Will Chinese New Year boost crypto market cap?

[Lucius]

I think China can no longer affect on BTC price with buying/selling power since they close&ban every exchange and service in country.However millions of Chinese returns home to celebrate the new year with family and most of them comes from abroad.Some of them maybe have BTC which they sell,but that is not affecting price in any way.

It should not be expected that people in China can have some influence to BTC,only influence which can come from China is from their government which is still working on more efficient methods to prevent any trading with cryptocurrency.I guess their next move will be to ban mining,but at that time most of miners will find some new locations.

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[lopez cryptomania]

What is it with the Chinese New Year and Bitcoin's recovery? Why do some spammers, I mean, people believe the Chinese will suddenly pour all their money in Bitcoin on that day?

It does not make sense. Please explain what the Chinese culture is regarding investments and speculation when their "new year" comes.

Spammers? lol even a Legendary member agrees with me... "Historically January has been a month of declining prices only to recover and grow again after Chinese New Year. I expect the same to happen this time, especially with some of the recent good news like the positive notes on crypto in the US."

History repeats itself doesn't it? At the very least in the Chinese crypto economy the traders that took off will be back in the game, so on a micro level, it will go up if not greater on the Macro based on history.

Love not Hate will uplift and fulfill the prophecy of Nakamoto my friend.

[1Referee]

I think China can no longer affect on BTC price with buying/selling power since they close&ban every exchange and service in country.

Don't underestimate the power of the people there. While the main exchanges there aren't operating anymore, there are plenty enough alternative routes for people to walk on in order to buy their preferred crypto currency. Hong Kong is still a very easy and popular alternative route, although the question remains for how long with China forcing more pressure on them. It's impossible to prevent people from buying and selling crypto within China. That being said, 2018 is the year of the dog in China, so it will be interesting to see how Dogecoin will be doing in the coming weeks/months.

[West0813]

I think chinese new year cannot boost the market. But if China will let their people invest or trade cryptocurrency this will be a big impact in the cryptocurrency market.

[khaled0111]

I think prices will boom again after the end of Chinese new year celebrations.
China is on of the biggest countries and have a big impact on the cryptocurrency market. Such phenomenon happens every year and we see the same pattern: prices drops then start to recover by the end of February, I hope the same will happen this year.

[aRTyMK4]

I think prices will boom again after the end of Chinese new year celebrations.
China is on of the biggest countries and have a big impact on the cryptocurrency market. Such phenomenon happens every year and we see the same pattern: prices drops then start to recover by the end of February, I hope the same will happen this year.

This has been true almost every year in the past and it will happen again this year, but for another reason. Not simply because Chinese New Year will be over, but because institutional investors waited for the dip and now they are satisfied with the relatively low price so they already started buying and the pump to 20 or even 30k will follow soon. And then another crash.

[PalindromemordnilaP]

Per bitcoin's graph history dated February xx for past years, it's evident that there is a slight significant change of bitcoin's market value.  Hopefully it can push bitcoin's current value this coming Chinese New Year.

[Wind_FURY]

What is it with the Chinese New Year and Bitcoin's recovery? Why do some spammers, I mean, people believe the Chinese will suddenly pour all their money in Bitcoin on that day?

It does not make sense. Please explain what the Chinese culture is regarding investments and speculation when their "new year" comes.

why does price go down when some FUD says China banned bitcoin?

So then, is the" Chinese new year boost" hype?

the New Year is the same thing but in both ways. before it, people say a lot of Asian countries that celebrate the New Lunar Year will sell their bitcoins to pay for their travels,... and it is a big thing in Asia. so they speculate price drop. that much is enough for the price to drop even if not a single Asian sells their coins!
then after it is over they speculate the money will come back, again that much is enough for the money to  come back even if not a single Asian buys back bitcoin.

Ok, so it is nonesense then because according to you, the price moves because there are speculators who are trying to be ahead of the market. Did I understand your post correctly?

[SCAR_8]

I think it will go up from now on until fall/ end of year. It's already starting to climb up a little bit. Hopefully the Chinese new year does add a lot to the market cap!!!

[Pasnik]

I think it will go up from now on until fall/ end of year. It's already starting to climb up a little bit. Hopefully the Chinese new year does add a lot to the market cap!!!

This is most expected by many to hopes that price after Chinese New Year will boost the market price. Maybe price will starts to increase, or we will lastly know the stands of bitcoin in the market. It almost long now that bitcoin not going skyrocket so I am hoping it will climb up the price.

[Zach707]

With Chinese New Year coming up on 2/16 what do you think will happen will the market cap get an influx of new money from China or not? I'm thinking we will and hoping it will boost prices for all coins but of course, this is just speculation, what do you think?

I don't think the upcoming Chinese New Year will affect the market cap because as we know Chinese, they are a business oriented people. If they have that bitcoin in hand, mostly of them will hodl and wait for the right time to sell.

