How Chinese New Year Celebrations Could be Affecting Bitcoin (BTC)

According to one report from ABC Australia, millions of Chinese are expected to travel abroad for the next two weeks or so. A few years back, the annual festivities were all about returning home to reunite with family. However, domestic and international tourism is widely becoming popular as interests in new experiences continue to increase. Considering the vastness of China, it will be an active time period for the transport industry which includes road, train and air travel.It is therefore safe to conclude that China still contributes a significant percentage of the daily BTC and crypto trading volume. With the New Year festivities, that trade volume is bound to be affected. One needs only look at the decline of Bitcoin (BTC) early January 28th. This date happens to be the same day the New Year festivities begun. On the 27th, BTC was hovering above $3,500 but by the 29th, it was valued at $3,349. The chart below from Binance gives a better picture of the situation.There might be a slight possibility of BTC experiencing new lows before the end of the New Year celebrations

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