UTC Time in Blockchain
UTC time is Coordinated Universal Time.
What is UTC time?
It is known that the crypto world operates on UTC time. Similar to most financial exchanges, cryptocurrencies are available 24/7. A standardized time makes things much more easy, since cryptocurrency users are all over the world and trade in different times. Using standardized time makes it much easier to deal with this problem as well as trading in different time zone zones.
Traders in all assets, including cryptocurrencies, often look to Asian markets for direction and often base their positions on movements on that continent. Another study conducted by Forbes Digital Assets in 2019 identified 4 p.m. UTC on Wednesday as the most volatile time frame for BTC on several exchanges.
The study found that this time was 36% more volatile than the average for all time periods. According to the authors of the study, this may be due to the fact that this time falls in the middle of the U.S. work week. On the other hand, the study determined that the hours between 8 a.m. and 10 a.m. Greenwich Mean Time on Monday are 35% less volatile than the average.