3 Major Crypto Trends To Watch During US Memorial Day Holiday

3 Major Crypto Trends To Watch During US Memorial Day Holiday

The United States is about to go on a very long weekend with the US Memorial Day Holiday slated for May 27. Memorial Day is a National holiday and so, it will lead to the closure of most brokerage houses except for the crypto market.

Crypto Market Designed For Round the Clock Trading

While the legacy financial markets are closed for the US Memorial Day, the crypto industry will remain active. Since its inception or the launch of Bitcoin, the coin has always served traders over the weekends and during holidays.

The design of blockchain-enabled transactions makes this possible. By eliminating the intermediaries, transactions can settle directly on-chain. The crypto ecosystem have an active group of independently operating miners or validators that confirms transactions round the clock. The consensus model of each protocol determines whether it employs miners or validators respectively.

The crypto market is also active throughout because of its adopted model of incentivizing users for confirming transactions. This reward scheme keeps the market highly structured and self sustaining. With the US Memorial Day here, here are the three key trends to keep eyes on;

Increased Volatility

The market is bound to experience intense volatility as will be shown in the prices of each digital currency. With the influx of capital – from both crypto holders and TradFi experts, the trading volumes of cryptos is likely to record a visible uptick. This is also translated into prices.

Read Also: Chinese Woman Sentenced to Over 6 Years Jail Term in 61,000 BTC Fraud Case

Another intense volatility might be recorded in the Derivatives Market for most crypto. In all, a good percentage of the capital that will flow into the market might originate from the mainstream market and they risk being pulled out when the stock market opens on Tuesday.

Bitcoin Slump To Taper Down

For many that has been following the digital currency ecosystem, it will be confirmed that most assets led by Bitcoin falls over the weekend. However, this weekend, there might be a change in direction. Rather than the usual slump that drags the prices of the other altcoins down, the coin may print some resilience to chart a different course.

At the time of writing, Bitcoin is already changing hands for $69,118.10, up 3.06% in the past 24 hours.

CME Gap To Widen More

One other key trend to keep eyes on is the disparity the US Memorial Day will have on the crypto CME Gap. The CME Gap is the difference between the closing price of Bitcoin Futures at the close of trading on the Chicago Mercantile Exchange on Friday with the opening price on Sunday evening.

With the elongated weekend, the gap may be widened, impacting the market pricing in the coming week.

Read More: Bitcoin Price Forecast: $80,000 Per BTC Looms As Spot Ethereum ETFs Launch

 

The post 3 Major Crypto Trends To Watch During US Memorial Day Holiday appeared first on CoinGape.

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