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RE: Why Price Pumps Are Deadly To New Users
spring/summer were huge lulls from the crypto market
yes! This is a very common pattern in the crypto space over the past few years since I got involved.
spring/summer were huge lulls from the crypto market
yes! This is a very common pattern in the crypto space over the past few years since I got involved.
Good! So it wasn't just me seeing that. Do you have any idea why that might be? Are there market forces involved or maybe it's just human instict? Save for the winter, spend in the summer type thing?
Instead of the bear and bull mentalities from the stock market maybe cryptos have more of a grasshopper and ant mentality?
Never thought of that before but it sounds like an interesting topic for someone to dig into!
I think this cycle exists due to many factors that we will never know about, but one good idea I heard has to do with taxes in the United States, but I am not able to recall the exact reason as to why.
Hmm if it has to do with taxes here, I'd expect a lot of purchases around now (late March/early April) when all the tax refunds come in.
Alternatively maybe people have been dumping fiat into cryptos right before the end of year to avoid paying some taxes? I don't understand tax law well enough to say.
The pattern is there, however, and it seems to correlate with consumer trends like Christmas and Chinese New year. Maybe it's just a sign that cryptos are viewed more like consumer goods than as currency right now?