The time on which the crypto world runs is the UTC time. Cryptocurrencies operate 24/7, unlike the traditional markets. Using a standard time helps to simplify things for crypto traders and investors across the globe. According to CryptoHash, the time between 12 am to 1 am UTC is known as one of the most volatile hours for crypto, especially Bitcoin. This might be due to the reason that this period indicates the beginning of the evening in North America and the start of the working day in Asia.
Traders across different assets look up to the Asian markets to identify the direction of movement. The study by Forbes Digital in 2019 indicated that 4 pm UTC is one of the most volatile timeframes for Bitcoin across several exchanges. This time was believed to be 36% more volatile than average time periods.