Bitcoin Watchers Are Blaming the Slump on the Moon
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If regulatory concerns aren’t enough to explain Bitcoin’s 50 percent slump from its record high reached last month, how about blaming it on the moon?
The Lunar New Year, which marks the first day of the year in the Chinese calendar, is being cited by some as contributing to Bitcoin’s slump as Asian traders cash out their cryptocurrencies to travel and buy gifts for the holiday that starts Feb. 16 this year. The festivity is celebrated not just in China, but in other Asian countries including Singapore, Indonesia, Malaysia, Korea and Thailand.