East Asia’s “Ghost Month” Scare May Explain Flat Trading in Certain Altcoins

The digital currencies NEO, OmiseGo and TenX are experiencing slight or no motion throughout buying and selling as of late August 2017 when in comparison with earlier weeks or months. Such a scenario is believed to be because of the begin of the “Ghost Month” in international locations the place most of those cryptocurrencies are headquartered and whose traders are primarily primarily based.

In 2017, the Ghost Month runs from Aug. 22 to Sept. 19. The international locations which have a “ghost month” embody China, which is the bottom of NEO, Japan, which is the house nation of OmiseGo, and Singapore, which is the headquarters of TenX. Individuals in these international locations have a perception that it’s a significantly dangerous time to put money into something in the course of the month.

Yearly, merchants within the inventory market in these international locations take excessive precaution in the case of their investments in the course of the month of August, as it’s usually the ‘worst’ month, CNBC stories.

“The truth is, many inventory market merchants are additionally suggested to not make investments into something with their cash throughout this month as it’s thought-about dangerous luck.”

Hungry ghost

Based mostly on traditions in China, significantly amongst Buddhists and Taoists, the Competition of the Hungry Ghost occurs in the course of the seventh month of the yr.

Throughout the occasion, it’s believed that the gates of hell are opened and the spirits residing there exit and roam the earth.

In keeping with superstition, everybody ought to give attention to celebrating or honoring the spirits which might be visiting the earth throughout this time.

“Coincidentally, most cryptocurrencies with heavy traders are primarily from Asia, and the buying and selling performances of the three digital currencies are typically flat, with the scenario is anticipated to proceed till the “Ghost Month” passes.”

A sluggish month doesn’t essentially equate to a inventory or a cryptocurrency’s intrinsic worth. The truth is, many long run holders could make the most of such a scenario to slowly accumulate whereas costs are down.