Why a Chinese New Year Sell-Off May Not Happen This Year
It's the year of the ox, and many traders and investors are holding their bitcoin in anticipation of a bullish market trend.
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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.....
Stack Funds’ analysis suggests that Bitcoin’s floor price has yet to be found as the Chinese New Year approaches. The upcoming Chinese New Year holidays on Feb. 12 could have an indirect impact on the Bitcoin (BTC) price and drive sell-offs on the market, according to a recent analysis. Per a Jan. 28 report by cryptocurrency investment firm Stack Funds, the ongoing selling pressure on the Bitcoin price is likely to continue in the short term due to Asian miners increasingly offloading their funds amid the upcoming week-long holiday.With more than 60% of global Bitcoin mining pools are....
Chinese bitcoin exchange BTC China hit its all-time high at the weekend, trading bitcoin at ¥1,978 each. The record surpasses the previous Chinese high of ¥1,944 back in April this year, which, although Western media generally quotes the Mt. Gox high of $265, was actually equivalent to approximately $308. It seems the Chinese are willing to pay premium prices for their bitcoins, as exemplified by this recent breakout, with reports that much of the recent surge in the value of bitcoin can be attributed to the enthusiasm of Chinese traders. The thirst of Chinese traders. BTC China CEO Bobby....
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....
Crypto analyst Willy Woo recently explained what needs to happen for Bitcoin to continue its bull run. The flagship crypto has been on a decline for a while now and has failed to make a significant run since hitting its current all-time high (ATH) of $73,750 in March earlier this year. What Needs To Happen […]