Bitcoin after Chinese holiday

[warrior333]

During the Chinese new year life in China does not stop. The Internet allows you to open your account on the stock exchange and make several bets at any time and anywhere. I am sure that traders do not take long breaks. Such statements are an attempt to easily explain complex processes. They are not truthful.

[1715108428]

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[Trimegistus]

People are used to connecting China with BTC,but this is not a significant factor anymore.Chinese authorities are currently focused on the prevention of their citizens to use foreign exchanges for trading because they successfully stopped all exchanges in China.Nothing good should not be expected regarding BTC when it comes to China,the only question is whether they continue to allow mining.Although I understand that mining just make big profit for them and money is coming in county,the only thing that bother them is the money leaving the country.

I not see any connection between Chinese new year and any effects on BTC price,before or after.

There are many connections between BTC and China:

Direct connections:

- China is host for the largest ASICS manufacturer, Bitmain;

- China is host for the largest BTC mining farms;

- China has a huge population and within this plethora of citizens there are maybe millions of crypto users/investors;

Indirect connections:

- North Korea has been using crypto to avoid international sanctions;

- NK has been launching vast cyber attacks on South Korea crypto exchanges.

- NK is behind WannaCry and a number of other major security incidents.

The lists could go on, but I thing this is enough to prove my point: China is a major player in the crypto scene, regardless of the calendar events.

[hacekd]

The Chinese New Year or Imlek affects the economy. At this celebration usually people will more often culinary shopping to travel services. The Lunar New Year celebration was called for a drop in the value of bitcoin or virtual currency in January. That's because Asian market participants are considered cashing in their virtual currency to buy gifts for the holiday season.

Even as many as 6.5 million Chinese tourists are predicted to spend their money to travel abroad during Imlek.

Not only the country's bamboo curtain, Singapore, Malaysia, South Korea and Vietnam also celebrate Lunar as a holiday. Some Indonesians also celebrate.

[Cacingkemi]

Hopefully,BTC in the last month is better cause it does't fall below 5K just not there is interesting to be on the show with that price only.March this is a confusing month BTC could be down this cause there is no correction according this my estimates.

[Bonsaiav]

For the past few weeks there has been speculations that Bitcoin will rise and face the uptrend after Chinese holiday and now the holiday is over, will bitcoin start going up and up again?

In the past before the regulation of cryptocurrency in china last January 2018 China has great influence on the growth and development of bitcoin. But now there is a very big change with China whatever happens with China in the slightest doesn't give effect anything. Because their governments had done blocking against some Potential Cryptocurrency and the Chinese government in its entirety only supports Neo (their own 'Single' coins).

[vintages]

Its high time we stop pinning bitcoin price pump with any China activities. I use to think that China has an influence in cryptocurrency because of their prior connection but now, I am forced to think otherwise because in some way, the Chinese government don't really care whatever happens to bitcoin. Bitcoin price can pump if we see more investors in it or other things can influence it to dump or pump.

[raven7886]

It’s just rumors and speculative assumptions for positive mind setting.. We can view it on cultural aspects as most asian with Chinese inheritance has this common superstition in investing or spending money in holidays like this.. It might be a different story if there’s no uncertainty in china’s government before it.. Its increasing now but I don’t have a clue if it has to do with it..

Agreed and I feel this assumption is gradually affecting the market until it totally changes. As long as most traders start believing that approaching Chinese New year, the price would definitely go down, I am sure a lot of investors and traders will always start looking forward to the next one and that may be causing some pretty huge dump in the market.

All the same though, what would be would be, we cannot attribute anything much since we cannot be certain, but however it is, the market will always recover in its own time.

[HasHe]

For the past few weeks there has been speculations that Bitcoin will rise and face the uptrend after Chinese holiday and now the holiday is over, will bitcoin start going up and up again?

Yes it is a regular phenomenon followed by chinese traders to sell their bitcoins to celebrate their biggest festival event chinese new year.During this time,bitcoin price usually tends to fall and big investors usually buy as much bitcoins as they can silently.

Even this year too it has happened.Bitcoin has now started to raise from the range of $9,000 and it has reached $11,130 today.But this year we should admit that the impact was low due to lesser dominance of chinese traders in the bitcoin market.This would be the best time to make an investment in bitcoin.

