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How is the West Driving Bitcoin’s Bull Market?

Bitcoin has come to the crossroads again, and by now, the whole crypto market should be pretty much used to it, but when the bull run is in such action, and the prices remain consistent, investors do associate a lot of things from the present performance of the market and when it takes hit so do their hopes and dreams. Bitcoin’s price at this moment is roughly around $55.7k, and a lot of that has to do with the incident with the Chinese coal mines, halting of the mining operations for Bitcoin, and the severe dropping of the hash rate, but that doesn’t even come to explain why investors in America, Asia, and Europe are pulling their support from Bitcoin. 

The trading hours for Bitcoin and the average trading done regarding purchasing the Bitcoin were studied in these zones. The report was able to shed light on these zones and their performance in backing up Bitcoin’s play. It was found that the American and European markets are doing fine and in fact, most of the rebounding when it comes to Bitcoin’s price happens during the active trading hours for these regions. But the Asian market is not that into Bitcoin or supporting it through and through.

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Asian Markets are Lagging while American and European Markets are Taking the Lead

The research done by Arcane research shows that most of the cumulative returns for Bitcoin within the European markets were from 2020 to April 2021, which accounts for about 254% cumulative returns, while the American trading hours account for almost 162% of these cumulative returns for Bitcoin. The Asian market, on the other hand, has to add about 15% of a negative cumulative return when it comes to Bitcoin. 

On paper, Asian markets seem all in for Bitcoin and supporting it energetically, but when it comes to the actual numbers or what is taking place in the real scenarios, a whole other story comes pouring in front of the investors and crypto market specifically. America and Europe are the key drivers of the Bitcoin rally, and with this consistent support, the Bull Run is going to stay with Bitcoin for some more time while the Asian markets, in the meantime, have to rethink their strategy and add some meaning into this whole exercise.     

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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