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Bitcoin has shown a tendency lately to clock its intraday low in the Asian or European session, and end near daily highs in the U.S. A theory has emerged that this may be due to tokens being mined and sold in Asia, and then buyers come into the market in U.S. hours.
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“There are obviously a lot of mining businesses out of Asia, and the pattern we’ve continued to see is that the selling is coming out of Asia,” said Richard Byworth, the CEO of Diginex Ltd., a digital asset financial services company. “Intermittently that changes, but the buying is coming out of the U.S. where people are replicating MicroStrategy,” he said in an interview on Wednesday.
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