"The January drop is a recurring theme in cryptocurrencies as people celebrating the Chinese New Year, aka Lunar New Year, exchange their crypto for fiat currency," said Alexander Wallin, chief executive officer of trading social network SprinkleBit in New York. "The timing is about four to six weeks before the lunar year, when most people make their travel arrangements and start buying presents."
https://www.bloomberg.com/news/articles/2018-01-17/bitcoin-watchers-running-out-of-explanations-blame-slump-on-moon
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Bitcoin Watchers Are Blaming the Slump on the Moon
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Whatever started it was massive changes in volume. Probably whales (or governments), and everyone else started panicking. I don’t think the lunar new year was enough for it. But who knows.