Bitcoin’s Wild Weekend Gyrations Buck Efficient Market Theory

Bitcoin just notched one of its best weeks on record, surging about 40% over the seven days to Friday.

Anyone expecting the notoriously volatile digital currency to take a breather at the weekend should have thought again. It’s on Saturdays and Sundays, when most other assets barely budge, that bitcoin tends to go particularly nuts. Take the first weekend of 2021. Coming off a 300% gain last year, the world’s largest digital coin rose as much as 14% on January 2 and another 10% on January 3, a period when most of Wall Street was still in holiday mode. The swings were bigger than on any weekday in the prior two weeks and the biggest intraday moves since the weekend before, when it jumped 10% on December 26, according to Bloomberg data. Bitcoin’s average swing on Saturdays and Sundays during the fourth quarter, on the other hand, was 1.5%.

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