What Will Chinese New Year Mean for Bitcoin?
The Year of the Horse is almost upon us! In Japan it began on 1st January, but now all eyes are turning to China, which begins the new year as influential and unpredictable as ever. Will tomorrow's date have any influence on bitcoin's value? If so, why? In clamping down on bitcoin exchanges last December, the People's Bank of China set the first day of Chinese New Year (officially 31st January) as the deadline for bitcoin exchanges to completely sever ties with third-party payment processors. Payment companies were given a verbal warning during a meeting with People's Bank officials in the....
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It is the Chinese New Year! January 8, 2016 marked the beginning of a new year according to the Chinese lunar calendar. The celebrations are not confined to Mainland China and other Chinese territories, but across the world with significant Chinese population. According to Chinese Zodiac, each year is signified by an animal and 2016 is the Year of the Monkey. Other eleven zodiac animals include rooster, dog, pig, rat, ox, tiger, rabbit, dragon, snake, horse and goat. Generally, new year festivities goes on for a fortnight with people wishing each other luck, good fortune and prosperity.....
It is evident this situation will not improve anytime soon. President Trump's harsh language towards their Chinese trading partners causes a lot of unrest. Hardly anyone will be surprised to find out 2016 was not a good year for the Chinese Yuan. Further analysis shows the currency saw its largest annual decline ever in that year. Moreover, the number of capital outflow avenues had been increasing at an alarming pace. Despite best efforts by the PBOC and government, money is still existing the Chinese economy at a fast pace. The Institute of International Finance released a new report....
Bitcoin price surpassed the $1,000 margin in major Chinese and South Korean Bitcoin exchanges including Huobi and Korbit on Feb. 1, after the celebration of the God of Wealth and Chinese New Year. On Jan. 28, China and South Korea celebrated the Lunar New Year. In this time of the year, capital outflow significantly increases as Chinese and Korean people send red envelopes to relatives and friends as a cultural ceremony. Red envelopes contain cash and are usually given from the old to the young member of a family. On every fifth day of the first month of the Chinese lunar calendar, the....
BTC-e has opened up USD/CNH, BTC/CNH, and LTC/CNH markets today. Withlooming PBOC action that would end Chinese Bitcoin exchange's access to domestic bank accounts, Chinese traders are undoubtedly looking for new exchanges to trade on. Along with Chinese RMB (CNH to BTC-e) trading comes RMB deposits, which are handled through an international bank. An international bank means that Chinese traders wishing to convert fiat to crypto through this route will be subject to the Chinese $50,000 annual limit. In fact, people are starting to realize that the PBOC's still shrouded notice to regional....
The trading volume coming out of China suggests a correlation with the price of Bitcoin. The influence of the Chinese yuan has shown itself especially in the second half of 2016. The year 2016 has seen the price of Bitcoin exhibit some significant activity. In its overall trend, the price of the world’s number one cryptocurrency has risen significantly within the year. Recently, a closer look at their behavior reveals a developing correlation between the price of Bitcoin and the value of the Chinese yuan. Financial data coming out of China in recent times has also been seen to cause a....