Chinese New Year - Effect On Crypto

[Jr.Sasha0209]

Always at any time in China, the market is very important to come to life, so in the very near future one should expect good growth! So I bought the bitcoins in advance, and now I'm sitting in anticipation of big growth!

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[jseverson]

I think the January/February crash we have witnessed the last few years in advance of Chinese Lunar New Year is somewhat of a self-fulfilling prophecy. I do not think that the actual effect of the new year would be so great on the market.

Well there are some theories behind it that aims to explain the behavior. The most popular one seems to be that It's a big deal to a lot of people, and those who hold crypto are converting to fiat to prepare for it. It especially made sense back when China had one of the largest trading volumes, and it still somewhat does now because other countries like South Korea (which is a huge market) also celebrate it. It's kind of like how people were predicting Bitcoin would go down before Christmas because everyone's going to be out spending.

I'm certainly not ruling out your self-fulfilling prophecy theory though, as it does make sense. There might be people who are thinking that the market will inevitably crash because of the trend, so they decide to sell high waiting to buy low, making the prophecy go full circle.

[shaheer001]

China is world biggest and strongest country so no doubt its any action directly impact on world economy but in my opinion after China banning the bitcoin last year now Bitcoin is not directly effected by Chinese new year activities

[Mattacoin]

It has nothing to do with Chinese New Year or the January effect and everything to do with taxation. Either people are withdrawing to pay taxes owed from the previous year or they are withdrawing to enjoy thier gains for a year until they must pay taxes on the withdrawal. Come on, how many people seriously invest so much of thier cash they need to withdrawal for fireworks and train tickets?

[eminemcookie]

I think the January/February crash we have witnessed the last few years in advance of Chinese Lunar New Year is somewhat of a self-fulfilling prophecy. I do not think that the actual effect of the new year would be so great on the market.

Well there are some theories behind it that aims to explain the behavior. The most popular one seems to be that It's a big deal to a lot of people, and those who hold crypto are converting to fiat to prepare for it. It especially made sense back when China had one of the largest trading volumes, and it still somewhat does now because other countries like South Korea (which is a huge market) also celebrate it. It's kind of like how people were predicting Bitcoin would go down before Christmas because everyone's going to be out spending.

I'm certainly not ruling out your self-fulfilling prophecy theory though, as it does make sense. There might be people who are thinking that the market will inevitably crash because of the trend, so they decide to sell high waiting to buy low, making the prophecy go full circle.

I understand the reasoning and it does make sense and is probably true. I just feel as though the falls we've seen have been much too large to be entirely down to the new year. I've got to think it would only account for a very small percentage of the actual amount of people selling.

[Nahl]

after face up  several crashing most people expect bitcoin price could rise up again and some of them also says the price will recover back soon after chinese new year but chinese new year already passed but even though the price could climbling up and still difficult to reach again the highest price however related or not chinese new year had slightly effect for crypto

[jseverson]

I understand the reasoning and it does make sense and is probably true. I just feel as though the falls we've seen have been much too large to be entirely down to the new year. I've got to think it would only account for a very small percentage of the actual amount of people selling.

It for sure has more to do than just the Chinese New Year. We also have to consider the fact that Bitcoin went on a furious, unsustainable bull run a few weeks prior, so I'm sure a large majority of the drop was caused by simple correction. Bitcoin did stabilize at $10k for a bit though, so the drops after that likely has more to do with the January trend rather than the December fall out. For now, all we can really conclude is that there is some correlation between Chinese New Year preparations and Bitcoin drops.

[linshisui38]

The Chinese New Year has had an impact on the economy, and it's a bad thing that bitcoin broke down in the weeks leading up to the Chinese New Year.

With the end of Chinese New Year, the price of bitcoin is growing steadily.

Although China's bitcoin transactions are not large, this is strange.

I remember that there was a big drop in bitcoin during the Christmas season, and the big holiday season would have a ripple effect on the encryption market.

[Dawnpercy19]

I dont know because people expecting that bitcoin is rise up the price and gain more the price will recover not now but soon

[Mometaskers]

I would think that this period could potentially see a huge number of individuals cashing in for the festivities.

this speculation came out more than a month ago. in fact it is more like the January effect for bitcoin: https://bitcointalk.org/index.php?topic=2767038.0 and it happens every year where we have a sizable drop in price of bitcoin.

i seriously doubt that anybody is actually "cashing out" for any holidays or festivities or anything like that because it is absurd! you never hear people selling their stocks, golds, real estate, ... or any other kind of investment to go on a holiday. they instead use their profit from these things, their bonuses, their saving,... to enjoy the holidays!

