2024-8-16 22:19 |
Onchain Highlights
DEFINITION: This metric shows the 30-day change in the regional price set during Asia working hours, i.e., between 8 am and 8 pm China Standard Time (00:00-12:00 UTC).
Bitcoin’s price performance in Asian markets has experienced substantial fluctuations in 2024, influenced by key macroeconomic and crypto-specific factors. Before the April 2024 halving, Bitcoin witnessed a surge in positive price changes during Asian trading hours, peaking in March.
However, this uptrend quickly reversed by mid-April, marking the onset of consistent negative monthly returns. The chart illustrates that the downward momentum intensified into the second half of the year, with July and August seeing deeper declines — coinciding with global regulatory developments and risk-off sentiment across financial markets.
BTC: Asia Month over month price change: (Source: Glassnode)Comparing this to historical data from 2017 to 2024, the recent months bear similarities to previous bearish phases, particularly in their intensity and duration. This suggests that Bitcoin’s price movements in Asia may continue to mirror global uncertainty, with regional market sentiment playing a critical role in shaping the cryptocurrency’s trajectory as we move further into the year.
BTC: Asia Month over month price change: (Source: Glassnode)The post Bitcoin records negative returns during Asian trading hours post-April 2024 halving appeared first on CryptoSlate.
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