Cryptocurrencies
Most of Bitcoin Pandemic Gains Came While Stocks Were Closed
- Bulk of its gains came outside regular trading hours: Bespoke
- Buying at the close, selling at next open yields gains of 270%
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Most everyone knows that Bitcoin had a stellar two years when the pandemic broke out. But just about all of the coin’s gains since then have happened while US markets are closed.
A strategy that buys the coin at the equity-market close -- at 4 p.m. in New York -- and sells it at the next day’s open -- at 9:30 a.m. -- would have yielded gains of roughly 270% going back to the start of 2020, according to Jake Gordon at Bespoke Investment Group. But doing the opposite -- buying it at the US market open and selling it at the close -- spits out negative returns.