Will the Chinese New Year crypto effect take hold again this year?

Chinese New Year is on February 16th this year and the crypto market is holding its breath until the date passes. Why? In the past, Chinese New Year has caused crypto prices to plummet.

Asian countries (China in particular), account for a huge portion of crypto trading. This becomes pretty evident when news breaks about some regulation or another regarding cryptocurrencies in those countries, and the crypto markets crash as a result. This occurred not too long ago when fears spread that India was banning cryptocurrencies altogETHer (it wasn’t).

Chinese New Year has often been attributed to some major crypto selloffs in previous years. Bitcoin (available on Coinbase), in particular, seems to dip in the weeks prior to the lunar new year.

This year seems to be no different in regards to Bitcoin (available on Coinbase). As can be seen in the chart below, Bitcoin (available on Coinbase) has been declining in the past month, going from around $18,000 to its current price of $7,158.13.