Bitcoin (BTC) has shed 6% in a week cheers mainly to Chinese New year and uncertainty over coronavirus, commentators are suggesting.

Analyzing Bitcoin toll information along with Chinese stocks' performance on Jan. 24, social media resource Light said a slump in performance had spread to cryptocurrency.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Stocks correlation shows Bitcoin's "global stage"

Over the by several days, it notes, Bitcoin has in fact broadly correlated with stocks. Such behavior is reminiscent of what many perceived as a reaction to another global event — the Iran crisis — earlier this month.

"China coronavirus-driven chance-off blanketing Chinese equities… and Bitcoin. Iran correlation, now Chinese equities," Light commented.

The assay summarized:

"If there was e'er a statement to the effect, Bitcoin has now made it to the global stage."

Bitcoin vs. Chinese equities

Bitcoin vs. Chinese equities. Source: Light/ Twitter

Chinese New Twelvemonth pressure returns

Coronavirus continues to spread beyond China, despite authorities' attempts to contain information technology past imposing travel bans and boosting healthcare provision.

BTC/USD has lost just over 6% in the past seven days and at printing time trading at $8,300. The virus "gene" comes at a sensitive time historically, data reveals, with Chinese New Yr traditionally creating sell pressure for Bitcoin.

Compiled by trader and analyst Alex Krueger, figures circulating on Twitter prove that in the run-up to the celebrations, Bitcoin returns frequently plow out negative.

In 2022, they averaged around -0.ii% losses for the week prior, but Krueger himself appeared unperturbed by the results.

"Nothing special," he summarized on Jan. 22.

As Cointelegraph reported, critics take protested against the theory that Bitcoin price activity is directly influenced by geopolitical or other world events.

Nevertheless, issues involving China tend to impact the market conspicuously, against the backdrop of a blanket crypto trading ban imposed past Beijing in 2022. The country however accounts for the majority of Bitcoin mining activity.