Coordinated Universal Time.
What Is UTC Time?
In the context of cryptocurrencies, the crypto world runs on UTC.
In contrast to most financial exchanges, cryptocurrencies operate on a 24/7 basis.
Using a standardized time simplifies things greatly as cryptocurrency users are located across the globe and are trading in different time zones.
According to CryptoHash, 12am to 1am UTC is one of the most volatile hours for Bitcoin — and this may be because this period reflects the start of the evening in North America, and the beginning of Asia’s working day.
Traders across all assets, including cryptocurrencies, often look to Asian markets for direction and often base their positions based on movements on the continent.
Another study by Forbes Digital Assets in 2019 identified 4pm UTC on a Wednesday as the most volatile timeframe for BTC across several exchanges.
The research found this time was 36% more volatile than the average of all time periods.
The research said this may have to do with the fact the time is right in the middle of the US working week.
On the other hand, the research identified the hours between 8am and 10am UTC on a Monday to be 35% less volatile compared with the average.