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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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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Bitcoin

ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch

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ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.

Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.

“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.” 

The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.

The Company’s first mining pod is set to…

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