Bitcoin price jumped dramatically last couple days and you must be wondering the Big
W H Y ?
Here is my take.
Since the announcement of CBO offering Bitcoin future to be traded on their exchange as XBT, the price of Bitcoin has soaring over $16,000. Link below.
http://cfe.cboe.com/cfe-products/xbt-cboe-bitcoin-futures
If you measure today's, Monday 12/11/2017, run with Bitcoin you can see that in Pacific time bitcoin action starts at 4:30 am - 3:30pm exactly the time of operation of Stock exchanges in US Market.
As you can see in the graph the volume and the price has significant fluctuation STARTING @ 4:30AM those times.
Also another thing to take note is the rise of Litecoin prices in the last fewdays.
My take is that since this is in the US market, alot of this Bitcoin is coming in through the cryptocurrent unicorn wallet Coinbase. And what happens after the market close and all the Bitcoin is sitting there? Cryptocurrency market does not stop so people are moving money with Litecoin and Ethereum hence the big jump in prices.
Some of you might as why not just transfer Bitcoin? right?
Some of you might know the answer, but basically its speed. Litecoin is more convenient when moving from one wallet to another or to an exchange.
So thats my take one Bitcoin, Litecoin, and Ethereuem on past few days and I think that this trend will continue to happen till the end of 2017 or to end of the Tax Season, April 2018.
Whether you are new or been in the market, I think this might be a pattern you guys might be interested in keeping an eye on, because if I am right you will definitely profit from this trade.
Thank you guys for reading through!
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John.