Will Chinese New Year boost crypto market cap?

katrimans

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Quote from: lopez cryptomania on February 12, 2018, 03:57:41 PM

Quote from: Wind_FURY on February 12, 2018, 01:38:30 AM

What is it with the Chinese New Year and Bitcoin's recovery? Why do some spammers, I mean, people believe the Chinese will suddenly pour all their money in Bitcoin on that day?

It does not make sense. Please explain what the Chinese culture is regarding investments and speculation when their "new year" comes.

Spammers? lol even a Legendary member agrees with me... "Historically January has been a month of declining prices only to recover and grow again after Chinese New Year. I expect the same to happen this time, especially with some of the recent good news like the positive notes on crypto in the US."

History repeats itself doesn't it? At the very least in the Chinese crypto economy the traders that took off will be back in the game, so on a micro level, it will go up if not greater on the Macro based on history.

Love not Hate will uplift and fulfill the prophecy of Nakamoto my friend.

I hope so. A lot of people have been talking about this, and I think the feel on the market itself is making some impact. I am not really sure yet how this would end up, but if it does, good and fine, who would not want this anyway. Moreover, only time will tell.

Sure, we have had some major shit from this region which has totally been pissing people off when it comes to relating the movement of bitcoin with China, but who knows?

KorakPawon

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I think it will decrease, due to the demand in the market so that there is little inflation on the bitcoint itself

raven7886

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Quote from: aRTyMK4 on February 12, 2018, 08:13:48 PM

Quote from: khaled0111 on February 12, 2018, 07:43:01 PM

I think prices will boom again after the end of Chinese new year celebrations.
China is on of the biggest countries and have a big impact on the cryptocurrency market. Such phenomenon happens every year and we see the same pattern: prices drops then start to recover by the end of February, I hope the same will happen this year.

This has been true almost every year in the past and it will happen again this year, but for another reason. Not simply because Chinese New Year will be over, but because institutional investors waited for the dip and now they are satisfied with the relatively low price so they already started buying and the pump to 20 or even 30k will follow soon. And then another crash.

Yeah and that could just be pure coincidence. Like you said, we have institutional investors involved and I am sure they are already loading up right now and waiting for the change in trend of the market, which I believe will change anyway.

Nevertheless if we end up having some pretty good volume coming in after the china new year, based on the fact that they would want to start investing, then that also will be fine. One way or the other, we are all just hoping that we can start a new uptrend pretty soon.

minthit

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Chinese new year is becoming a marker in bitcoin price action. Again, it occurs this year too. As long as people keep believing it's because of chinese new year, there will still be price action during that period.

lopez cryptomania

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Good comments overall and kudos to you all who also remember that Chinese New Year does not only affect China but other nations nearby that have holidays during this same time, it's more than one nation.

wuvdoll

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Quote from: lopez cryptomania on February 12, 2018, 03:57:41 PM

Quote from: Wind_FURY on February 12, 2018, 01:38:30 AM

What is it with the Chinese New Year and Bitcoin's recovery? Why do some spammers, I mean, people believe the Chinese will suddenly pour all their money in Bitcoin on that day?

It does not make sense. Please explain what the Chinese culture is regarding investments and speculation when their "new year" comes.

Spammers? lol even a Legendary member agrees with me... "Historically January has been a month of declining prices only to recover and grow again after Chinese New Year. I expect the same to happen this time, especially with some of the recent good news like the positive notes on crypto in the US."

History repeats itself doesn't it? At the very least in the Chinese crypto economy the traders that took off will be back in the game, so on a micro level, it will go up if not greater on the Macro based on history.

Love not Hate will uplift and fulfill the prophecy of Nakamoto my friend.

Right, history repeat itself and even though people have been skeptical about the Chinese or basically those who the lunar holiday affects, to have major effect on the prices of bitcoin, one way or the other the highest pump has always come from there which was the reason coinmarketcap had to remove the exchanges from their platform anyway. I am not sure if after the new year, new funds will start popping in from here, but whatever is good for volume now is good for me.

Hopefully, we will get to see many massive boosting to happen this year. History always has a way of repeating itself, and if that ends up happening, then that would affirm another level of history repeating, and removing some people's doubt. I am optimistic that we will start seeing some volume kicking in now even with the situation of the market, so from here onward, we get to see where it leads.

