RATE Group | Bitcoin’s prospects in the Year of the Rat
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Bitcoin’s prospects in the Year of the Rat

25 Jan Bitcoin’s prospects in the Year of the Rat

Posted at 01:50h in Cryptocurrency News by

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Chinese New Year celebrations kick-off on Saturday, marking the transition from the Year of the Pig to the year of the Rat—Bitcoin’s birth sign.

But the 15 day holiday is traditionally seen as a volatile time for the world’s most popular cryptocurrency.

China is still one of the largest crypto markets despite a trading ban. The holiday period normally triggers the world’s largest human migration, with some liquidating cryptocurrency holdings to finance a frenzy of gift giving. But this year, celebrations are muted.

Will the coronavirus affect Bitcoin’s price?

Joyce Yang, founder of VC firm Global Coin Research, had just arrived in China from the US when she spoke to Decrypt.

She said that the coronavirus outbreak—that’s put cities across China on lockdown and killed at least 25 people— has caused a domestic and international scare, with similar effects on the stability of the Chinese economy to the SARS outbreak of 2003.

“This potential near term threat to the…

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