Bitcoin has shown a tendency lately to clock its intraday low in the Asian or European session and end near-daily highs in the US.
For example, the low on Monday was after 3 a.m. New York time and the high around 4 p.m. Tuesday’s low was right at the start of the Asia session before a run higher and steadying out near $54,000. Somewhat similar patterns were evident Wednesday and Thursday. A theory has emerged that this may be due to tokens being mined and sold in Asia, and then buyers come into the market in US hours.
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“There are obviously a lot of mining businesses out of Asia, and the pattern we’ve continued to see is that the selling is coming out of Asia,” said Richard Byworth, the CEO of Diginex Ltd., a digital asset financial services company. “Intermittently that changes, but the buying is coming out of the US where people are replicating MicroStrategy,” he said in an interview on Wednesday.
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