Quote from: alyssa85 on January 21, 2020, 10:47:49 AM

Quote from: merchantofzeny on January 21, 2020, 09:47:59 AM

Quote from: bitbunnny on January 20, 2020, 05:50:44 PM

Every year we have the same discussion about chinese new year and Bitcoin price. There isn't any proven connection however speculations continue. It's almost like Bitcoin users are trying to find some kind of justification and cause for every time the price goes up or down but things are not so easy.

Maybe coz it sound simple enough. "There's a big celebration > People need the money > They take some out from the crypto > Price drops > Celebration ends > They buy crypto again > Price rises"

Of course that's not always the case but I think if enough people believe it, it can be a self-fulfilling prediction. So in a way, it is something that is worth observing, even if you don't subscribe to it.

Prior to China closing down all it's exchanges in early 2017, they did used to have a new year effect on bitcoin. But they no longer do as it's hard for them to buy coins. Most purchasing activity for bitcoin now occurs in the rest of the world.

I think it's for the better even if we can no longer ride on that trend. They still seem to have a large userbase there, so maybe there can still be an effect, just not as huge as before.

Totally unrelated, the country has spawned another virus. Would such scare affect prices, especially if the situation gets worse? Considering the 2-3 days incubation, people are fearing that this year's Lunar New Year festivities will spread it.