RATE Group | New Analysis Finds That Mondays Are the Best Days to Buy Bitcoin
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New Analysis Finds That Mondays Are the Best Days to Buy Bitcoin

19 Jan New Analysis Finds That Mondays Are the Best Days to Buy Bitcoin

Posted at 06:34h in Bitcoin News by

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This week saw Bitcoin price (BTC) hitting the $9,000 barrier amid the launch of CME Bitcoin options and Plaid’s acquisition by Visa, reaching a record price for the last two months. 

Bitcoin’s 27% price gain since the beginning of the year along with the future bullish scenarios laid down by investors may attract new crypto holders. But since BTC/USD is traded 24/7, new investors may be wondering: is there a difference between investing on a particular day of the week?

Crypto market data, 1-day performance

Figure 1. Crypto market data, 1-day performance. Source: Coin360

The basis of a difference in a day of a week returns comes from traditional stock markets. It has been shown that stock returns on Mondays are, on average, negative. This is called the Weekend Effect. One explanation is that the effects on a particular stock will only be felt on Monday since the market is closed during the weekend. However, the cryptocurrency market is always open: Could we expect the same behavior on Mondays for Bitcoin?

Bitcoin…

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