The long-awaited Chinese New Year crypto crash is here again. Since yesterday, the total market cap has been crashed from the average 120B to 112B as of today. This, of course, brings down the altcoin price including Steem which was hitting $0.42 and now sit back at $0.29, which is expected by the most.
The bad thing is, my speculation attempt failed due to the 7 days power down cooldown period was just one day off from the $0.42 which was a few days ago. When the liquidity was ready, the price went down accordingly as well. Damn it. I knew I was right haha. (Lucky you @joythewanderer)
Speaking of the Chinese new year and crypto crash, I heard their weird relationship during last January which the whole market suffered from a sharp crash from its ATH. People pulled out all kind of analytical historic charts proving that was normal as January is usually a bad month for crypto, and some jokingly said that was due to the Chinese needed to cash out for the CNY festive.
Well, I guess that was the longest Chinese new year I’ve ever seen since the price has been going down every day, til now.
Posted from my blog with SteemPress : https://fr3eze.vornix.blog/the-january-chinese-new-year-is-here-again/
This page is synchronized from the post: ‘The January Chinese New Year is here again’