Topic: January 31st chinese new year seems to have no effect on bitcoin price (Read 749 times)

my thoughts regarding this were pretty much-- both bears expecting anything to happen on jan 31st and bulls expecting bears to buy back when nothing happens -- are/were wrong. total non-event that everyone obviously knew about and that entailed no change since early december.

LOL, these threads.

Let's recount some things about China:

1.  Expectation that the Chinese would dump all their BTC on Jan. 31st.
A:  Wrong.  They just went on holiday for Chinese New Year.  Might last until Feb. 7th or so.  Low trading volumes on the Chinese exchanges reflect that (except for those that are faking their data, lol).  Whoever in China wanted to liquidate did so ahead of that date.  So it was all FUD, just like Y2K.

2.  Expectation that the announcement by BTC China that they have re-enabled bank account deposits would increase Chinese trading, possibly increasing the price.
A:  Wrong.  Didn't I just say they went on holiday? So who's around to trade?  lol

3.  Expectation that the Chinese government is now endorsing or "blessing" bitcoin in China, because they didn't outright ban it, and the Chinese didn't dump on Jan. 31st.  
A: Wrong.  The Chinese government is just ignoring it for now.  They can change or rewrite the rules in China anytime they want.  So when Chinese trading picks back up after New Year and if the Chinese government feels it is rising too quickly (or just flat out changes their mind about it), more public notices can be issued at any time.  How the Chinese bitcoiners will react to more notices is completely a mystery at this point.  Here's to hoping they become more resistant to the mind control.  Hopefully the Chinese exchanges can work below the radar and play by the rules, so that they don't themselves become a target of gov't shutdown.

You must have slept through the big fluctuation when the news was released.  BTC took a 30% hit and has stayed there.  If you are awake now you MIGHT see what the market decides to do in response to the fact that nothing happened on CNYear.  In a rareish event is has remained undecided up to the actual moment.

bears were expecting chinese government to come down hard on chinese exchanges, because the 31st is the date there new law ( unclear laws ) about bitcoin came into effect. so far nothing has happened...

it was all public news for a long long time, so it was priced in well before jan 31. now we are just holding in this range for a few more days while the chinese holidays are going on. id expect feb 8 to be more interesting, and by march 31 to be lifting off again. until then im going to be watching carefully for dips to buy more but i dare not sell because i feel take off is soon... if nothing big happens (price change up or down) by march 31 ill become a little worried

I was expecting the price to fluctuate some because of all the speculation about January 31st (which is today)
Will it take time for the prices to show effect.
Will there be any effect at all?