Researchers at crypto analytics firm LongHash have found 1 AM UTC to be the hour of greatest volatility for Bitcoin (BTC) over the past two years.
1 AM UTC had more daily highs and lows than any other hour of the day over a period from 2017 to 2019, according to research released by LongHash on July 17.
LongHash’s research is based on crypto price archives from major American crypto exchange and wallet service Coinbase.
The Hong Kong-based firm collected data from Crypto Data Download about Coinbase prices over the period from July 6, 2017 to July 2, 2019 and analyzed hourly high and low prices for each hour of each day. LongHash then compared each hour to the other 23 hours of each day, the company noted.
As LongHash found, 1 AM UTC saw the most activity on crypto markets followed by midnight over the analyzed period, which is purportedly caused by crossing trading hours in Asia and North America.
These hours are one of the times of day when Western and Asian traders are most likely to be active simultaneously, LongHash suggested, adding that 1 AM UTC is the beginning of the workday in Asia and the beginning of the evening in North America. As Asia’s traders are reacting to the news of the day in the morning, North American traders are still awake to respond to that reaction, the firm wrote.
Meanwhile, Bitcoin’s reclaimed its $10,000 support earlier today after the coin had dropped below the mark on July 16.