According to data from Bloomberg researchers, the sharp increase in business activities over the weekends since early May is responsible for a 40% increase in bitcoin prices.
It is hard to say what factors are causing the upturn in weekend trading. But the truth is that while traditional stock markets stop all activities on Friday afternoon, cryptocurrency trading is on 24 hours a day 365 days a year.
David Tawil, president of the ProChain Capital, the crypto currency hedge fund, thinks more experienced traders expect most market changes to take place on Monday, which is why they are trying to stay ahead over the weekend.
Bloomberg Intelligence analyst Mike McGlone believes most deals are closed over the weekend because there are only a few traders for whom income from trading is the main source of living. They spend the weekend reading various analyzes, discussing cryptocurrencies with others and doing business.