If regulatory concerns aren’ big t enough to explain Bitcoin’ s 50 % slump from its record high arrived at last month, how about blaming this on the moon?
The Lunar Brand new Year, which marks the first day from the year in the Chinese calendar, has been cited by some as adding to Bitcoin’ s slump as Oriental traders cash out their cryptocurrencies traveling and buy gifts for the holiday that will starts Feb. 16 this year. The particular festivity is celebrated not just within China, but in other Asian countries which includes Singapore, Indonesia, Malaysia, Korea plus Thailand.
" The January fall is a recurring theme in cryptocurrencies as people celebrating the Chinese language New Year, aka Lunar Brand new Year, exchange their crypto designed for fiat currency, " said Alexander Wallin, chief executive officer of trading social networking SprinkleBit in New York. " The particular timing is about four to six weeks prior to the lunar year, when most people create their travel arrangements and start purchasing presents. "
Bitcoin had a similar drop at the beginning of 2017, when it slumped from the high of $1, 162 to a lower of $752 in January, much like what happened in the first month from the prior year. In 2017, the entire cryptocurrency market peaked on January. 5 at $22 billion, simply to bottom out a week later around $14 billion, Joe DiPasquale, who have manages cryptocurrency fund of money BitBull Capital, wrote in a record. The rebound back to the previous top concluded in mid-February of 2017.
While Chinese yuan and Korean won used to account for most Bitcoin trading volume, regulatory crackdowns within those nations have reduced their own significance — and trading within U. S. dollars and Western yen now account for well over half the volume. But that’ s small comfort to Bitcoin investors that have seen prices tumble this year following the cryptocurrency surged 1, 400 % last year.
So much to get Bitcoin shooting to the moon.