Bitcoin Forum

What effect wil the china new year have for bitcoin?

The rooster gonna fly when it will see the fire coming and it will break all the previous records and the other birds gonna be jealous!

No effect, or maybe less trading, bitcoin will be quiet for a while. Chinese new year people have holidays everywhere and will travel and meet friends...

Bitcoin will go up or down or stay the same. i don't think it will have an influence on Bitcoin. Maybe go down if some waited for the end of the year to withdrawal, but don't ask me why.

A collective fomo hysteria will set upon the population and it will moon. Obviously ;D

A giant 10 foot tall Chinese rooster is going to peck on your nads until you squirt out a Bitcoin.

I don't think because it's holidays in China they won't move their BTCs, make transactions. There is internet everywhere, and profit is always welcome. I believe nothing different will happen because this event...

Most probably Bitcoin will continue losing its price until it finds a new stable position.

It's impossible to predict what the chinese are going to do. The rumor is that what triggered the panic selling was due this retarded news on china banning bitcoin, turns out that was no true at all, or maybe it was... what is your take on this? I think it's bollocks, price corrected because it had too.. too much growth, simple as that.

New years in itself has no effect.

Trading may slow a bit for a few days as people take time off or go out of town for vacation.
Of course the hardcore traders will still be active but the little fish will be less active.

Price will probably stay around $900 or just below for the near future anyways.

New years has a psychological effect, so there might be high volatility.

Nothing except maybe lowered volume; price will probably stay where it is and won't move for the next few days while this is all going on. Something could happen during this time with lower volume, though, but no big news to talk about.

I think Chinese new year is nothing to do on the bitcoin price. This is just normal day for bitcoin. Price surge is impossible. It will drop and go up. If Chinese new year could affect the bitcoin price. Hope this is a positive effect on the price.  But we will see if this could affect the price when Chinese new year comes.

More small birds will be left out his train. And it will blow his mind about selling at the rocket price.

Maybe it will drop ? Thinking about it, a lot of people celebrate and need money for new year or any festivals. And if they have money invested in bitcoin, they will likely pull some out.

people are always speculating about these things and they never come true. and this happens every year.
for example a couple of weeks back i heard speculations that because of New year of 2017 people are going to dump to have cash for their Christmas purchases and price will go down but we clearly saw that price went to $1000 instead.
that is why i say things like new year,... have no effect on bitcoin price since it is a global 24/7 market.

Chinese will sell some of their bitcoins in preparation to the celebration to their new year. They will use that to purchase food and materials needed for the festival. But this is just opinion bitcoins price going up will also be possible since Chinese have this attitude to keep money in wallets for good luck in new year so possibly they will place huge amount of bitcoins in their bitcoin wallet for luck.

Yes, That is right . They want to buy some more coins before the lunar new year to protect their money before domestic inflation.
I think the price will keep increase on the Chinese holidays.

i think with china new year, people in china which have bitcoin will withdraw their bitcoin with fiat, and celebrate the new year with their friends and family. i think the price of bitcoin will get down as we know that big bitcoin is in china and they can make the price to be fluctuate and we see this in china trading market. but i hope that the price is not going down too deep.

You mean Chinese New Year or to be more specific, Lunar New Year?

Well, last year we see an increase in the price of Bitcoin during Lunar new year. I believe this is due to the fact the the exchange closes in China during Lunar new year and hence people search online for alternative 'money-making' trading platform and found out about Bitcoin. I am not too sure though.

This year will probably still be the same. So hold onto your Bitcoin now or buy if you haven't. If you need to sell, sell it on the first or second day of Lunar new year. :).

Holy crap hahaha. That's terrifying!


Trading will be light, people will be with their families. There will be a huge buy before Chinese new year though just like there was for normal new year's event. The trading volume on Chinese exchanges has been huge the past few weeks. That's where the pump is coming from so I would expect the same for Chinese new year

that only shows that price doesn't really get affected by these things.
the only thing that holidays can bring to bitcoin is less trading volume because traders are taking a break from trading and that goes both for buying and selling so price shouldn't really change anyways.
and also since the markets are not like stock markets, and instead is a 24/7 market anything can still happen during holidays too.

for now I guess there is no significant effect between the lunar and the price of bitcoin, maybe it's time to arrive later if there is an effect occurs because hopefully it will have a positive impact for the users bitcoin
happy chinese new year or imlek

Chances are the Chinese new year is going to have a very minor impact on Bitcoin overall, but it might mean something for some savvier investors who think it's going to do something.

