fxstreet.com 01 Feb, 2021 14:45 am

Here is how the upcoming Chinese New Year could impact Bitcoin price

The Chinese New Year also referred to as the Lunar New Year, is coming up on February 12. It is celebrated based on the traditional Chinese calendar.

The Chinese New Year also referred to as the Lunar New Year, is coming up on February 12.The 2021 New Year celebrations will begin on Friday, February 12, and culminate on Tuesday, February 15.In addition to China, Hong Kong, which is among the biggest crypto hubs globally, Korea and Singapore celebrate the New Year.Every year, Bitcoin has posted a substantial dip in the price in the days leading to the Chinese New Year.

BTC/USD 3-day chart The annual drop in the price of Bitcoin before or during the Chinese New Year could is due to the merrymakers' cashing out' for the holidays.Interestingly, Bitcoin mining remains unaffected during the New Year celebrations.

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