Bitcoin descends as Chinese New Year approaches

18:31 23 January /2020

According to the CEO of the BitMEX crypto exchange Arthur Hayes, we are waiting for a significant rollback of Bitcoin.

On Twitter, he wrote that the approaching New Year on the lunar calendar was the main factor in the weakening of BTC. This year, the celebration will take place on January 25, that is, next weekend.


Hayes believes that BTC will lose ground amid falling trading volumes. January and February are traditionally the first months for the first cryptocurrency to be bad months. Over the past ten years, on average, in January, the BTC rate dipped by about 5%.

On Thursday, January 23, the largest digital currency is descending. Ta the time of publication the price of Bitcoin is $8315.


Last week, some analysts assumed a high probability of a rollback as the Chinese New Year approached since Chinese citizens traditionally cashed out part of their investments at this time to buy gifts for relatives and friends.

Concerns, for example, were expressed by trader Alex Kruger. But at the same time, he noted that in general, the position of bitcoin is now more stable, so you should not expect a big drop.


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