RATE Group | Does the Lunar New Year Spell Doom for Bitcoin?
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Does the Lunar New Year Spell Doom for Bitcoin?

25 Jan Does the Lunar New Year Spell Doom for Bitcoin?

Posted at 18:53h in Bitcoin News by

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Analysts are warning bitcoin traders that volatility may strike this coming week.

Is Bitcoin About to Drop Further?

The weekend marks the Lunar New Year in China, and celebrations are likely to occur amongst the nation’s people. Typically, this marks a period of heavy bitcoin and cryptocurrency use amongst people returning home for the holiday, but this year is a little different.

China has been marred by a coronavirus outbreak for the past several days. Allegedly passed on from snakes, the virus has taken the lives of more than 20 people and has caused several cities to fall under quarantine. Many believe that this virus will lessen the number of celebrations allegedly poised for this weekend, and if that occurs, bitcoin will not get the reception it usually does this time of year.

If usage falters amongst Chinese residents, many believe the coin’s price is set to fall. On Twitter, Arthur Hayes – chief executive of popular cryptocurrency Bitmex based in Seychelles – wrote:

The…

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