Bitcoin Forum

Does The Impact Of Corona Virus Will Disrupt The Crypto Industry?

With every passing day coronavirus is increasing its area, and due to which every industry facing a setback. Crypto moves virtually and its a highly volatile industry, therefore in this ongoing epidemic of coronavirus it is necessary to know how the crypto industry will react.

The impact won't be that much if we depend less on the centralized world, or better still, if we are very decentralized with flourishing interdependent/independent ecosystem & businesses.
A very decentralized crypto would work great (when most centralized businesses are closed or destroyed) in a much worse situation... let say in a war-like situation.

You are right in saying that the crypto has no central focus it has nothing to do with the Coronavirus The impact of the Coroner Virus cannot disrupt the crypto industry as it does not associate with the virus if crypto is decentralized and depends on market conditions. Crypto is usually determined by market whales and is not under the control of any government If the government controlled the crypto  it would have an impact on the crypto industry.

I think I will take a different view on this. This is an epidemic as declared by WHO and if we look at the death rate, over 4,000. This is capable to distort every progress. Crypto industry is human based and corona virus is not killing animals but humans. We can now see that whether decentralized or not, it is possible to kill any body in contact including crypto enthusiast and miners. The pace of growth can be reduced.

I don't know if it was just a coincidence that the continuous growth of infected individuals because of coronavirus is also the start of the crypto market declines. It somehow we could think that this might affect the global economic system and it also includes the crypto market. And as we can see, the demand is to low and apparently, more people are selling their Bitcoin because they'll be needing it by now to buy good goods and other stuff.

Will be big impact of corona virus will disrupt the crypto industry, many company stop for working because their worker get effect of corona virus and make them have lost much money every day, but now how long corona keep running and make many people panic with this moment.

I have been thinking a lot lately, I am an online shopper and sometimes unimaginable things come up on my mind regarding the corona virus. for instance what if the products I order online from mainland china and when somehow people with corrupted minds who have the virus spit on my packages. I have been seeing a lot of videos on the internet where  infected people are scattering their saliva around public places, in elevators, handles etc. Things get worst if the this kind of people grow in numbers. I only see scanners on the airports for human only, so how about the material things came from abroad?

The impact for crypto industry will be minimum among other industries, since the physical personal contact in this industry is already minimum, much much less than production and service industry. POW might be impacted more than POS, since you need physical contact with workers that operates miners

Already now we can observe how the coronavirus affected the crypto market.

I am sure that the current largest cryptocurrency price drop this year is directly related to the drop in the price of bitcoin, which in turn is associated with a drop in stock markets.
Given that the stocks owe their fall to the coronavirus epidemic, we can safely say that the situation in which we are now is directly related to the epidemic.

The damage is real from this corona panic button to crypto market which resulted into 30% price fall in an hour so yes it is affecting the market greatly but I see this as an only temporary range to stay we may get huge price high if corona gets worse or just fall into $3K region based on the resistance indicator.

The Corona Virus is disrupting everything , from the stock shares to the government.
Why would it not disrupt the bitcoins ?
No matter how you choose to see it as , bitcoins is also connected with the economic situation and one should remember that , if everything is going down bitcoins will too .
A pandemic is a disaster not confined to the binds of one national , it's world wide , causing a mass destruction and also one should remember that it is start of a new economic depression , things have just started going down . . . .

We cannot live in this world and be independent of it. Cryptocurrency will be able to develop if it works in conjunction with a regular currency, which means they will influence each other. The current events are clearly showing this.
Now the price of bikoin has fallen to almost five thousand dollars, and ethereum - to 119 dollars and continue to fall. The influence of the spread of coronavirus on the price of cryptocurrency is now obvious, even if we allow that such an effect is not direct.

Coronavirus or not, any chain of events that would force people to get liquidity (cash) will force people to sell - I am referring here to people who own 'considerable' amounts of BTC.

We are fundamentality driven by emotions... fear rules overall.

I believe more will sell as the virus will spread and as well, the second emotion will kick in, greed (can be seen as FOMO) and people will buy-in.

The true test lies ahead. Survival and reaping what comes after

It does impact it in a way that actually shouldn't impact at all but still does. It impacts in a way that people actually forget that it is a 2% death toll on all infected that is basically  less than 1% of all humanity, so it is actually less likely to die from  corona than die from a snake bite yet people are really scared of it. There has been talks about how it is getting better because medicine is worked on it now but there are still scares around the globe of course.

Normally, it shouldn't affect crypto because even when cash and trade is going down and stocks going down, that is good for crypto since we are unrelated and all investments to crypto should be safe, yet for some reason when the stock markets and all other stuff are going down, people are removing themselves from crypto as well for some reason.

