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Bitcoin Volatility More Concentrated During US Opening Hours
According to Bloomberg, Bitcoin's volatility has been more concentrated during US opening hours, with a larger gap between high and low prices compared to Asia, according to research firm Kaiko. This pattern was also evident in February after the token's price surged. US Bitcoin funds from companies like Grayscale Investments and Osprey Funds have been driving the price higher, while Asia has been more cautious in its approach.
In contrast, Asia appeared to be the driving force behind Bitcoin's price surge in 2020. As of Tuesday, 9:28 a.m. in Singapore, Bitcoin slipped about 1% to $70,265. The cryptocurrency briefly surpassed $71,000 in the US on Monday before gains cooled to roughly 7% for the session. Over the past 12 months, the token has increased by 152% and is approaching its mid-March peak of almost $73,798.
In contrast, Asia appeared to be the driving force behind Bitcoin's price surge in 2020. As of Tuesday, 9:28 a.m. in Singapore, Bitcoin slipped about 1% to $70,265. The cryptocurrency briefly surpassed $71,000 in the US on Monday before gains cooled to roughly 7% for the session. Over the past 12 months, the token has increased by 152% and is approaching its mid-March peak of almost $73,798.
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