Chinese New Year - Crypto Market - page 5.

Twentyonepaylots

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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.

White Christmas

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Quote from: barabarian1 on January 21, 2020, 08:56:02 AM

In my opinion there is no relationship between Chinese New Year and bitcoin price movements. if later in the Chinese New Year the price of bitcoin goes down I think this is whale manipulation that utilizes the Chinese New Year moment. I do not understand some people always connect the ups and downs of bitcoin with major holidays such as Christmas and Chinese New Year.

I believe that there is also no connection between the holidays especially the incoming Chinese new year to the market price or the condition of the market right now. We can't depend the price of the market nor the situation of it to the holidays or just because there is a very important event to the Chinese citizen it will br a large impact to the globalization of the market? Of course no! If there will be a huge impact to the market when the Chinese new year comes, then probably it is because of the big whales of the China that are trying to manipulate the market in order to set an expectations to the other people.

d.kevin29

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Quote from: panganib999 on January 21, 2020, 10:37:48 AM

Well, it can be kind of considered one. From the past Chinese New years of BTC, it has often more than not brought about a bit of an increase, albeit temporarily.

I remember (and this did not happen just once) those tweets I saw every January talking about how BTC's downtrend would be slowed down (or even reversed) by the Chinese New Year and yet even after that date the price still continued its negative trend.

So I still go with my last statement. It's mostly psychological, and whenever it doesn't happen we deny it.

dimonstration

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Quote from: Paycoinzzz on January 21, 2020, 09:39:57 AM

In fact, this is a common need of many Asian countries and when the Lunar New Year comes, they will sell part of their securities assets to enjoy the Tet holiday. It seems to be cultural in Asia and my country has the same customs. so we need to be careful because there's a high chance that it will continue. It's best to stop now, wait for how the market moves and then join. We should miss the opportunity and never lose money, that's the immortal saying of Warren that we need to remember.

Many are bound in spending when it's holiday to spend in their family, especially in Asian countries that are too close in their family that creates bonding when there is given time. We need to watch the market throughly but if we plan to hold longer then it's fine especially if we are able to buy it at lower price before since it may not fall too low as halving will come near.

panganib999

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Quote from: d.kevin29 on January 21, 2020, 03:20:40 AM

I see it as a placebo. Many events are thought to be influencing the prices and whenever they don't, there's suddenly a reason the market didn't go the predicted way. Whenever they do though, there's always the "I TOLD YOU!" follow-up commentary.

Well, it can be kind of considered one. From the past Chinese New years of BTC, it has often more than not brought about a bit of an increase, albeit temporarily.

Quote from: worle1bm on January 21, 2020, 10:29:39 AM

I don't think such events have any major impact on bitcoin prices. We saw that last month too. No significant up or down happened in the price of bitcoins and other cryptocurrencies during Christmas and holidays. It is only after the starting of this year that prices are surging again. Associating crypto market with festivals is as stupid as associating it with Trump's victory. Both had no impact on prices.

Major Impacts, yes it has none. But minor effects could be seen every now and then though. Also, if we were to look at the history of BTC prices during Chinese New year (past 5 years), it has always brought a bit of price increase, just a little bit of boost, but as I said, temporarily. It could be a good chance for some people to sell some of their coins at a bit of a high price compared to the price before the said boost.

worle1bm

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Quote from: Lanatsa on January 21, 2020, 10:24:26 AM

Quote from: michellee on January 21, 2020, 08:51:41 AM

We will see it later. We need to prepare every possibility that can happen in the market. If the price is down, we can buy more bitcoin at a low price, but if the price suddenly increases so high, we can sell the bitcoin at a high price. Everything can happen at the market, no matter if that is one event will occur. But we always hope that in this Chinese New Year will bring changes to bitcoin price and who knows, the price can increase to the high price.

We do still have 4 days left for the said Chinese New year and lets see if those price corrections or sell off would happen on that time.As said by others where this was just like when we are approaching on last month of each year where holidays is on line where people do sell off their coins for the said holidays but we have seen recently that it havent affect the market too much.
These kind of events and sentiments can possibly have or doesnt have any impact but at least we are seeing nor preparing on possible movements and seeing for opportunities.

I don't think such events have any major impact on bitcoin prices. We saw that last month too. No significant up or down happened in the price of bitcoins and other cryptocurrencies during Christmas and holidays. It is only after the starting of this year that prices are surging again. Associating crypto market with festivals is as stupid as associating it with Trump's victory. Both had no impact on prices.

Lanatsa

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Quote from: michellee on January 21, 2020, 08:51:41 AM

We will see it later. We need to prepare every possibility that can happen in the market. If the price is down, we can buy more bitcoin at a low price, but if the price suddenly increases so high, we can sell the bitcoin at a high price. Everything can happen at the market, no matter if that is one event will occur. But we always hope that in this Chinese New Year will bring changes to bitcoin price and who knows, the price can increase to the high price.

