There's a great reason why crypto dips before Chinese New Year that I haven't heard folks explain yet: unlike for Christmas, Chinese New Year gifts are monetary. So naturally crypto gets liquidated into fiat before the event.
Once the New Year is over, the selling pressure disappears and some of the received money might even go back into crypto.
Keep in mind that most of those receiving the cash are young folks who get the gifts from their parents and relatives, and in places like South Korea they are probably putting some of this up into crypto.
So when do you think the market will turn again?
I did an update on Bitcoin that might be valuable to you:
Bitcoin (BTC) Update - Analysis
https://steemit.com/bitcoin/@benkalashnikov/bitcoin-btc-update-analysis
Me too 👍
How about Chinese crypto ban this year?
Apparently they are finding ways around that, at least for now. IE buying from Hong Kong.
There's a great reason why crypto dips before Chinese New Year that I haven't heard folks explain yet: unlike for Christmas, Chinese New Year gifts are monetary. So naturally crypto gets liquidated into fiat before the event.
Once the New Year is over, the selling pressure disappears and some of the received money might even go back into crypto.
Keep in mind that most of those receiving the cash are young folks who get the gifts from their parents and relatives, and in places like South Korea they are probably putting some of this up into crypto.