Chinese New Year - Crypto Market

[Landak]

Every year we have the same discussion about chinese new year and Bitcoin price. There isn't any proven connection however speculations continue. It's almost like Bitcoin users are trying to find some kind of justification and cause for every time the price goes up or down but things are not so easy.

Such things are common, seeking justification when there is no connection at all. maybe just a coincidence the moment, as happened at the beginning of this month suddenly bitcoin rises a lot of people who suspect that it is the effect of Iran/US tensions even though if we think back there is no correlation from it to this. people are always looking for justification, human habits.

one thing is for sure, I'm very sure bitcoin will be bright this year.

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[wozzek23]

I wish it was as  simple as that but bitcoin is now more global and there is more people involved in this than just the people who would need to withdraw money during celebrations. There are literally companies and whales involved in bitcoin nowadays, these are the people who buy bitcoin in thousands, you can't expect them to sell their coins, if there are people who need money during a celebration they can sell it however there are so many rich folk involved that they can buy all of that and still not drop the price.

I am not saying that will happen or has happened but they can actually do it, they are that rich. So if there is a drop in price, that is because people want to sell, if there is an increase that means people want to buy, simple as that really.

[DaftAjax]

In most cases those are just speculative "correlations", be it with political events, with stock market news, or else. And Chinese New Year is not an exception. Even if Bitcoin was traded in China only, why should its price correlate with something like a New Year?

It is as if it's intentional and trying to prove something. China trying show dominance but honestly, they're barking on the wrong tree. The community doesn't give an F (Disclaimer, I don't mean any disrespect to the Chinese New Year), this community will have its way to progress one way or another.

Don't get me wrong. I'm not trying to say that BTC price will not rise in the nearest future. In all likelihood it will. But hardly Chinese New Year will be the reason for that.

In all generosity, it might just add up but doesn't really have a great impact, and if the illustration is correct the February thing is just pure coincidence.

[kaya11]

I can't believe every single event of the year is being linked to Bitcoins anomaly in price changes. Can it just be that it is something moving on its own? Name all the holidays in the calendar, every single one of them have speculative topics and it is not stopping. People should stop thinking that Bitcoin price changes is not always by any chance the effect of some random holiday events.

[xvids]

I can't believe every single event of the year is being linked to Bitcoins anomaly in price changes. Can it just be that it is something moving on its own? Name all the holidays in the calendar, every single one of them have speculative topics and it is not stopping. People should stop thinking that Bitcoin price changes is not always by any chance the effect of some random holiday events.

Who knows maybe because this kind of event people always have extra money to invest?
But that could also lead to the other way around the market could also go down since they would need money to celebrate.
I also agree that we shouldn't connect every event or holiday to the price.
Maybe in just a couple of weeks we would see a post about Valentines pumping up Bitcoin or dropping the peice because couple's need money to go out or whatever they need to do.

[merchantofzeny]

Every year we have the same discussion about chinese new year and Bitcoin price. There isn't any proven connection however speculations continue. It's almost like Bitcoin users are trying to find some kind of justification and cause for every time the price goes up or down but things are not so easy.

Maybe coz it sound simple enough. "There's a big celebration > People need the money > They take some out from the crypto > Price drops > Celebration ends > They buy crypto again > Price rises"

Of course that's not always the case but I think if enough people believe it, it can be a self-fulfilling prediction. So in a way, it is something that is worth observing, even if you don't subscribe to it.

Prior to China closing down all it's exchanges in early 2017, they did used to have a new year effect on bitcoin. But they no longer do as it's hard for them to buy coins. Most purchasing activity for bitcoin now occurs in the rest of the world.

I think it's for the better even if we can no longer ride on that trend. They still seem to have a large userbase there, so maybe there can still be an effect, just not as huge as before.

Totally unrelated, the country has spawned another virus. Would such scare affect prices, especially if the situation gets worse? Considering the 2-3 days incubation, people are fearing that this year's Lunar New Year festivities will spread it.

[meliodas]

For the upcoming Chinese New Year, I am expecting for the price to have a deeper drop because the Chinese investors and holders will unload their cryptocurrency for sure because it is their time to take a vacation and to treat themselves. With those potential scenarios, I am preparing myself to buy dips when the chinese new year happens.

[ultrloa]

For the upcoming Chinese New Year, I am expecting for the price to have a deeper drop because the Chinese investors and holders will unload their cryptocurrency for sure because it is their time to take a vacation and to treat themselves. With those potential scenarios, I am preparing myself to buy dips when the chinese new year happens.

It's just a theory and why on earth it's related to anything since for sure they have enough money if they are into crypto since for sure they will not touch their assets especially when there's a halving. Maybe we can see some certain movements but as of now the market is so stable even if the Chinese festive is ongoing and  best  for us not to get crazy on any things since we might gonna  get panic and left out with something greatness that will happen this year.

[kapalmabur]

For the upcoming Chinese New Year, I am expecting for the price to have a deeper drop because the Chinese investors and holders will unload their cryptocurrency for sure because it is their time to take a vacation and to treat themselves. With those potential scenarios, I am preparing myself to buy dips when the chinese new year happens.

Does every Chinese New Year the price of Bitcoin and Altcoin always go down ?, If it goes down it seems like I will follow your way to buy Bitcoin at a support price  

[gabmen]

For the upcoming Chinese New Year, I am expecting for the price to have a deeper drop because the Chinese investors and holders will unload their cryptocurrency for sure because it is their time to take a vacation and to treat themselves. With those potential scenarios, I am preparing myself to buy dips when the chinese new year happens.

