Chinese New Year - Crypto Market - page 4.

Betwrong

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Quote from: meliodas on January 22, 2020, 04:32:12 AM

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.

Duzter

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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.

Divinespark

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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

CodyAlfaridzi

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Quote from: yslyv on January 20, 2020, 10:12:09 AM

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.

Quote from: djgtr on January 22, 2020, 08:44:55 AM

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?

djgtr

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Quote from: meliodas on January 22, 2020, 04:32:12 AM

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.

Kevondo

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Quote from: alisonwonder on January 21, 2020, 08:05:22 AM

Quote from: iram3130 on January 21, 2020, 07:49:58 AM

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.

gabmen

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Quote from: kapalmabur on January 22, 2020, 07:14:21 AM

Quote from: meliodas on January 22, 2020, 04:32:12 AM

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 Grin

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.

kapalmabur

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Quote from: meliodas on January 22, 2020, 04:32:12 AM

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 Grin

ultrloa

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Quote from: meliodas on January 22, 2020, 04:32:12 AM

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.

meliodas

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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.

merchantofzeny

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Quote from: alyssa85 on January 21, 2020, 06:47:49 AM

Quote from: merchantofzeny on January 21, 2020, 05:47:59 AM

Quote from: bitbunnny on January 20, 2020, 01:50:44 PM

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.

xvids

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Quote from: kaya11 on January 21, 2020, 07:49:09 PM

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.

Oneandpure

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Quote from: Cacingkemi on January 21, 2020, 12:01:59 PM

almost every year the events of the Chinese New Year are able to influence the price movements of bitcoin, but most of the bitcoin investors are certainly not from China, therefore the market price movements cannot be fully influenced due to the Chinese New Year celebration. if indeed there will be a decline in market prices in the near future it is likely that there is a group of people who are able to manipulate it, but if not there will be a new history if in the Chinese new year market prices will not be affected at all

Maybe even when Christmas and Chinese new year not good moment for bitcoin will have higher price, always both even above make bitcoin down and better not invest when both even close, with Chinese new year just few days later and have way how to make bitcoin will go down and give much lost for you are, maybe you not have to invest firs with bitcoin right now.

kaya11

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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.

DaftAjax

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Quote from: Betwrong on January 21, 2020, 11:41:58 AM

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.

Quote

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.

wozzek23

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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.

Landak

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Quote from: bitbunnny on January 20, 2020, 01:50:44 PM

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. Cheesy

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

Cacingkemi

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almost every year the events of the Chinese New Year are able to influence the price movements of bitcoin, but most of the bitcoin investors are certainly not from China, therefore the market price movements cannot be fully influenced due to the Chinese New Year celebration. if indeed there will be a decline in market prices in the near future it is likely that there is a group of people who are able to manipulate it, but if not there will be a new history if in the Chinese new year market prices will not be affected at all

Betwrong

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I stand with Ukraine.

Quote from: bitbunnny on January 20, 2020, 01:50:44 PM

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.

Agreed. 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?

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.

Boov

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Quote from: Twentyonepaylots on January 21, 2020, 11:08:47 AM

Quote from: boyptc on January 21, 2020, 06:32:07 AM

With my stay to crypto, I've seen those few Chinese new years that really gave an effect to it.

Those times were bad and it's giving the negativity whenever we're approaching on it. But, this year? we can't say that it will be the same again because it could also be different.

As per stocks there are is an ongoing uptrend on prices of certain assets. As per cryptocurrencies, we can't say for sure what'll happen, but so far we are also experiencing an increase in the overall price which is the opposite of what happened last year. We can attribute this increase to the halving that will come around this year, this might've made a positive effect on the overall price of cryptocurrencies.

Imagine it is the first month of the year but right from the start of this year showed a good sign since we are experiencing price inflation in bitcoin and other altcoins. I hope that it will continously happen until next year and also to the next years. I am also hoping that the price inflation we are waiting since last year will happen after the halving season on summer.

Topic: Chinese New Year - Crypto Market - page 4. (Read 946 times)