- Despite not breaching USD 9,000, Bitcoin is well above a higher daily low of USD 8,752
- Binance expands into Japan days after investing in South Korean stablecoin
- Cointelegraph research shows Mondays and Fridays are the best times to buy Bitcoin
Bitcoin did not manage to mount higher peaks today so far, with the moment it touched USD 9,000 now over 24 hours away, but a consolidation level does appear to be gaining weight as Bitcoin still only has a daily low of USD 8,752 (CoinDesk).
eToro analyst said at the end of Friday that this key resistance level should set the tone for next week, and testing and breaking it would be a huge victory technically and psychologically. He explained:
“Such an increase would also see the price challenge the current 200-day moving average, a strong indication that bitcoin is entering into bullish territory… However, there is always the risk of retracement if the community thinks bitcoin is overbought.”
But if we look at the actions of the world’s largest exchange by daily trading volume, no need to worry. Binance is now about to expand even more, with a new platform exclusively for the Japanese market. A blog announcement confirmed that it was in the midst of negotiating a strategic partnership with Z Corporation and a Japan-based exchange called TaoTao. If successful, this would be a significant accomplishment in the East Asian country, since Z Corporation is wholly owned by Z Holdings Corporation, a subsidiary of Softbank. In case the name doesn’t ring any bells, this is the financial service provider formerly known as Yahoo Japan based in Tokyo. It describes the business as:
“Providing IP and licenses for cryptocurrency exchange business, investment business, wallet business, blockchain & cryptocurrency event business, etc.”
The three companies would then provide trading services, using Binance technology and combining the experience of the other two’s relationships and experience with Japan’s Financial Service Agency to ensure full compliancy of the new platform.
Binance is certainly very bullish on the future outlokk, as in the same week, it completed an investment in BxB, a South Korean stablecoin issuer, who would be supporting a new support center for local exchange customers.
Never mind if you don’t live in Japan or South Korea. With the weekend well underway, new research suggests that you only need to wait for 2 more days to enjoy one of the best times to purchase Bitcoin.
Because Bitcoin markets are virtually round the clock, with no breaks even on weekends, those choosing to invest in Bitcoin can do so any time. But now, according to crypto data researchers at Cointelegraph, one might be wise to buy Bitcoin and Monday.
This comes from an analysis of more conservative stock markets apparently, where stock returns on Mondays are generally known to be negative, thanks to the so-called Weekend Effect. Some analysts explain that the effects are because weekends are closed and that delayed impacts are seen as soon as market opens.
When analyzing Bitcoin returns from the start of last year until the last Monday on 13 January 2020, data from Coin360 shows that Fridays have historically given the best average returns across all days of the week at 1.1%. Thursday, on the other hand, have average negative returns of -0.97%, while Tuesdays clock in at -0.24%.
In fact, had you bought Bitcoin on the start of 2019 and sold on Fridays, you would see the best cumulative return. But Mondays aren’t bad either, at a whopping 0.54% average returns.
A strategy that sees you buying Bitcoin at Thursday closing prices and then selling it on Friday closing prices, would give you well over 76% annualized returns! That’s if you use our simplified method of compounding 1.1%, every Friday, for 52 weeks. Amazing returns for Bitcoin isn’t it?
Bubbles and parabolic runs skew the data of course. But if isolating the bullish 2017, Mondays still show the highest average return (1.5%) across the days of the week.
Remember, correlation doesn’t mean anything and history isn’t guaranteed to repeat itself!
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The post Trending Bitcoin News and Market Sentiment January 18th, 2020: Binance in Japan, Mondays Best Time for Bitcoin appeared first on BitcoinNews.com.
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