It's a very good news, but Chinese new year is coming, I think after the new year, in March, Steem will boom!
You are viewing a single comment's thread from:
It's a very good news, but Chinese new year is coming, I think after the new year, in March, Steem will boom!
I agree! Crypto is always red at this time of year, so it will be going back up once Asian new year is over.
I'm only 2-3 months into the crypto world. Question, could asian new year also result in more withdraws? Thanks for sharing.
It has a huge impact on stocks and the crypto market every year.
I read somewhere recently that, historically, the negative effects of Chinese New Year on the markets taper off about two to three weeks before the holiday begins.
It really taper off before it even begins? I don't really get why this make any sense; I would expect it to recuperate a few weeks after it ends?
Thanks valth!
Thanks for the comment wk93. Good to know for next year ;)
Yes, in the last few years it has impacted it very much. In the beginning of January the price falls because people withdraw crypto to have more money to spend on the New Year celebration, but a lot tend to get reinvested after the celebration is over (Feb 16th is this year).
This is what I was trying to say... The sell-off from Chinese investors ends a couple weeks before their new year, and in the days/weeks after they re-enter the market.
From what I've read.
Ah, alright! I must have misunderstood your original comment then. Thanks for clarifying :)
Ooo ok, yea I’m relatively new to crypto and didn’t know this. Nice to know there’s a little reasoning haha
Yeah, it happens every year, but you have to pay a lot of attention to find the pattern if you don't read about it.
Every time a coin is listed on Binance there is a huge boost in price. Now, add Chinese new Year's to that and the price could reach $7+.
No, Chinese new year is not a good issue for the price of cryptocurrency. Because people need some rmb to use at the time.
Yeah, that would be great! Couldn't be more happy with the returns on STEEM over the last few months.
I hope you are right! I would love to see the price go up to $7+ again soon.
Historically does the Chinese New Year cause a crypto lull?
yes
How does that work? What is the correlating factor?
people need to spend a lot of rmb in the new year, so they have to sell some of their cryptocurrency
Absolutely. The price is always lower in January than in December (at least so far).