Unlike traditional stock markets, the cryptocurrency market operates 24/7 and often experiences price fluctuations on weekends. This summer, Bitfinex analysts noticed a trend that Bitcoin prices were increasing during these periods.
Over the past month, Saturdays have seen an average return of 1.6% in Bitcoin price. When the scope was expanded to include the last three months, the average return on Saturdays was slightly lower at 0.9%.
Interestingly, the German government and Mt. Recent supply pressures driven by Gox appear to be abating over the weekend. Bitfinex analysts stated that, in their view, “crypto asset prices in general in the current period are determined by the news agenda rather than fundamentals.”
However, concerns about selling pressure have not completely disappeared. Mt. Gox creditors are scheduled to receive their Bitcoin payments within the next few weeks. Analysts expect these headlines to continue influencing the price before the situation is fully priced in.
Last weekend, Bitcoin made a significant move, rising from $58,000 to $65,000 on Monday. This comes after Republican presidential candidate Donald Trump was assassinated at a rally in Pennsylvania. In recent months, the former president has shifted his tone to take a pro-crypto stance heading into the November elections.
Ryan Lee, chief analyst at Bitget Research, commented: “Trump survived an assassination attempt over the weekend, and the market interprets this as significantly increasing his chances of winning the upcoming election.”
*This is not investment advice.