Does every Chinese New Year the price of Bitcoin and Altcoin always go down ?, If it goes down it seems like I will follow your way to buy Bitcoin at a support price  

I find this real funny. Investors don't let go of their investments for a certain holiday with the risk of not getting it back in the same entry price they got their asset. Yes in the past, the chinese new year has been linked to significant drops but i don't think that's exactly the reason why it's moving the way it does. Especially this year that btc halving is happening next month.

[Kevondo]

I dont think this claim is true because this thought was came up recently when the BTC reached all time high and started tracing back, coincidentally, Chinese New Year was in between. The market is bullish right now and we are seeing good volume in flow. We may not see any dumps for Chinese New year this time. Also it is in just 4 days from now so its nearly impossible to happen. 

just like Christmas does not affect on prices, so there is nothing special about the big day on bitcoin. and in my opinion none of that had an impact on the market. current increase indeed this year the market is bullish because of halving.

China is dominating in the crypto market. The recent calculation of daily usage of Bitcoin in China indicates that it is used in daily basis with highest percentage of 42%. The country want to adopt this digital currency as a legal currency beside fiat. Remembering the past years Chinese New Year effect on Bitcoin price, it is predicted that it will have a negative impact on it. As the price of it dropped during these days in past years.

[djgtr]

For the upcoming Chinese New Year, I am expecting for the price to have a deeper drop because the Chinese investors and holders will unload their cryptocurrency for sure because it is their time to take a vacation and to treat themselves. With those potential scenarios, I am preparing myself to buy dips when the chinese new year happens.

As the Chinese new year is nearly approaching, it's always very exciting as we waited for that event to happen. Right now it was really a very momentous year in which every Chinese investors put on their luck in different aspects of investments. Let's expect minor dumps to be seen in the next few days, and then goes higher after the celebration.

[CodyAlfaridzi]

I've heard so many times about the effect of Chinese New Year on crypto market. The thesis is chinese new year may cause a periodical market anomaly every year.

It is well known that in stock markets may occour periodically at the same dates of the year like holiday effects etc.

Do you think it can be also a factor for crypto market and bitcoin price?

No. Fundamentally, why would it affect the price? The narration that people sold during holidays like this (Christmas, CNY, etc) is ridiculous in my opinion. So yeah I see no reason how holidays like these could affect the market. Another great point is that Bitcoin exchanges are open 24/7, unlike the regular stock market which does have offline/holiday.

As the Chinese new year is nearly approaching, it's always very exciting as we waited for that event to happen. Right now it was really a very momentous year in which every Chinese investors put on their luck in different aspects of investments. Let's expect minor dumps to be seen in the next few days, and then goes higher after the celebration.

I'm not Chinese but really? Do they "put on their luck" during CNY?

[Divinespark]

This year, the Lunar New Year comes earlier than in previous years, so there's a good chance that history won't repeat itself. We only have 3 days left until the Lunar New Year and the market still shows no signs of panic selling, I am very optimistic about the market at the moment, and believe that it will not bleed like the previous years. Let's wait and see what can happen in the next days

[Duzter]

Chinese New Year till date had big impact over the market of bitcoin. This has declined over the past few years as the influence of China over the cryptocurrency network has declined in large due to the government's decision to Stop cryptocurrency usage and other statements against mining. Even after that the people of China continues to use cryptocurrencies, maybe this time we can expect things to be positive than before.

[Betwrong]

For the upcoming Chinese New Year, I am expecting for the price to have a deeper drop because the Chinese investors and holders will unload their cryptocurrency for sure because it is their time to take a vacation and to treat themselves. With those potential scenarios, I am preparing myself to buy dips when the chinese new year happens.

Buying dips is good, but I don't think the declining will happen as you expect it. Yes people will surely spend more on vacation and celebration than during their ordinary days, but will they spend BTC is a big question. Everyone is expecting a major bull run this year, and those vacations may look too pricey in the end. So, if you want spend some money on vacation these days, spend anything but Bitcoin. And, I think, Chinese people are aware of that too.

[Wipeout2097]

Chines year mostly found positive for crypto market,2020 already started but the Chinese year going to start in few days and it is expected most crypto will rise specially BTC,After 2018 BTC mining farms number raised in the china and mostly whales are mining farms so 2020 is going amazing lets see the price of BTC how affected by the new year of china.

We all learn from these events and note that how they impact the market and trade that in future behave with market accordingly.

[stompix]

Every year we have the same discussion about chinese new year and Bitcoin price.

You're a bit wrong...
Every year we have TONS of discussions

Does Chinese New Year Affect the Market?!
Chinese New Year 2019
Chinese New Year - Effect On Crypto
Chinese New Year?
Chinese New Year 2018: Will this effect the markets?
Chinese new year
Chinese New Year Influence Bitcoin?
Bitcoin price on Chinese New Year

and of course:

Chinese new year is over. Prepare for Bitcoin bull run

If I were to list all the topics with this subject I would probably end the task in 2021
Op, you've got your answer (again and again) lock this topic before it turns into a spam mega thread.

[airdnasxela]

Chinese New Year can give a small impact on bitcoin's price but not for too long and not that big. Unlike with the traditional New year every 1st of January, not everyone are celebrating Chinese new year and the preparation is very different during Chinese new year. Especially outside Asia, I wonder if they also celebrate Chinese New Year that much.  However big Chinese investors can change the game but don't really expect that it will give too much impact.

[MRrey]

Chinese New Year can give a small impact on bitcoin's price but not for too long and not that big. Unlike with the traditional New year every 1st of January, not everyone are celebrating Chinese new year and the preparation is very different during Chinese new year. Especially outside Asia, I wonder if they also celebrate Chinese New Year that much.  However big Chinese investors can change the game but don't really expect that it will give too much impact.

good ideas