Bitcoin and Chinese New Year

Chinese New Year, South Korean bans, the power of “whales”: what is the reason for the fall of Bitcoin?

Bitcoin is falling, and investors are wondering what caused such a rapid decline, because not long ago the first cryptocurrency showed equally rapid growth. Among the reasons are bans from the authorities of South Korea and China and even the Chinese New Year, as reported by one of the Reddit users.

In his opinion, it’s all about the Chinese New Year. It is no secret that it is Asian countries that are striving to establish control over cryptocurrency trading as soon as possible. While the fate of transactions is being decided at the legislative level, the holidays have forced Asian crypto traders to take up the task of converting cryptocurrency into fiat money. They needed this in order to buy gifts for their loved ones and buy tickets, allowing their families to travel during the New Year holidays.

According to eclipsegum (nickname of a Reddit user), the bull market will certainly show a return, and this will happen in a month, after February 16th. Despite the fact that furious purchases affected the price of Bitcoin, the user advises not to blame crypto traders for the fact that they wanted to buy a plane ticket and please their loved ones with gifts. While Bitcoin's fall continues, eclipsegum advises everyone who is impatient to take a closer look at "cheap coins" or buy Bitcoin while there is such an opportunity.

EClipsegum's opinion is not shared by all Reddit users, who see a more obvious reason for the decline in Bitcoin's exchange rate precisely in the fact that investors' zeal to invest in Bitcoin was noticeably cooled by the actions of regulators in China and South Korea, who took up the fight against speculative trading and fraud and intend to begin to regulate transactions with cryptocurrency at the legislative level. Moreover, the day before it became known that the Chinese authorities intend to expand the ban imposed on Bitcoin trading back in the fall of 2017, and include absolutely all trading platforms that allow the purchase of Bitcoin.

Another version of the fall of Bitcoin is associated with the opinion that supposedly 40% of all coins existing today are concentrated in the hands of just 1,000 people, and these so-called “whales” can influence the market of the first cryptocurrency in any way they want. coordinating their actions among themselves..

Recall that the price of Bitcoin fell by 18%, alarming traders and forcing many analysts to revise their forecasts.

According to http://probitcoin.ru