Apened

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Quote from: lopez cryptomania on February 11, 2018, 09:16:45 AM

With Chinese New Year coming up on 2/16 what do you think will happen will the market cap get an influx of new money from China or not? I'm thinking we will and hoping it will boost prices for all coins but of course, this is just speculation, what do you think?

It goes up and not go accordingly with my prediction that it will dump and going up after chinese new year. Chinese was stop from producing now materials many of them before chinese new year and will go back again after which a good sign with bitcoins as the money is coming to it. Like before negative news all coming from their country.

haroldtee

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Quote from: West0813 on February 12, 2018, 07:08:37 PM

I think chinese new year cannot boost the market. But if China will let their people invest or trade cryptocurrency this will be a big impact in the cryptocurrency market.

You really think since China has been laying some strong hold on cryptocurrency market, the chinese people have not been trading? That makes me laugh. These guys are smarter than you can imagine and I do not expect the government policies to affect whatever they want to do. Moreover, why do you think overnight, JPY became the most traded currency pair with bitcoin?

Personally, I do not know if the new year will have a huge effect, but still I will not doubt anything that cannot be impossible knowing they have had some impact over the years, and even though little now, an impact is still an impact.

JL421

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It looks like it is but if you see the graphs this rise hasn't been from china it is just a rumour that people thought chinese new year would increase the price so they bought but eventually it got pumped without any chinese involved in it
What I'm trying to say is this rise to 10000$ isn't because of chinese investors

timerland

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Quote from: lopez cryptomania on February 11, 2018, 09:16:45 AM

With Chinese New Year coming up on 2/16 what do you think will happen will the market cap get an influx of new money from China or not? I'm thinking we will and hoping it will boost prices for all coins but of course, this is just speculation, what do you think?

It has had its affect mostly one day before the Chinese New year. And we also saw bitcoin go up to more than $10000 today.

This is a very good example of how market perception can change a lot over a short period of time without anything changing. All that has happened was that we had a stable patch and bullish sentiment started growing.

Don't worry too much about government intervention, because BTC is not reliant on governments being behind it. When prices go down because of government controls, generally you know it's a good time to buy some.

pooya87

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Quote from: Wind_FURY on February 13, 2018, 03:00:18 AM

Quote

the New Year is the same thing but in both ways. before it, people say a lot of Asian countries that celebrate the New Lunar Year will sell their bitcoins to pay for their travels,... and it is a big thing in Asia. so they speculate price drop. that much is enough for the price to drop even if not a single Asian sells their coins!
then after it is over they speculate the money will come back, again that much is enough for the money to come back even if not a single Asian buys back bitcoin.

Ok, so it is nonesense then because according to you, the price moves because there are speculators who are trying to be ahead of the market. Did I understand your post correctly?

not 100% of it but yeah.
i do believe that a big part of the market is just speculators trying to be ahead of the market. but of course it is not all of it. there are actually people selling bitcoin (liquidating) in Asia to cover their travel costs so it is not completely nonsense.
it's just a theory of mine though, don't shoot me Roll Eyes

Baofeng

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Quote from: aso118 on February 15, 2018, 07:30:20 PM

Quote from: lopez cryptomania on February 11, 2018, 09:16:45 AM

With Chinese New Year coming up on 2/16 what do you think will happen will the market cap get an influx of new money from China or not? I'm thinking we will and hoping it will boost prices for all coins but of course, this is just speculation, what do you think?

The Chinese New Year does seem to have had a positive impact on Bitcoin. The price has risen above the crucial resistance level of $10,000. The Chinese New Year doesn't seem to have done anything special for altcoins. Most of them are trading flat from yesterday in fiat terms.

Exactly. Maybe all who says that it will really bring money to the ecosystem are absolutely right. I'm glad to see that bitcoin finally breaking the $10K mark once again and from the looks of it we may never see it going $9999 for the next months or so. Nice job for every holders up to now.

Lets see how the market goes in the next succeeding weeks. I have a gut feeling that we are in another rally up to $12K before seeing another change in the prices.

aso118

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Quote from: lopez cryptomania on February 11, 2018, 09:16:45 AM

With Chinese New Year coming up on 2/16 what do you think will happen will the market cap get an influx of new money from China or not? I'm thinking we will and hoping it will boost prices for all coins but of course, this is just speculation, what do you think?

