During the united states independence day, the prices of bitcoin had an unexpected fall from $12000 to approximately $11,000. It took every trader associated with this industry in surprise as they were spotted standing in front of price charts instead of holding glasses of drinks. Every trader is dismayed by the affair of a fall in price.
Such an affair is unexpected enough as the situation has been quite the contrary previously.
Bitcoin prices were in co-relation with holidays
In recent research, it has been found that bitcoin prices shoot up to a high point during the holidays like independence days, Christmas, new years and so on. The new research has also shed enough light on the particular holidays which witnesses the increase in the price of the bitcoin. It has also explained certain theories functioning behind why holidays lead to a rise in FOMO in bitcoin markets.
Why do holidays co-relate with the prices of bitcoin
Taking the new study into consideration, it has come out with some peculiarly astonishing results regarding the rise in prices of bitcoin during holidays like independence day, thanksgiving and Christmas, often has with the first-ever cryptocurrency, Bitcoin.
SFOX, the firm also shares its finding that how the case of an increase in the prices of bitcoin has been the same from quite a few years. Their research confirms the fact that holidays cause a rise in bitcoin prices. Instantiating, in the year 2017, the prices of bitcoin had skyrocketed during thanksgiving, capturing the interest of the public.
The FOMO had also taken the price of bitcoin to a height of $20,000 before the Christmas hit. Even after Christmas, there was a sharp rise in price during the new years eve.
Though, it remains a matter of comprehension that why do holidays trigger the rise of the prices of bitcoin after it is known to all who is associated with this particular industry that discussing digital money and its nuances with family can await avenues of risk for the person. Investing in cryptocurrency bears large risks than investing in bitcoin.
Cameron Winklevoss opines that one has to be in a state of frenzy not to invest what he and his twin brother terms “future of money”.