[Alijiindahaus]

Its high time we stop pinning bitcoin price pump with any China activities. I use to think that China has an influence in cryptocurrency because of their prior connection but now, I am forced to think otherwise because in some way, the Chinese government don't really care whatever happens to bitcoin. Bitcoin price can pump if we see more investors in it or other things can influence it to dump or pump.

everything will depend only on the decision of the Chinese government. I do not think that their holidays will affect the overall situation of things with the crypto currency in the Chinese state .

[Ghayoor]

During the Chinese new year life in China does not stop. The Internet allows you to open your account on the stock exchange and make several bets at any time and anywhere. I am sure that traders do not take long breaks. Such statements are an attempt to easily explain complex processes. They are not truthful.

i agree with you because during chinese holidays there is nothing like which someone can feel that bitcoin depend on holidays but on other hand majority of people they are saying that during chinese holidays bitcoin price effect but i believe nothing happen to bitcoin.

[BillCoin]

Usually before the chinese holidays the stock markets tend to go down, and so is the bitcoin, just like the Christmas, people are selling their stocks/digital assets so they would be able to afford buying gifts for their friends and family.
Soon after that people rebuys stocks/digtal assets or the selling pressure just goes down, in that case, it's most likely that bitcoin will increase in price.
But it's fully based on speculation so I wouldn't say that the data is reliable.

[AnonBitCoiner]

I think this will surely impact the price of bitcoin.During the Chinese new year,the price of bitcoin is reduced and then get back to high value.This will happens all the time,we can expect this every year.Due to holiday they may sell the bitcoin to enjoy and now they may start to hold,then surely the price will increase.

[liseff3]

China has broken up with bitcoin, they are no longer connected with bitcoin after the rules that made on 30 November ago since then until now nothing has changed with the decision.
So clearly whatever happens there doesn't at have any effect on bitcoins.

[Yaunfitda]

China has broken up with bitcoin, they are no longer connected with bitcoin after the rules that made on 30 November ago since then until now nothing has changed with the decision.
So clearly whatever happens there doesn't at have any effect on bitcoins.

The only connection that they have is the bitcoin mining monopoly. They still command more than 60% of all the bitcoins mined. However, since they severe their ties to bitcoin since last year. They effect has already dwindled and Japan took over.

I can't say for sure if there are connections. But it looks like someone is really pumping everything, including altcoins. Great to see bitcoin testing the waters of $12K. And it this is something related to the end of Chinese New Year because they are trying to recovering all the expenses they spent during the holiday, then its good news for us.

[elena_rose19]

As what I've heard China have already cracked down bitcoin exchanges so after witnessing the price pump aftervthe Chinese New Year I couldn't help but think if there are connections. Before the Chinese New Year bitcoin have been its low value there must be something that is pushing thenprice upward and it's a good thing.

[amaydel]

Others believe that bitcoin's market price will be affected because of Chinese New Year but bitcoin's price does not have a significant change of its market price as what is being recorded in the past Chinese New Years too. It wasn't surprised me much to see that its market price doesn't fall or rise before, during or after the holiday.

[snowdropfore]

chinese has nothing to do with bitcoin market ,i am chinese.i am holding my coins through the chinese new year and never sell a coin.

[justdimin]

For the past few weeks there has been speculations that Bitcoin will rise and face the uptrend after Chinese holiday and now the holiday is over, will bitcoin start going up and up again?

No one knows if that's the real cause of the tragedy that we've been through.
I'm not trying to be racist but Chinese people are rumored to hold tons of bitcoin so they have sold a lot. And if they are about to buy tons of it again then it will go up.

Honestly, no one can really say. Although, looking at the volume that use to come from China due to trading and the fact that they mostly shifted to PY, one could have thought they may actually be having some impact on the value of bitcoin when it comes to trading volume. I may be wrong, like I said, no one can really say and obviously everything we say is just pure speculation. On the other hand though, I just feel the market is ready to start a change in trend.

The way people speculated on Chinese holiday, people would have thought the Chinese holiday ending will immediately cause bitcoin to start growing immensely and non-stop. I see the normal pattern of a solid market playing our and it has nothing to do with the Chinese holiday. I just see a downward trend market recovering after the bears have taken out all the necessary weaknesses from the market.