On July 4th, United States Independence Day, the $ 12,000 bitcoin price dropped to just over $ 11,000 – a fireworks display for traders who spent the day off the price charts instead of having a cold beer by the poolside at the grill sit.
There has been a direct correlation between these cut-off dates and massive Bitcoin price increases over the past holidays. New research by a cryptocurrency analysis firm now sheds light on which holidays Bitcoin is growing and why holidays tend to cause FOMO in Bitcoin markets.
According to a recent study by the crypto-analytics company “SFOX”, researchers discovered a fairly compelling correlation between Bitcoin and holidays such as Independence Day, Thanksgiving and Christmas.
The company announced its results prior to Independence Day and predicted that Bitcoin would rise in the midst of a strengthening mood in the cryptocurrency markets. on.display
However, SFOX had every reason to expect this result from the holiday. The company’s research shows that many holidays in the past have boosted Bitcoin.
The best example of this, however, was the cryptocurrency bullwhip that plunged Bitcoin by almost $ 1,000 in 2017 during the 24 hours of the United States’ birthday party, which caught the attention of mainstream retail investors when the Thanksgiving rally came to fruition this year.
Bitcoin had already hit the headlines and outperformed its all-time high of around $ 1,000. Then BTC broke $ 5,000 and then $ 10,000. Each new price level served as an important FOMO trigger and attracted more people who had just learned about cryptocurrency for the first time in their lives.
The FOMO had raised the Bitcoin price to its all-time high of $ 20,000 before Christmas, but even then both Christmas and New Year’s Eve led to a sharp rise in the price – on each of the holidays.
But why does such a phenomenon occur? If the cryptocurrency was fostered during the family meal, talk of immense wealth and a “misunderstood magical Internet money” was an all too tempting story that nobody wanted to miss.
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