Cryptocurrency and Valentine’s Day: Survey Shows Desire for Digital Assets Exceeds $1B Billion


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Cryptocurrency and Valentine’s Day: Survey Shows Desire for Digital Assets Exceeds $1B Billion

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Next week is Valentine’s Day – a day of romance, love, flowers… and cryptocurrency!Some of the money spent on gifts this year may flow into bitcoin and altcoins, according to a new survey. If the spending forecast is accurate, this could mean more than $1.2 billion entering the crypto market.

To celebrate this holiday and the potentially passionate crypto FOMO craze, we also look back at Bitcoin’s performance around February 14 each year over the years to see if there are any sincere correlations.

$1.2 Billion Is Waiting For This Signature Holiday Into Crypto

Champagne, chocolate boxes or roses are the most common Valentine’s gifts. This year, however, cryptocurrencies are also on the lover’s most-wanted gift list.

One in 25 Americans hopes to get some cryptocurrency as a gift this year, according to a recent self-survey. That means about 4% of Valentine’s Day gifts could end up in some kind of coin. The average person also plans to spend an average of $113.25 on their significant other (you’re a high roller, you).

Related Reading | Crypto Correlation: Comparing Bitcoin and S&P 500 Flat Correction

The math adds up to about $1.2 billion that could be tapped into the crypto market via bitcoin, ethereum, or other assets.

We now know what we can expect from the upcoming February 14 holiday, but how has Valentine’s Day historically performed for cryptocurrency investors?

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Valentine’s Day Boom for Bitcoin | Source: BTCUSD on TradingView.com

How Bitcoin Price Has Performed Historically on Valentine’s Day

The chart above shows the entire history of Bitcoin’s price action, with each Valentine’s Day clearly marked with a heart. February 14, 2022 is the 12th Valentine’s Day in Bitcoin’s entire life cycle.

Despite the red and pink themes, most of the actual holidays themselves are green. Of the 11 previous holidays, seven posted strong gains in the following months. Two of those holidays — 2014 and 2018 — spawned new bear markets in the following weeks.

Related Reading | Love From BitYard: Here Are The Top Signal Groups For 2022

The most recent Valentine’s Day in 2021 set a new all-time high, but nearly a year later, bitcoin prices are now below that level. Investors may lose their love for cryptocurrencies until this year’s holiday season to make up and maintain that relationship.

The worst post-Valentine performance was in 2020, the exact peak before the Black Thursday market crash. Anyone who received a crypto gift that day would surely be heartbroken.

After a red monthly candle, cryptocurrency could be a buy again, making it one of the better gifts you can give your loved ones this year.

follow @TonySpilotroBTC on Twitter or join TonyTradesBTC Telegram Exclusive daily market insights and technical analysis education. Please Note: Content is educational and should not be considered investment advice.

Featured image via iStockPhoto, chart via TradingView.com

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