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Home Cryptocurrency news Bitcoin

Why Bitcoin Could Rally on a U.S. Federal Holiday With Stock Market Shut

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin memorial day crypto stock market
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This weekend and on Monday, trading desks across the stock market and other traditional markets will be shut down. But Bitcoin and the rest of the crypto market never stops.

With the stock market closed, less to do, and traditional celebrations next to impossible due to lockdown conditions, it could keep more traders at home, driving an increase in interest in Bitcoin and other crypto assets.

Stock Markets Close For Memorial Day Weekend, But Crypto Never Sleeps

This coming Monday, and all throughout the weekend, the United States will celebrate the Memorial Day holiday and pay respects and remember those brave military personal who lost their lives fighting for freedom.

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Out of respect also, and to give traders a break from the tense, shark-infested markets to celebrate with family members, many traditional markets close for the long, three-day holiday weekend.

Related Reading | Research Shows That Holidays Cause FOMO Fireworks in Bitcoin Price Charts

Major US stock indexes and markets are closed. And there’s a bank holiday coinciding in the UK that will see the London Stock Exchange and the FTSE index shut down.

The pandemic boredom has left individuals with time on their hands, and the allure of extreme volatility and therefore profits have caused a massive spike in new trader registrations amongst millennials.

The lockdown conditions caused by the pandemic means that there will be fewer parades, fewer celebrations and gatherings, and fewer home barbecues. This leaves traders with more time on their hands over the weekend to trade, but only the cryptocurrency market is open.

The only action taking place this weekend will exist for Bitcoin and altcoin traders.

More Past Memorial Days Have Pumped Than Dumped

Bitcoin also has some of the most volatile price action over weekends, due to lower liquidity. Data has also shown in the past that holidays are often associated with Bitcoin FOMO.

The last several years’ worth of Memorial Days have been highlighted on the below chart.

bitcoin memorial day weekend crypto stock

Starting in Memorial Day 2017, Bitcoin saw a strong drop but later rose roughly $2,000 to $20,000 in the months ahead that year.

In 2018, Bitcoin some temporary upside before a bigger drop and bottoming formation was attempted.

Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May 

Next, in 2019, Bitcoin price was trading at the same exact price level as it is currently – a whole year later. After a short-lived dip, the cryptocurrency rocketed to $14,000. Could the same thing happen following the price action this weekend?

The data set is small, and there’s no real rhyme or reason to if, why, or when Bitcoin pumps during holidays or after. The small set of data has shown more upside than downside following each Memorial Day weekend – but what will happen this weekend across the crypto market?

Tags: bitcoinbtcusdBTCUSDTcryptoHolidaymemorial daymemorial day weekendunited statesxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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