said:

"The market is, by and large, retail individuals. I think that weekends are a time when people have more free time to read the week's news, to chat with friends, to friends on exciting things they heard about during the week. ”

Then, there is the possibility that bitcoin whales are manipulating prices by making large-volume trades on the weekends to shape where they want the market to be on Monday.

Bitcoin's volatility is a key reason why the crypto industry has garnered outsized media attention and hype. But its unpredictability is also why skeptics denounce bitcoin and cryptocurrencies as unreliable financial assets.

The Motley Fool's Sean Williams – a vocal crypto skeptic – says bitcoin will never achieve mass adoption because it's so volatile. And this makes it toxic for retailers.

“Bitcoin's volatility is a big reason why most retailers do not accept it. Even with blockchain-based transactions that can potentially validate and settle faster than payments on traditional banking networks, the settlement times can be set to allow for wild vacancies in the price of bitcoin. ”

Crypto Bulls: Bitcoin Is Not Going Anywhere [19659004] Crypto bulls react to naysayers by saying bitcoin is not going anywhere, so they'd better get used to it.


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