By Tojahn - 04.02.2020
Chinese new year 2020 bitcoin
A double whammy of uncertainty in stocks and a New Year sell-off could be at the heart of BTC/USD erasing gains last week, analysts say. Will it coincide with a Bitcoin bloodbath as in previous years? The experts weigh in. By Daniel Phillips. 4 min read. Jan 25,
Check this out price normally fluctuates in January. Is Chinese New Year responsible?
Image: Toa55 For the last five years running, the price of Bitcoin has fluctuated drastically in January.
Although there have been several explanations postulated for why this dump occurs so consistently around this time, one of the most persistent argues that the dump is caused by Chinese New Year.
When is Chinese New Year?
The exact date of Chinese New Year changes each year since it is based on the Lunar Calendar, rather than the Gregorian calendar used in most of the world.
As for exactly how Chinese New Year directly influences the price of Bitcoin, there are several plausible theories.
Such a sustained sell-off question no deposit bonus 2020 forex think be sufficient to change chinese new year 2020 bitcoin dynamics of supply and demand such that supply outstrips demand, causing Bitcoin prices to tumble as exchange volume drops.
Is Chinese New Year really affecting Bitcoin's price?Chinese New Year Bitcoin Pump (Bitcoin 2020)
According to statistical analysis performed by blockchain enthusiast Phoon Mei Hui, there is some evidence to suggest this may be the chinese new year 2020 bitcoin, since there is a strong correlation between link price action and volume changes in the days leading up to Chinese New Year.
Since these apps are commonly used from Bitcoin off ramping, an increase in activity could indicate increased selling activity. Chinese new year 2020 bitcoin for Bitcoin volatility and volumes to nose dive.
Since Bitcoin has dumped for the last five years in a row, traders looking for trends in the market might be tempted to believe this year will be no different, leading to an early sell-off in order to protect against further losses.
However, this sell-off could actually chinese new year 2020 bitcoin the cause of a broader dump that sends Bitcoin prices tumbling.
What has happened to Bitcoin's price this year? On the other hand, CoinGecko Co-founder Bobby Ong chinese new year 2020 bitcoin that this year's relatively muted activity in the run up to Chinese New Year can be attributed to the recent coronavirus scare chinese new year 2020 bitcoin Wuhan, China.
Bitcoin Sees Bull Reversal Ahead of Chinese New Year
One may argue that Bitcoin moves up chinese new year 2020 bitcoin the Chinese new year 2020 bitcoin New Year period as Chinese traders created a here good feeling before taking profit and closing off the accounts for a week for the festivities," said Bobby, "That being chinese new year 2020 bitcoin, celebrations are muted this year as China is currently battling the coronavirus in Wuhan and many people are scared of the effect of this fast-spreading virus.
Will the trend continue in ? We'll soon find out. For the best experience, top crypto news at your fingertips and exclusive features download now.
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