Is bitcoin fall because of Chinese Spring Festival?

[liangweicha]

From the K chart of history, I have seen a sharp drop in January to February almost every year, and lately I have seen many posts about the fall due to the Spring Festival,I don't understand, China has banned the cryptocurrency market transactions, and most of the bitcoin transactions are not in China, so why do the Chinese New Year will affect the whole cryptocurrency market, or is it just a FUD?

[JainaVsUther]

What makes you believe most of the transactions aren't in China? For a start, most rich Chinese investors would be using external offshore accounts, rightfully not trusting their government. Hong Kong and Singapore are the largest offshore banking destinations for them. China still holds a huge amount of the hash power for Bitcoin, so they still hold a large influence over the network. It's not so easy to trace where crypto purchases are coming from, did you get this info from exchanges directly?

[Diffy]

I don't think the market went down because of Chinese New Year but it probably affected it a little bit.

[gizmodo1987]

Chinese people are selling bitcoin to buy gifts for the said  festival. Also china don't literally ban crypto currency i think they just won't allow their citizen to participate in ICOs. But the can buy into exchanges.

[walterw]

I do not know if it's the impact from Chinese New Year, but I think China has a big impact on the btc price. It could actually be the new year as many Chinese may sell their btc to buy gifts for their families and friends. But I think that's just a small factor in the price erosion. We should have more confidence in btc and have more patience. Btc could be stable again in a few months and continue to rise.

[veliq]

of course is! most of the trade is in China! and therefore how to spend all the holidays and trade will begin! I hope for the restoration of the market, since I'm already tired of sitting in the minuses

[Lou-Lou]

China trades a lot and also has a certain impact on the whole cryptocurrency market - mostly it is scam like tron to get some money exactly before celebrations of the spring festival...

[Aljerome31]

One of the comment here... Buying some Gift for there love once at Chinese Festival makes me since..
Maybe the trends become most likely before because people looking on it.

And, Thinking this will gonna be happen just like last year.

[NiceLuvsm]

From the K chart of history, I have seen a sharp drop in January to February almost every year, and lately I have seen many posts about the fall due to the Spring Festival,I don't understand, China has banned the cryptocurrency market transactions, and most of the bitcoin transactions are not in China, so why do the Chinese New Year will affect the whole cryptocurrency market, or is it just a FUD?

Not only Chinese but also many country in Asia has Luna new Year, so the Asia has the most bitcoin ịn the wold.

[armakarisma]

this does not seem to be the only reason why the market is down this month, there are several factors that cause many investors to withdraw their money which causes the volume of cryptocurrency to decrease, the issue built so strongly, and I think the market really needs a correction

[mdn2007]

it looks like this annual cycle of bitcoin prices will go down because many are selling to buy gifts. so there will be a fall in prices hopefully not to fall in

[richardjam]

Chinese's New Year is a reason for decreasing BTC and altcoins . Many people in China have sold many BTC for spending in New Year/Travel
I think that the market will convert and increase after New Year over .

[sazon84]

The Chinese New Year is one of the reasons for the fall of bitcoin.  Also influenced by the US stock market, various bans in India, Korea.  And of course one of the reasons is a very large haircut of "hamsters".  When all inexperienced investors will pool all their capital at a loss, I think the market will start to grow.

[Baimovic]

yes, I think it's just FUD. they still use transactions with crypto. the biggest crypto trade is china.

but china can not adopt bitcoin, they do not do well to bitcoin, they want to master and then create crypto. sehigga china wants to be known as kripto king country.

and in china's new year, they will sell more bitcoin.
but also after that there will be much support from asia for bitcoin.

[social1178]

it may have affected, but it's not normal to fall
weak hands made the sale and now it has to rise

[EMV]

From the K chart of history, I have seen a sharp drop in January to February almost every year, and lately I have seen many posts about the fall due to the Spring Festival,I don't understand, China has banned the cryptocurrency market transactions, and most of the bitcoin transactions are not in China, so why do the Chinese New Year will affect the whole cryptocurrency market, or is it just a FUD?

In January the rate of bitcoin fell almost twice in comparison with indicators of December that it is naturally connected with approaching Chinese New year, Coin Post with reference to CoinTelegraph reports. New year according to the lunar calendar or the Holiday of spring (春节 chūnjié) has huge value for Chinese. In anticipation of the Chinese New year people begin to spend more: reserve tours, organize various actions and buy gifts. In 2018 New year according to the lunar calendar will begin on February 16. Whereas in the West the period of high expenditure falls on December, in the east the similar situation is observed in January, in four-six weeks prior to a holiday. As the population of China makes an essential share of the market of bitcoin, it noticeably affects its dynamics. The bitcoin does not react to other factors of influence which usually destabilize the traditional stock market. In August of last year when tension in the relations between Donald Trump and Kim Jong-un reached peak, the global market reacted with decline on average by 1%. The bitcoin became the only asset which course grew for that period.

[Don Stefanello]

Yes it is deffinatelly having to do with chinese new year, january and february of every year are like that because the profits are being pulled out for the year and spending in the real world, thats the whole point of this isnt it?

[dealung]

Maybe a crypto user in china will sell his assets to celebrate Chinese New Year, but that does not mean the fall of the bitcoin price is caused by this. There are still many more important than we discuss this news.

[shahzadafzal]

Well i really don't think so. Because during the first drop in December people speculated that its because Christmas is coming it will go back normally.  Later it was claimed that now its because on New year.
Really no one predict but of course negative news impact badly specially when some country officially takes decision against crypto currency.

[Mr Batman]

I think it can happen, because I think Chinese investors withdraw all their investments to spend on chinese spring festival