NOIDA (CoinChapter.com)—It’s the solar eclipse, and people are going mad! Eclipses have always fascinated human beings, and resulted in weird myths, like a dragon eating the sun or the Gods being angry. Times have changed, science has advanced, and now we are mixing eclipses with cryptos.
Yes, you heard it right! Crypto investors, and sometimes those investing in traditional markets, consider eclipses. CoinMarketCap even has a few eclipse-related crypto tokens in its arsenal.
In the traditional markets, though, the 2024 eclipse had minimal impact thanks to investors waiting for the week’s inflation data, which is due on April 10.
Crypto And Space (No, Not The Moon Thing)
The impact on crypto assets during celestial events mostly relies on human superstitions. Though not eclipses, charting websites like Tradingview do have a lunar cycle indicator since, apparently, some investors believe the moon can influence investment patterns.
Sometimes, one misses the days when the moon was made of cheese!
Lunar cycles in investing examine the potential influence of the moon’s phases on stock market movements, rooted in the broader concept of financial astrology. This approach suggests that different lunar phases may impact investor sentiment and behavior, possibly affecting market performance.
A niche group of traders actively incorporates lunar cycles into their strategies, but experts consider it speculative and not a conventional method for making investment decisions. Investors who explore this should proceed with caution and treat it as a supplementary tool.
But while the moon has an indicator dedicated to it, the eclipse… eh, not so much!
Superstitions about solar eclipses are stronger in Asian countries (hence, the dragon example above), and in religions like Islam. The US has no beef with eclipses and gives zero *ducks* about the phenomenon, at least in trading.
Furthermore, the Bitcoin halving is on a date that is a palindrome, which some people consider to be a lucky or an “angel date.”
Does A Solar Eclipse Impact Crypto Price Action
If we are to believe a certain Pico Paco, it seems solar eclipses do impact BTC price action.
Posts highlighting BTC price action on the day of the Solar eclipse are doing the rounds on social media, with Pico Paco, an X user, stating that BTC price rallied “on news of the solar eclipse.”
Take a breath, sit down, and think- Why would BTC price do anything due to an eclipse? The only way eclipses could directly impact Bitcoin price action is if all the miners in the world switch to solar power.
However, again, it is superstitions that impact Bitcoin price, and even for that, there is little evidence.
Over the last four total solar eclipses, BTC price has not reflected any specific response, rallying twice, falling once, and barely registering gains in the last one.
Solar eclipses are rare occurrences. Many people travel to areas where the eclipse would be visible, which does generate revenue for those areas.
Otherwise, it is just an astronomical phenomenon. If you are waiting for the next eclipse to invest, do not bother with DYOR because you would still likely get rekt.
