Yes, bitcoin gets pummeled around Lunar New Year, but in the wake of the holiday, bitcoin punches back. We’ve already gotten some pretty bad bitcoin news this Chinese New Year season, but if history continues to repeat itself, the suggestion is that all is not lost.
One Redditor suggests that Lunar New Year is bad news for the bitcoin market because people are selling their crypto assets for conventional currency to pay for all the upcoming travel.
Chinese New Year remains useful to cryptocurrency speculators, however, because it is a season marked by a pattern of behavior in a significant portion of the human population: travel. Our travel decisions may be among some of the most thoughtful purchases we make—surely human spending behavior on travel ripples across enough economies and could be powerful enough to influence the bitcoin market, too.
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