According to Bloomberg analysts, buying at the close and selling at the open has ceased to be a viable trading strategy.
Those who would buy BTC at the close of the stock market and then sell it at the open would gain about 270%. Such profits can be attributed to the high level of correlation between cryptocurrencies and U.S. stocks.
Since bitcoin behaves like a risky asset, it is not surprising that its price behavior is highly dependent on the stock market. Both assets respond similarly to changes in the macro environment.
However, Jake Gordon from Bespoke Investment Group noticed that the time-tested strategy started working differently: during the last month those who bought at the US stock market opening and sold at its closing made high profits.
The expert tried to determine the reason for the new trend and came to the conclusion that its emergence was due to the flow of negative news in connection with the bankruptcy and bankruptcy of cryptocurrency companies. A curious interpretation.