Chinese year year affecting cryptocurrency
China's central People's Bank of China PBOC said it was illegal to facilitate cryptocurrency trading and that it planned to severely punish anyone doing so, including those working for overseas platforms from within China. The National Development and Reform Council NDRC said it would launch a nationwide crackdown on cryptocurrency mining as it tries to phase the sector out entirely.
China does not recognise cryptocurrencies as legal tender and the banking system does not accept cryptocurrencies or provide relevant services. In , the government defined bitcoin as a virtual commodity and said individuals were allowed to freely participate in its online trade.
However, later that year, financial regulators, including the PBOC, banned banks and payment companies from providing bitcoin-related services. In September , China banned initial coin offerings ICOs in a bid to protect investors and curb financial risks.
The ICO rules also banned cryptocurrency trading platforms from converting legal tender into cryptocurrencies and vice versa. The restrictions prompted most such trading platforms to shut down with many moving offshore. Cryptocurrency representations are seen in front of an image of the Chinese flag in this illustration picture taken June 2, The huge run-up in price in bitcoin and other coins over the past year has revived cryptocurrency trading in China, with investors finding ways round the existing regulations.
That's come as the country is trying to develop its own official digital currency, becoming the first major economy to do so. At the same time, some gift packets are filled with the monthly wages of the employees. Due to colossal cash demand, some marketers are also responsible for raising the BTC sell orders before the Chinese year, as shown in the figure.
Bitcoin Mining is Unpretentious China is the significant contributor to Bitcoin mining. But this is not true because the BTC and Hash rates will hold the steady position this time. Because the BTCF mining will not require any significant manual power to maintain the Hash-rate, the operation will remain the same. Everyone wants to know what is going to happen during Chinese new year to Bitcoin and how is it going to affect the other crypto currencies.
Most of the time there has been a decline in the price of Bitcoin and rest of the cryptocurrencies before the Chinese new year. However, this year, I am expecting things to be bit different. We are in bull run, and in the mid of the altseason.
At the time of writing, we still have 7 days before for the Chinese new year. I am expecting a massive run in the price of the major alt coins, before we see decline in the prices. Having said that, I would like to stretch the fact that this is completely my own perspective. That I am bullish on BTC and other crypto is my personal opinion and should not be taken as a financial advice. However, analysts in Cointelegraph predicts there could be major selloff during the Chinese new year.
We have not seen much corrections yet. So far, I have not seen any such signs, and are still a week away from the Chinese new year. Most of the coins looks bullish and I am expecting the trend to continue for some more weeks. However, you are strongly advised to DYOR and then take a call.
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