Cryptocurrencies
Weekends Are the Wild West for Bitcoin, But Nobody Knows Why
- Saturday, Sunday surges account for more than a third of gains
- Everything from FOMO to futures cited for driving momentum
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Thinking of jumping into Bitcoin? If this week’s boom and bust trading didn’t scare you away, you might want to do so on a Saturday or Sunday.
Bitcoin, which trades 24/7, tends to spike on weekends. In fact, surges in weekend activity since the beginning of May account for about 40% of Bitcoin’s price gains this year, according to data compiled by Bloomberg. Need more proof? Bitcoin peaked at $19,666 on a Saturday in December 2017, according to data from Bitstamp, a cryptocurrency exchange.