Like all comes down to their fortunes or whatever they get, I know some of the customs but I don't know enough about them to know it all. Gifts are a significant portion from what I've read, but I don't know how that impacts it.

well, in my experience these things mostly have the "news effect" in bitcoin price. in other words there is no real effect but when people start talking about something like that and then all the social media is filled with the news then some people may act on it and cause a change in price (in either way up or down)

Most of businessman especially traders usually do take profit when the feast day or holiday times come. They cut half or all of their money from any business to make their holiday great.
And I think it will happen in Chinese new year. The bitcoin traders will their money from exchangers and we all know what will happen if big amount of bitcoin just sell in one time.
Yes the price will drop. Imho

I think the whole big fluctuations in bitcoin is only due to China . because before the beginning of new year the big  Chinese trader made buy and they sold speedly after the two-three days of new year that results into down of price but today in present time no much impact is saw by China bitcoiner.
But it is. not a constant anything may happened in the bitcoinword .

It's suppose to be that way as people get holiday and go on vacation but the fact like last year and the celebration of Christmas-New year that people should withdraw and take time off for family gathering, family meal, visiting friends and relatives.
But the price increasing instead of decrease, I think this Lunar new year could be the same thing happen. People may see it as a good time to invest in order to get fortune in the new year. You know about giving money in red paper envelopes, that could be one factor to buy more bitcoin ;D

I don't think that bitcoin holders from China would spent their coins on food or some festive stuff just because of New Year.
If there is someone, who needs to change his coins for food, I don't suppose he has such a big amount of coins to influence the market.
Rather than this, I think that the volume of traded coins will be lower, so I expect calmer time.

I guess the price will go down  ;D Bitcoins users will exchange their bitcoin for upcoming chinese new year for their expenses so maybe i predict it will increase again two weeks after the chinese new year.

Look at the last year chart and you will know what the Chinese usually do in Lunar new year. It is obviously that most of them will sell their Bitcoin in order to prepare for this holiday and it will make the Bitcoin prices even lower. However, after this event, those Chinese will return to their previous path and buy back some Bitcoin, this will make the Bitcoin prices skyrocket. I believe so

people were saying the exact same thing for Christmas too and you can see where i am going with this. price went up instead.
Chinese new year is also no different, there may be some volatility but they can not change the overall route that bitcoin is taking.

Last year the chinese New Year was on Feb 8th and I don't really see any big change in the graph.

http://www.openscreenshot.com/i3/587252fcae8628-35849663

And also the year before nothing dramatic has happened around Feb 19th, which was chinese New Year of 2015.

http://www.openscreenshot.com/i3/5872538a8cb495-81610859

Yes, we can maybe see a little bump before the dates, but it's almost unnoticable.
And if you look on whole year graph, you can see that much much bigger impact was made by Cristmas for example.

all of china people will getting excited to greeted it because this is important moment for them but china new year was happened every year and i didn't see big news regarding the price of bitcoin in the previous year so my answers is there is no effect for bitcoin

From which source is this graph?

It's taken from http://coinmarketcap.com/
You can find there a list of hundrets of coins with detailed statistics and graphs and also with information about markets and traded volume.
The graphs can be generated from any period of time, so you can easily analyze life cycle of the coin.
Very useful page.  ;)

If I am not mistaken, I was there when it happened. I mean I saw the price went up in Lunar new year, but people sometimes call it Chinese new year. I don't know exactly why. probably because it is near from chinese new year. so sometimes people are confused about the increasing price.

if you ask me the only effect that the China new year can have for bitcoin is a very short lived dump where price can possibly come down <5% and then whales buy the coins from the weak hands and then price jumps back up >5%

Probably it will make the price for bitcoin to fall, because of many of citizens will cash out their bitcoins to celebrate the new year. And as we know China is the number one by the number of bitcoin holders, so it just may not have any affect on bitcoin. Anyway we will see.