There has been a curious rhythm to the pricing of bitcoin recently.
When I say trading hours, I mean the equity and bond markets trading, not bitcoin, which has no time limit on its buying or selling.
Asian traders appear to be bidding up the cryptocurrency during the normal trading hours in Japan, China and India.
The pricing continues its upward projection on a slower trajectory as European markets open. However when US trading opens there are usually spikes to the downside.
This curious rhythm has been quite evident the past three days as bitcoin has moved up past the $7,400 mark.
Thursday in the morning in New York bitcoin was hit with a violent $500 pullback over the course of three minutes just after the opening bell in stock trading faded.
This trading rhythm has been apparent over the last month, but Thursday’s move was the most dramatic. It’s too early right now to see if the attack will happen Friday, but I will update this post should it occur.