The Chinese New Year does seem to have had a positive impact on Bitcoin. The price has risen above the crucial resistance level of $10,000. The Chinese New Year doesn't seem to have done anything special for altcoins. Most of them are trading flat from yesterday in fiat terms.

radjie

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most likely with the coming of the Chinese New Year the price movement of bitcoin is always increasing due to the large number of people who are buying and selling in every market of cryptocurrency exchange. demand and supply of market prices will continue to rise before the Chinese New Year, but when the Lunar Day comes the possibility of kriptocurrency market exchange will decrease again, but that's just a guess, because we all can speculate before the real facts.

orions.belt19

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Quote from: 1Referee on February 12, 2018, 05:27:33 PM

Quote from: Lucius on February 12, 2018, 07:33:15 AM

I think China can no longer affect on BTC price with buying/selling power since they close&ban every exchange and service in country.

Don't underestimate the power of the people there. While the main exchanges there aren't operating anymore, there are plenty enough alternative routes for people to walk on in order to buy their preferred crypto currency. Hong Kong is still a very easy and popular alternative route, although the question remains for how long with China forcing more pressure on them. It's impossible to prevent people from buying and selling crypto within China. That being said, 2018 is the year of the dog in China, so it will be interesting to see how Dogecoin will be doing in the coming weeks/months.

I think that if the crypto users in that country are stubborn and rebellious of their goverment, they would make use of VPNs in order to continue using cryptos. VPNs have been working in that country if you want to browse freely because their government has banned the use of google and other well known sites. With the huge volume of miners and traders in that area, it’s possible that not all of them have given up despite the ban. China would still then be a big player in the crypto scene.

Lucius

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Quote from: 1Referee on February 12, 2018, 05:27:33 PM

Quote from: Lucius on February 12, 2018, 07:33:15 AM

I think China can no longer affect on BTC price with buying/selling power since they close&ban every exchange and service in country.

Don't underestimate the power of the people there. While the main exchanges there aren't operating anymore, there are plenty enough alternative routes for people to walk on in order to buy their preferred crypto currency. Hong Kong is still a very easy and popular alternative route, although the question remains for how long with China forcing more pressure on them. It's impossible to prevent people from buying and selling crypto within China. That being said, 2018 is the year of the dog in China, so it will be interesting to see how Dogecoin will be doing in the coming weeks/months.

It is true that people can not be prevented from doing something completely,but that influence that was previously present does not exist anymore.I know that some % of Chinese still finds ways to buy / sell cryptocurrency,but they are a minority that almost does not affect the price.I would say that we should not underestimate the strength and methods of the Communist Party in China.

I hope you are kidding about Dogecoin,year of the dog has nothing to do with price of Dogecoin.I like that coin from the start,but with unlimited supply it is difficult to expect some higher price in future.

linyhan

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Maybe yes cause huge amount money will go in to cryptomarket after the celebration of chinese new year, and thats the sign for another bullish run for all coins.

Mainman08

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Chinese new year has nothing to do in boosting the crypto market. I think if the chinese goverment will let the chinese people to continue trading or investing in crypto currency. It will boost the market because there are so many chinese that are into cryptocurrency as well.

Seeker#9

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Many chinese are also holders of cryptocurrencies and majority of them has bitcoins in their virtual wallet. Chinese new year is one of the most celebrated holidays in China and most of them are spending a lot to buy some gifts and other related expenses. But I doubt if this chinese holiday can really boost the crypto market cap. They might instead sell their cryptocurrency because they need money for the holiday.

Zach707

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Quote from: lopez cryptomania on February 11, 2018, 09:16:45 AM

With Chinese New Year coming up on 2/16 what do you think will happen will the market cap get an influx of new money from China or not? I'm thinking we will and hoping it will boost prices for all coins but of course, this is just speculation, what do you think?

I don't think the upcoming Chinese New Year will affect the market cap because as we know Chinese, they are a business oriented people. If they have that bitcoin in hand, mostly of them will hodl and wait for the right time to sell.

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