Bitcoin and the Chinese New Year: A Time for BTC Celebration or Crypto Concern?

All the old cultures of the world have laid great stress on festivities that bring the community and their people together. The Indian sub-continent, Middle East and Chinese are particularly well known for their ancient traditions. More so now, with the advent of globalization and the outreach of China; people the world over are now, more than ever, aware of Chinese traditions.

The Times Are A Changing

Today if one was traveling around the world, to any major city or tourist spot, it is impossible to miss the red cloth with golden writings welcoming the Chinese new year. This is a time for family and reflection; it is also a time for holidaying and traveling. This means that any business is bound to be affected and the crypto space is no exception.

While the government has been rather strict with crypto assets and gone ahead to ban them, this despite the lead Chinese markets had. Even so, the restriction does not cover peer-to-peer [P2P] and Over-the-Counter [OTC] trading. Despite the government ban, a large number of members of the community from China are using VPNs (Virtual Private Networks) to get around the regulation. And then there are some businesses that work in China but have registered in countries with friendlier laws.

Industry leaders such as Binance exchange simply moved across the sea to Japan. Then there are other examples that have spread to Singapore, Malta and even Uganda. This, coupled with governments own sources stating that they see blockchain technology as the future. All this makes one thing clear: that the importance of China cannot be understated.

What Are The Implications

With such a large and important market on holiday, it means two things: a. The markets are going to be slower as trading will be affected by a segment that is away; b. The markets are going to have a higher sale order rate, as those going away will likely want to have more ready cash to enjoy.

And this was seen when the celebrations for this year kicked off last month saw the prices fall from around the $4000 mark to lows of $3390 by the end of the month. With the actual holiday period officially beginning on Tuesday, February 5th, most are expecting more falling prices. At the very least a lean period is expected until the 19th of February when the holidays officially end.

Despite strong government influence, China is still involved in a significant way with daily crypto trading. Thus it will be no surprise that the New Year festivities will see slower trade. On the upside, this might also mean that the next couple of weeks will not be as volatile. One hopes that once the holidays are over and normal service resumes, the market will reflect higher prices.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,200FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Market Wrap: Bitcoin Never Going to Zero, Philanthropist Giving Away Money to Buy BTC

This week, the price of bitcoin moved, although it continues to trade in a tight range and is still hovering around $9,200 on low...

Bearish Catalysts for Bitcoin Price

This week, Bitcoin is ranging between $9,050 and $9,500. Currently, we are trading just above $9,200 after yesterday, Bitcoin’s price dropped $150 in seconds...

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today