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The fact that bitcoin has no set closing time is one feature that has attracted investors to it. Users are free to trade bitcoin anytime they choose, unlike the stock market, which has set trading hours and is closed on the weekends. As a result, it is simple to determine when the bitcoin market has seen the greatest gains or losses. At the moment, it appears that Europeans are the ones taking the greatest pricing records.
When it comes to where the price of bitcoin stands, there have been glaring differences across the most active locations during the past eight months. When two separate regions Asia and the United States have been the busiest, the majority of losses have been seen.
Asia has the highest percentage of cryptocurrency users of any continent, yet this hasn’t been able to keep the price of bitcoin steady. It’s also crucial to consider the fact that bitcoin mining and related operations have encountered strong opposition in these areas, with China explicitly forbidding both. Therefore, it is not shocking to see that over the past eight months, bitcoin has dropped 41.75% during Asian time.
The majority of cryptocurrency users are in the United States, where there is also considerable interest among non-investors. Although it fared far better than Asian time, it still fell short of its European cousin.
Bitcoin’s returns for the last eight months in US time have been estimated at a 24.93% loss, which is still much lower than losses in Europe but roughly 50% lower than losses in Asia. In terms of days, Asian time has seen 42 days with positive returns of 1% or more, compared to 56 days out of 240 American hours with positive returns. The European time zone has shown to be the most favorable of the three. Given that bitcoin returns over the past eight months have been negative 1.36%, there is a significant difference between Europe, the US, and Asia. This is 41% better than Asian times and more than 32% better than US times.
However, it’s interesting to note that Europe has a similar amount of days with returns of more than 1% in BTC. It only experienced 57 days, as opposed to 56 in the US and 42 in Asia. The -1.36% results demonstrate that the price of bitcoin has largely been flat throughout the European.
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