We do still have 4 days left for the said Chinese New year and lets see if those price corrections or sell off would happen on that time.As said by others where this was just like when we are approaching on last month of each year where holidays is on line where people do sell off their coins for the said holidays but we have seen recently that it havent affect the market too much.
These kind of events and sentiments can possibly have or doesnt have any impact but at least we are seeing nor preparing on possible movements and seeing for opportunities.

Paycoinzzz

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In fact, this is a common need of many Asian countries and when the Lunar New Year comes, they will sell part of their securities assets to enjoy the Tet holiday. It seems to be cultural in Asia and my country has the same customs. so we need to be careful because there's a high chance that it will continue. It's best to stop now, wait for how the market moves and then join. We should miss the opportunity and never lose money, that's the immortal saying of Warren that we need to remember.

barabarian1

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In my opinion there is no relationship between Chinese New Year and bitcoin price movements. if later in the Chinese New Year the price of bitcoin goes down I think this is whale manipulation that utilizes the Chinese New Year moment. I do not understand some people always connect the ups and downs of bitcoin with major holidays such as Christmas and Chinese New Year.

michellee

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We will see it later. We need to prepare every possibility that can happen in the market. If the price is down, we can buy more bitcoin at a low price, but if the price suddenly increases so high, we can sell the bitcoin at a high price. Everything can happen at the market, no matter if that is one event will occur. But we always hope that in this Chinese New Year will bring changes to bitcoin price and who knows, the price can increase to the high price.

clickerz

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Quote from: Oneandpure on January 20, 2020, 01:43:21 PM

Four days later for Chinese new year and look get impact with bitcoin back down with lower price, almost many time with Chinese new year look not good relationship with bitcoin can raise with higher price, almost not all investor of bitcoin come from China but with this moment have many investor come from Chinese will sell their assets and celebrate their new year.

Ell, I don't think it till affect that much but Chinese holders of bitcoin are significant too. I think it is maybe the same with Christian Holiday I December where there is Christmas and new year, as some will sell their assets for holiday break. Let us just observe in the coming days, if it can really affect heavily the bitcoin price.

alisonwonder

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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.

iram3130

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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.

alyssa85

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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.

boyptc

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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.

NathanJB

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Stocks have already created a pattern regarding chinese new year. It seems it has really an effect. But the crypto market is very much different from the stock market. So far, the market of cryptocurrency shows total independence. It does not show that it is dependent or its movement is relative to any world event year after year, not on chinese new year, not on christmas, and certainly not on the rise and fall of the stock market.

AniviaBtc

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Quote from: Clairvoyance on January 21, 2020, 02:48:06 AM

I think we'll just have to wait and see. There are no definite factors that affects Bitcoin's pricing during Chinese New Year. Moreover, majority of cryptocurrencies are held by Asia. Take also in consideration that not all traders are Chinese which can be a factor in which Chinese New Year may not be relevant at all in terms of pricing.

Since it is consistent during everu month of February, the possibility of it having good impact in the market is still high. During Chinese new year, many people spend their money and those money manipulates/moves in the market. Since Chinese people has a the biggest population, each and one of them can own coins and multiply it by their population, look how much they can contribute and take effect in cryptocurrency.

Kimonoe

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Quote from: gantez on January 21, 2020, 04:23:22 AM

Quote from: bamboylee on January 20, 2020, 01:58:07 PM

Chinese New Year in the past years (in exception of 2017) was celebrated in February and they were all green. So if the price holds until the Chinese new year, then history will hold true.

But I don't think price went high in 2018 on the Chinese new year episode because 2018 was really bear for bitcoin and crypto which we are about coming out from lately. Therefore, I'm trying to see the relationship of them all with the Chinese new year.

Indeed, during the Chinese New Year in 2018 the market has increased, but I think traders on big holidays will rest and reduce trading volume. therefore I think after the Chinese new year the market response will increase and will certainly move the market. but that can't be a benchmark, because not every event has the same trend

gantez

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Quote from: bamboylee on January 20, 2020, 01:58:07 PM

Chinese New Year in the past years (in exception of 2017) was celebrated in February and they were all green. So if the price holds until the Chinese new year, then history will hold true.

But I don't think price went high in 2018 on the Chinese new year episode because 2018 was really bear for bitcoin and crypto which we are about coming out from lately. Therefore, I'm trying to see the relationship of them all with the Chinese new year.

merchantofzeny

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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.

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.

Topic: Chinese New Year - Crypto Market - page 5. (Read 946 times)