After the 19.5k all time high of December 2017, Bitcoin has fallen in a black hole over the course of January and February 2017, losing two thirds of its value down to 6200 dollar.
There have been many speculations as to the reasons for this downfall such as being a massive correction for the major 2018 bullrun, fud surrounding BTC , various governments threatening to implement laws to restrict or even ban cryptocurrency, market manipulation by whales and pump & dump groups, negative attitude from main stream media and financial analysts (tied to banks) towards crypto and so on.
One of the speculated reasons is the upcoming Chinese New Year this coming Friday, February 16. In the previous three years Bitcoin saw a big dip in price two weeks before Chinese New Year. It is argued that the tradition to travel home (expensive tickets) and spending money on gifts and festivities cause many people two cash out their crypto assets peaking two weeks prior. The low point in 2018 so far has been on February 6, approximately two weeks prior to New Year.
I believe the current dip is caused by a combination of many factors, not solely because of people cashing out for New Year presents. However the recent years trend gives confidence the market might restore soon. I hope the Chinese New Year will also be a symbolical new year for the cryptocurrency market to flourish again!
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