[Seeker#9]

Many chinese are also holders of cryptocurrencies and majority of them has bitcoins in their virtual wallet. Chinese new year is one of the most celebrated holidays in China and most of them are spending a lot to buy some gifts and other related expenses. But I doubt if this chinese holiday can really boost the crypto market cap. They might instead sell their cryptocurrency because they need money for the holiday.

[Mainman08]

Chinese new year has nothing to do in boosting the crypto market. I think if the chinese goverment will let the chinese people to continue trading or investing in crypto currency. It will boost the market because there are so many chinese that are into cryptocurrency as well.

[linyhan]

Maybe yes  cause huge amount money will go in to cryptomarket after the celebration of chinese new year, and thats the sign for another bullish run for all coins.

[Lucius]

I think China can no longer affect on BTC price with buying/selling power since they close&ban every exchange and service in country.

Don't underestimate the power of the people there. While the main exchanges there aren't operating anymore, there are plenty enough alternative routes for people to walk on in order to buy their preferred crypto currency. Hong Kong is still a very easy and popular alternative route, although the question remains for how long with China forcing more pressure on them. It's impossible to prevent people from buying and selling crypto within China. That being said, 2018 is the year of the dog in China, so it will be interesting to see how Dogecoin will be doing in the coming weeks/months.

It is true that people can not be prevented from doing something completely,but that influence that was previously present does not exist anymore.I know that some % of Chinese still finds ways to buy / sell cryptocurrency,but they are a minority that almost does not affect the price.I would say that we should not underestimate the strength and methods of the Communist Party in China.

I hope you are kidding about Dogecoin,year of the dog has nothing to do with price of Dogecoin.I like that coin from the start,but with unlimited supply it is difficult to expect some higher price in future.

[orions.belt19]

I think China can no longer affect on BTC price with buying/selling power since they close&ban every exchange and service in country.

Don't underestimate the power of the people there. While the main exchanges there aren't operating anymore, there are plenty enough alternative routes for people to walk on in order to buy their preferred crypto currency. Hong Kong is still a very easy and popular alternative route, although the question remains for how long with China forcing more pressure on them. It's impossible to prevent people from buying and selling crypto within China. That being said, 2018 is the year of the dog in China, so it will be interesting to see how Dogecoin will be doing in the coming weeks/months.

I think that if the crypto users in that country are stubborn and rebellious of their goverment, they would make use of VPNs in order to continue using cryptos. VPNs have been working in that country if you want to browse freely because their government has banned the use of google and other well known sites. With the huge volume of miners and traders in that area, it’s possible that not all of them have given up despite the ban. China would still then be a big player in the crypto scene.

[radjie]

most likely with the coming of the Chinese New Year the price movement of bitcoin is always increasing due to the large number of people who are buying and selling in every market of cryptocurrency exchange. demand and supply of market prices will continue to rise before the Chinese New Year, but when the Lunar Day comes the possibility of kriptocurrency market exchange will decrease again, but that's just a guess, because we all can speculate before the real facts.

[aso118]

With Chinese New Year coming up on 2/16 what do you think will happen will the market cap get an influx of new money from China or not? I'm thinking we will and hoping it will boost prices for all coins but of course, this is just speculation, what do you think?

The Chinese New Year does seem to have had a positive impact on Bitcoin. The price has risen above the crucial resistance level of $10,000. The Chinese New Year doesn't seem to have done anything special for altcoins. Most of them are trading flat from yesterday in fiat terms.

[Baofeng]

With Chinese New Year coming up on 2/16 what do you think will happen will the market cap get an influx of new money from China or not? I'm thinking we will and hoping it will boost prices for all coins but of course, this is just speculation, what do you think?

The Chinese New Year does seem to have had a positive impact on Bitcoin. The price has risen above the crucial resistance level of $10,000. The Chinese New Year doesn't seem to have done anything special for altcoins. Most of them are trading flat from yesterday in fiat terms.

Exactly. Maybe all who says that it will really bring money to the ecosystem are absolutely right. I'm glad to see that bitcoin finally breaking the $10K mark once again and from the looks of it we may never see it going $9999 for the next months or so. Nice job for every holders up to now.

Lets see how the market goes in the next succeeding weeks. I have a gut feeling that we are in another rally up to $12K before seeing another change in the prices.

[pooya87]

the New Year is the same thing but in both ways. before it, people say a lot of Asian countries that celebrate the New Lunar Year will sell their bitcoins to pay for their travels,... and it is a big thing in Asia. so they speculate price drop. that much is enough for the price to drop even if not a single Asian sells their coins!
then after it is over they speculate the money will come back, again that much is enough for the money to  come back even if not a single Asian buys back bitcoin.

Ok, so it is nonesense then because according to you, the price moves because there are speculators who are trying to be ahead of the market. Did I understand your post correctly?

not 100% of it but yeah.
i do believe that a big part of the market is just speculators trying to be ahead of the market. but of course it is not all of it. there are actually people selling bitcoin (liquidating) in Asia to cover their travel costs so it is not completely nonsense.
it's just a theory of mine though, don't shoot me