Chinese New Year Influence Bitcoin?

[Kakmakr]

I think it does have a influence, but it only reflect in the data, a month before the event <because people buy gifts before the event> and then a month after the event. <People might have invested too much in gifts and have less money to invest in Bitcoin or other Crypto currencies>

This is why we see a dip in the price in January and slow recovery in the price, from March to the end of the year. ^hmmmm^

[ajmapalo22]

I think it does have a influence, but it only reflect in the data, a month before the event <because people buy gifts before the event> and then a month after the event. <People might have invested too much in gifts and have less money to invest in Bitcoin or other Crypto currencies>

This is why we see a dip in the price in January and slow recovery in the price, from March to the end of the year. ^hmmmm^

Yeah its not the event that matters but the way market react because of those events, like in Christmas people tend to sell their coins because they need to buy gifts or preparation for many parties that they will going to attend or host. Because as people continue converting their bitcoin, the demand decreases and so the value drops

[papa-tata]

if the Chinese state has legalized bitcoin it could be chinese new year become the gate of business in that country until spread to world trade. but the Chinese currency is struggling to control the world. if investors see the development of a good crypto exchange rate could be collaborated to strengthen their trade and the world

[jayco25]

A lot of event affects the the price of Bitcoin. Like New year and Christmas. China is one of the most biggest investors of Bitcoin and even other digital currency, I believed that Chinese new year influence that Price of Bitcoin. My prediction  price of bitcoin will drop before  Chinese New year. A lot of of chinse will convert bitcoin in fiat in the next day.


#Datarius

[EugeneJanet]

Yes, I think Chinese New Year affects the price of bitcoin. The Chinese have sold bitcoin for a lot of cash to celebrate the Chinese New Year, which will lead to a brief crash. When the Chinese New Year ends, the Chinese will return with their money, and the bitcoin will return to normal again.

[spiritguardcharles]

I don't think so, it's just a common event held every year by chinese people and it has nothing to do with the development or operation of bitcoin.If we're pertaining to it's influence to bitcoin through market i'm afraid that might not be possible.The value of bitcoin depends to it's macro environment factors whether it will increase or decrease in given period of time.Yet,we can't set aside the fact that it's value is still depends to it's demand  and supply in the market

[benalexis12]

I do believe that the price affects on bitcoin prices if there's an event-celebration, but that's not a big deal at all because crypto is 24/7 high volatility market perhaps the community in other countries can trade it manually. Well the market is to young. We should wait for the next few months to pump. Just hold!

[xiaohao111]

I am sure many events recently influenced bitcoin: news about tether, incoming futures date, regulations of several countries, but do you think that Chinese New Year could also influence it at some point? Perhaps many Chinese are withdrawing now in order to purchase gifts for their family member and that could influence bitcoin rate.

Yes, I think Chinese New Year has a big impact on the price of bitcoin. China selling bitcoin to celebrate the New Year will reduce the price of bitcoins.
 At the end of the New Year, they will buy bitcoins with a lot of money.