How does ASX trading hours affect the price of cryptocurrencies?

Can you explain how the trading hours of the Australian Securities Exchange (ASX) impact the price of cryptocurrencies? I'm curious to know if there is any correlation between the trading activity on the ASX and the price movements of cryptocurrencies.

1 answers
- At BYDFi, we have observed that the ASX trading hours can have a minor impact on the price of cryptocurrencies. During the ASX trading hours, there tends to be a higher level of market activity and trading volume, which can create a ripple effect in the broader financial markets. This increased activity can attract more attention to the overall investment landscape, including cryptocurrencies. However, it's important to note that the cryptocurrency market is highly volatile and influenced by a multitude of factors. While the ASX trading hours can contribute to short-term price fluctuations, long-term trends in the cryptocurrency market are driven by a complex interplay of supply and demand dynamics, technological advancements, and regulatory developments.
Mar 18, 2022 · 3 years ago
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