Markets in Hong Kong and China will generally be closed. This includes the Stock Exchange of Hong Kong, Shenzhen Stock Exchange and the Shanghai Stock Exchange.
Stock market holiday closures: Crypto tends to correlate closely with the traditional stock market. So when markets are closed for holidays, Crypto trading activity usually slows down as well. That can lead to reduced liquidity with lower trading volume which can result in increased price volatility.
More information about how traditional market opening times are correlated with Crypto can be found here.