Chinese New Year Influence Bitcoin? | Bitcointalksearch.org

xiaohao111

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Quote from: jollyreti on February 06, 2018, 12:25:06 PM

I am sure many events recently influenced bitcoin: news about tether, incoming futures date, regulations of several countries, but do you think that Chinese New Year could also influence it at some point? Perhaps many Chinese are withdrawing now in order to purchase gifts for their family member and that could influence bitcoin rate.

Yes, I think Chinese New Year has a big impact on the price of bitcoin. China selling bitcoin to celebrate the New Year will reduce the price of bitcoins.
At the end of the New Year, they will buy bitcoins with a lot of money.

benalexis12

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I do believe that the price affects on bitcoin prices if there's an event-celebration, but that's not a big deal at all because crypto is 24/7 high volatility market perhaps the community in other countries can trade it manually. Well the market is to young. We should wait for the next few months to pump. Just hold!

spiritguardcharles

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I don't think so, it's just a common event held every year by chinese people and it has nothing to do with the development or operation of bitcoin.If we're pertaining to it's influence to bitcoin through market i'm afraid that might not be possible.The value of bitcoin depends to it's macro environment factors whether it will increase or decrease in given period of time.Yet,we can't set aside the fact that it's value is still depends to it's demand and supply in the market

EugeneJanet

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Yes, I think Chinese New Year affects the price of bitcoin. The Chinese have sold bitcoin for a lot of cash to celebrate the Chinese New Year, which will lead to a brief crash. When the Chinese New Year ends, the Chinese will return with their money, and the bitcoin will return to normal again.

jayco25

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A lot of event affects the the price of Bitcoin. Like New year and Christmas. China is one of the most biggest investors of Bitcoin and even other digital currency, I believed that Chinese new year influence that Price of Bitcoin. My prediction price of bitcoin will drop before Chinese New year. A lot of of chinse will convert bitcoin in fiat in the next day.

#Datarius

papa-tata

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if the Chinese state has legalized bitcoin it could be chinese new year become the gate of business in that country until spread to world trade. but the Chinese currency is struggling to control the world. if investors see the development of a good crypto exchange rate could be collaborated to strengthen their trade and the world

ajmapalo22

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Quote from: Kakmakr on February 13, 2018, 12:17:33 AM

I think it does have a influence, but it only reflect in the data, a month before the event and then a month after the event.

This is why we see a dip in the price in January and slow recovery in the price, from March to the end of the year. ^hmmmm^

Yeah its not the event that matters but the way market react because of those events, like in Christmas people tend to sell their coins because they need to buy gifts or preparation for many parties that they will going to attend or host. Because as people continue converting their bitcoin, the demand decreases and so the value drops

Kakmakr

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I think it does have a influence, but it only reflect in the data, a month before the event and then a month after the event.

This is why we see a dip in the price in January and slow recovery in the price, from March to the end of the year. ^hmmmm^

r1a2y3m4

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Thinking of the effects of new year on the price of bitcoin (not just bitcoin but other stocks as well) the price tends to go down then increase again after the new year. for both the regular new year and the Chinese new year. We cant really be sure how bitcoin price will behave considering the overall news and the banning and the regulation impending.

Targusluxe

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Quote from: jollyreti on February 06, 2018, 12:25:06 PM

I am sure many events recently influenced bitcoin: news about tether, incoming futures date, regulations of several countries, but do you think that Chinese New Year could also influence it at some point? Perhaps many Chinese are withdrawing now in order to purchase gifts for their family member and that could influence bitcoin rate.

I dont know what will happen after chinese new year. I heared some of my friends talking about bitcoin that it will rise after chinese new year. How i wish it is true.

The Alchemlst

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Quote from: clubchain on February 07, 2018, 04:51:34 AM

I think there may be a certain degree of impact because investors in China are actually quite numerous. Although China is still banned, and the Chinese New Year likes to buy a lot of things and needs cash, most people probably sell a bit of bitcoin Getting money can affect the bitcoin market.

True, china plays a big part in the world's economy and so does in the cryptocurrency they even expected btc moon to happen during chinese new year period which we may see bitcoin to rise again in its market. I think these events greatly affects the market regardless of country.

yj300316

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not only chinese new year, but i think the bitcoin price fall because fud that spreaded.
that makes bitcoin holders sell their bitcoins, so the price fall.

darkywis

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I guess, some people are crazy when theirs an event coming but I don't believe in that kind of way.

dineth88

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yes it does... price will go up after 16th

pranaja

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it may be because most of the world's bitcoin power trading and mining is concentrated in China.

timikulit

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Quote from: jollyreti on February 06, 2018, 12:25:06 PM

I am sure many events recently influenced bitcoin: news about tether, incoming futures date, regulations of several countries, but do you think that Chinese New Year could also influence it at some point? Perhaps many Chinese are withdrawing now in order to purchase gifts for their family member and that could influence bitcoin rate.

It is a true that Chinese new year influences bitcoin price. just like Christmas and new year holidays. many people are withdrawing bitcoin and convert it to fiat for their holiday expenses such as gift, tour , etc..

We must see a price recovery on march. ann we are all waiting for that.

Viellefox1025

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I think when feng shui will be favorable to Bitcoin we might see a surge in the prices. I read an article stating this "For speculative investments, he says, “The value of Bitcoin will likely rise further, however, there will be wild swings in 2018.”

Read more: http://usa.inquirer.net/8905/astrologers-2018-dollar-drops-robots-sex-rise-bitcoin-swings-etc#ixzz56wwRmq41

ifcan

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I think that could be after-Xmas general economic decrease (well maybe mixed with pre- Chinese NY) which influenced cryptocurrency.

ganlianshifu1

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Chinese New Year is the same as Christmas and New Year! It's a very important festival!

But as early as a month ago, the digital money market was depressed, and most Chinese would not quit if they lost money!

Now they are waiting for the transaction in March, and I think the market will recover in March!

BitChief

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Quote from: sofi@ on February 12, 2018, 08:51:06 PM

In my opinion no event will ever influence bitcoin, what was happening in bitcoin price is a matter of supply and demand fluctuations, bitcoin is becoming more popular around the world and I'm sure a lot of people are now looking into bitcoin investment after seeing the trend in fluctuations bitcoin made in past years, and since we know there is a limitation in bitcoin supply adjustment in price must take place. It has nothing to do with events or current status of some countries.

I think events have proven to have very real impacts on the price of bitcoin. Markets are impacted by the decisions and thoughts of market participants, the key example of this is christmas, every year bitcoin seems to sell off.

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