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Why Chinese New Year Affects Bitcoin (BTC)

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Bitcoin

Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.

The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.

The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?

China and Bitcoin

Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and crypto investing, in general. The country certainly is not as accepting of cryptocurrencies like South Korea, Japan, or Singapore. However, it may also come as a surprise that things were not always like that. Before introducing a ban on crypto investing and trading, China was very much active in the crypto space.

This can still be seen today by the fact that the majority of Bitcoin mining happens within China’s borders. That does not mean that China has no activity in the crypto space anymore, however. The country’s citizens are still allowed to do P2P trading, as well as Over-the-Counter transactions. Also, despite being unfriendly to crypto, China is still as excited about blockchain technology as any other country.

China’s citizens also managed to find other ways of trading crypto, which often include privacy tools such as VPNs. Others have simply left the country, including individuals and companies alike. In other words, China is still quite active in the crypto space, or at least — its citizens are.

How does Chinese New Year affect Bitcoin?

As mentioned, followers of Chinese traditions have spread across the world, and many of them did so in order to trade cryptocurrencies in a more friendly environment. Of course, this does not include every person who left China, but it still includes a lot of people.

As a result, festivities scheduled for the end of January and most of February will likely draw their attention away from crypto trading, at least for a while. In fact, it has likely already happened on January 28th, the day when the celebrations began. It is no coincidence that Bitcoin’s value dropped by $100 on that very day, just as many followers of the Chinese culture likely decided to take a few days off from trading in order to travel or be with their loved ones.

The drop was sudden, and it stopped equally as fast, leaving Bitcoin’s price relatively stable at $3,460, with only minor ups and downs. This allows us to draw several conclusions, such as the fact that China is still quite a significant contributor to the crypto space on a daily basis. Despite the ban on most forms of crypto trading, China’s absence from the crypto space is quite noticeable, and it is likely that many have decided to withdraw a portion of their funds in order to pay for a vacation.

There is also a possibility that Bitcoin price might surge a bit in the next several days after the traders return to the market. However, it is equally as possible that the price will remain low for the next two weeks as well, due to the fact that most of the festivities will last until February 19th. In that time, BTC price can go up or down, which is why traders might want to keep a close eye on the price changes.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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