What are peoples thoughts on what to expect !?! could be a lowering or market cap & another / even better buy position for your Onions..

since it already happened there is no more "fuel" left in this news to cause anything at all in the market. so i expect nothing because of it.

Well in case of bitcoins there may be some increased withdrawals if they want to use their "profits" for the festivities. Assuming they've only held a fixed amount in their wallet and it has already grown in value, they'd take some of those and leave enough more or less equivalent to their initial investment. That would still be fewer than "cashing out" all of their btc though, which is ridiculous.

There's not much decrease this time though. Must be coz the price has been slowly emerging from a plunge that people decided to just keep holding?

[tophe15]

I don't think the Chinese New Year has any impact on the cryptocurrency, because China's bitcoin transactions are not very high.

But in the two weeks before the Chinese New Year, there was a lot of volatility in cryptocurrencies. The minimum is $6,000.

Now that the Chinese Spring Festival is over, the price of bitcoin is $11,000.

It is true that Chinese New Year still affects bitcoin.

It might have that effect but I don't think so that it's because of the celebration but rather than how people anticipates in buying bitcoin because of its low price which in the past days reached to $11,000+.

[fiulpro]

It would have literally NO EFFECT!!!!!!
China have already banned cryptos and even the ICO'S how come you expect it to get affected...
The only possible affect will be from the people who left China for Bitcoins sake and from the ones who do it in the black ...
Otherwise I don't think there will be an effect !

[yesuidanggan]

In my opinion, Chinese New Year seems to have little impact!

The market is still growing slowly.

Now that the Chinese New Year holiday is over, many people return to work!

Don't know what the market will say?

[rose8963]

It would have literally NO EFFECT!!!!!!
China have already banned cryptos and even the ICO'S how come you expect it to get affected...
The only possible affect will be from the people who left China for Bitcoins sake and from the ones who do it in the black ...
Otherwise I don't think there will be an effect !

Yes. The effect is yes but not all from CHINA, KOREA also has Lunar New Year and has a large crypto trading market. I think the reason behind is the ban. KOREA, JAPAN has a high effect on crypto. These reasons make me expect the value of cryptocurrency to improve in the near future.

[Haterstestbtc]

It would have literally NO EFFECT!!!!!!
China have already banned cryptos and even the ICO'S how come you expect it to get affected...
The only possible affect will be from the people who left China for Bitcoins sake and from the ones who do it in the black ...
Otherwise I don't think there will be an effect !

Yes. The effect is yes but not all from CHINA, KOREA also has Lunar New Year and has a large crypto trading market. I think the reason behind is the ban. KOREA, JAPAN has a high effect on crypto. These reasons make me expect the value of cryptocurrency to improve in the near future.

Well, the same as usual nothings is change in Chinesse New Year. The cryptocurrencies now are gradually increasing its value since before and after the Chinesse New Year they are not affected by China has already banned cryptocurrencies exchange. What makes the bitcoin increases its because of trust of people in other country investing bitcoin.

[jimskiy]

Always when the chinese new years the bitcoin price will be go down, always every years when the chinese new year there will be the bitcoin price cheap more than usually price, but after one week the chinese new years the bitcoin value will be up again and will be the high price, I am not worry about it and keep calm and hold ny bitcoin, because always it happen and after the chinese new years bitcoin will be unusually price.

[akishang]

I don't believe it has an effect on the bitcoin. It will only affect bitcoin if there is a tradition that they can't spend any money until Chinese New Year.  There's no such thing as this so it doesn't have an effect on bitcoin price. If we base it on the trend last year, February is the month were bitcoin usually drops and then it will go up and down until the end of February. March will be a great month for BTC in my opinion (I am praying for this). I am expecting price increase on my birth month. LOL. We believe on things we want to believe.

[slashz9]

I do not know about that, but from bitcoin price analysis or the market always crashes at the beginning of the year. you can see it on the internet, it is true china holds the biggest market in crypto but I guess that's not the main factor.
after a crash at the beginning of the year usually the market will rise 10 to 20% and then will stagnate until mid-year.
from mid-year he will start up until the end of the year.
CMIIW.

[ahmadoo]

I think you guys have it wrong. In Hong Kong the markets actually improve just before CNY in expectation of a better year ahead. The falls we have experienced are due to FUD, fake news, BS and the like. The market was growing too fast, and was overdue a correction. The FUD continues and the crappy ICO's need to stop. The market will recover, but not just yet and definately not because of CNY.

[Harrisonimo]

Quite apparent that the Chinese calendar year too had its own toll on the bitcoin price which was right before the actual date of February 15. The bearishish did ended that same week and we have seen bitcoin doing a gradual steady rise again.