Chinese New Year as a reason for the exchange wobble
Bitcoin dropped 23% on January 16 — the worst day for the currency in more than three years.
One of the reasons for the latest exchange decrease may be Lunar New Year — the largest celebration in East Asia, which is coming in few weeks. Reddit user @eclipsegum reassures that money in China and South Korea are flowing back to fiats for holiday spendings, and everything will return to its place at the beginning of February
However, experts stake on the government’s restrictions in the above mentioned countries. Regardless of the threat, local trading is flourishing. South Korea expects a dozen of trading platforms to open, and Chinese cryptocurrency NEO increased in 15%.