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Bitcoin is most actively traded during the opening hours of the American markets, which indicates the correlation of the asset with US stocks
Trading activity in the cryptocurrency segment increases when markets in the US open. This was reported by Kaiko analysts. The specialists noticed that the average hourly gap in trading volumes in 2021 was slightly lower than in 2022.
US trading opening hours are highlighted. Source: kaiko.com
Experts note that the current average hourly trading volumes are about 50% lower compared to 2021. According to Kaiko, the decline is due to the fact that investors have lost interest in risk. At the same time, the drop in trading volumes and the simultaneous increase in activity in the American session confirms the theory of a growing correlation between bitcoin and the stock market.
- In 2020, Coin Metrics analysts found out that the largest stablecoin by capitalization is especially popular in Asia and Europe.
- USDT has a clear pattern of heavy use from 05:00 to 19:00 Moscow time, which corresponds to the hours when Asian and European stock markets are open, according to the released data.
- The only stablecoin that matched the American trading session was DAI. Its main hours were between 21:00 and 05:00 Moscow time.
Earlier, the editors wrote that half of the current hodlers first bought cryptocurrency in 2021. At the same time, Brazil and Indonesia became leaders in the adoption of the digital economy last year.
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