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January 17, 2018 06:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Zqm08V5kLkk/bitcoin-watchers-running-out-of-explanations-blame-slump-on-moon
Bitcoin Watchers Running Out of Explanations Blame Slump on Moon
If regulatory concerns aren't enough to explain Bitcoin's 50 percent slump from its record high reached last month, how about blaming it on the moon? An anonymous reader writes: The Lunar New Year, which marks the first day of the year in the Chinese calendar, is being cited by some as contributing to Bitcoin's slump as Asian traders cash out their cryptocurrencies to travel and buy gifts for the holiday that starts Feb. 16 this year. The festivity is celebrated not just in China, but in other Asian countries including Singapore, Indonesia, Malaysia, Korea and Thailand. "The January drop is a recurring theme in cryptocurrencies as people celebrating the Chinese New Year, aka Lunar New Year, exchange their crypto for fiat currency," said Alexander Wallin, chief executive officer of trading social network SprinkleBit in New York. "The timing is about four to six weeks before the lunar year, when most people make their travel arrangements and start buying presents."Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Zqm08V5kLkk/bitcoin-watchers-running-out-of-explanations-blame-slump-on-moon
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