For many reasons, including its volatile movements in\nNovember and a series of tax losses, to the nature of trading that does not\nstop round the clock, Bitcoin tends to rise dramatically in November every\nyear.<\/p>\n\n\n\n
In November, for example, world’s largest cryptocurrency\nfell for 10 consecutive days last Tuesday, when it hit its largest decline.\nEven with Wednesday’s 6% rebound, the decline pushed the price down by around\n17% and put it at the pace in the worst month since November last year.<\/p>\n\n\n\n
November was also significantly more volatile for Bitcoin\nthan in other months. Since 2011, the biggest monthly change has always been up\nor down in November, with the next average move at around 20 percentage points.<\/p>\n\n\n\n
“It just moves in ways that are not cyclical like other\nbusinesses and other markets,\u201d. \u201cTowards the end of the year, other asset\nclasses may begin to calm down due to the holiday season and others. Toward the\nend of the year, other asset classes may start to quiet down just because it\u2019s\nthe holidays and things like that,” said Bobby Choo, a partner at CMS\nHoldings. But in crypto, because of the global nature and it never closing\neffectively, things are always happening.\u201d<\/p>\n\n\n\n
For years now, Bitcoin moves have been tremendous in the\nThanksgiving season and other holidays generally across the United States. This\ntime in 2017, for example, Bitcoin optimists were lucky that investors stopped\ninvesting in this period, while they rose at an unprecedented rate. Through\nThanksgiving that year, Bitcoin has already risen by 760% for the same year.<\/p>\n\n\n\n
Last year, the day before Thanksgiving, Bitcoin was trading\nat $4,400, after falling 69% for the same year.<\/p>\n\n\n\n
Jeff Dorman, chief investment officer at Los Angeles-based\nArca Investment, said: \u201cPrice and emotions tend to work together so when prices\nare at all times high, everyone is cheerful.\u201c<\/p>\n\n\n\n
This year despite its recent decline, Bitcoin still reaches\na 95% rise in 2019, although it is far from its all-time high when it hit\n$20,000 in December 2017. Plenty of other negative headlines also led to lower\nprices. <\/p>\n\n\n\n
\u201cThere are peaks and troughs in all financial markets; the\ncryptocurrency market is not — and should not be — any different,\u201d said the\nfirm\u2019s chief executive officer. \u201cEach time there is a dip in the market or a\nbout of volatility in cryptocurrencies, the crypto haters declare that digital\ncurrencies are finished — only for them to subsequently experience a rally.\nThe same people do not make such extreme and unfounded statements with most\nother financial markets.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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