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.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 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.
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?
