Study Finds Bitcoin Has a Monday Effect

Data analysis of bitcoin’s price over nearly a decade has led researchers to conclude bitcoin has a reverse Monday effect. The well known Monday effect in equities like S&P 500 suggests that their price tends to fall more on Monday than any other day of the week. For bitcoin however it is the reverse. Price tends to rise more on Monday than any other day of the week and this finding has a “10% level of significance.” “The empirical findings of the analysis suggest statistically significant positive returns in the Bitcoin market on Monday, which is consistent with Perry and Mehdian (2001), as a reversal of the traditional Monday effect,” they say. Read More...

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