So far the market acts negatively, and this is not good it just show that many of us here are still unbelievers on the technology of Cryptocurrency on the positive side, this is a market where we can create a huge profit for the future, whales are just looking if the condition to improves I'm pretty sure they will in a hurry to buy, just like all the other dump their shares.

No, there is one thing that does not go down: USD. In fact, all the fiat money is getting a boost during this crisis and everyone want them. This is sad, since bitcoin is said to be a better money than all the fiat money, so the requirement for bitcoin should be higher than USD during the crisis. Obviously it is far from that claim

I just hope that people will realize this later when FED's trillion dollar flooding arrives, but at least for now, bitcoin seems not to be a better money, far from it
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"Today, March 12, 2020, the Desk will offer $500 billion in a three-month repo operation at 1:30 pm ET that will settle on March 13, 2020. Tomorrow, the Desk will further offer $500 billion in a three-month repo operation and $500 billion in a one-month repo operation for same day settlement. Three-month and one-month repo operations for $500 billion will be offered on a weekly basis for the remainder of the monthly schedule. The Desk will continue to offer at least $175 billion in daily overnight repo operations and at least $45 billion in two-week term repo operations twice per week over this period."

https://www.newyorkfed.org/markets/o...policy_200312a
 

the impact of the corona virus is felt by all aspects of the industry, not only cryptocurrency. The stock market also suffered a setback, with all aspects of the economy of the entire country experiencing its effects. even today bitcoin has fallen sharply, and is followed by almost all the existing altcoins. I hope this case will be resolved soon and the market will return to normal

Possibly, but it isn't directly attacked by the virus itself. The virus has caused the stock market to crash and obviously, economy is slowly crashing down because of the lack of resolution regarding the spread of the virus which only spreads day by day. If this continues, naturally, no economy could possibly support Bitcoin. If it was only one part, let's say, a 0.1% of the world that was affected by the virus, it could possibly have had no effect to crypto and may even cause a boom for it, but sadly, the entire world is currently enveloped by the virus at the moment, and the number of cases only increase and not decrease. BTC would hold no value if everything in the world started going to zero right?

I think it's yes it will affect the crypto industry because the virus known as (COVID'19) are spreading faster than we thought because from the day that the virus are starting to grow until now the affected people are increasing faster just like in China

The impact of the Coronavirus is more pronounced in China It has become an epidemic and the economy is being disrupted If most people in China are involved in crypto if they are unable to invest properly then their demand will be greatly reduced and the crypto industry will be disrupted.

This is really getting serious. Bitcoin price is dropping, I was surprised with seeing it getting to below $5,000. I hope the health system fights back as quick as possible. Ebola , SARS were fought seriously and within a short time , peace was returned.

Yeah i am also surprised by the serious dump of bitcoin's price and the fact that the virus is still spreading and growing in numbers, bitcoin's price will still be in that area for at least a month i think but from what i've seen in the news, they have progress in finding a cure and understanding the virus completely so i hope they can complete the vaccine soon so that the crypto industry will be normal again and also other industry in each countries that are affected by the virus.

Honestly, i didn't expect that cryptocurrency will be affected in this crisis considering that we are all digital and we don't have any physical product that is going to be affected by the crisis. Sadly, as we are all experiencing now, cryptocurrency is not a safe haven for this, it's going to be affected, the bitcoin price and other alts drop their price and we are on roller coaster right now, our asset are the people and it seems the virus are affecting a lot of people. Lot of people are panic buying so same with the crpyto holders, lot of them are going to sell their crypto and buy goods to fight the virus. This virus is hitting the economy of every country, and cryptocurrency is also taking the damage.

Stay safe everyone! I hope that my fellow crypto holders are doing great. We can overcome this virus. :)

Well, from what we have seen so far in the last 24 hours can we basically call it question answered?

Obviously it is affecting crypto more than we realize. Maybe crypto shouldn't be affected as much as this because there is still nothing wrong with it, but I guess that is how the markets work. Think about it, what has changed in bitcoin itself in the last 24 hours that could make it go down this much? Did we found a bug? Is there a market trouble with exchanges? Was there a big news regarding crypto?

Nothing major happened in the last 24 hours but it still dropped in price, which is what I am talking about here, it was only corona that affected and there is nothing else going on. With leagues closing down and flights and other stuff, we are in big trouble due to corona and that affected crypto prices as well.

Disrupt the cryptocurrency industry? What exactly do you mean, is it by causing a decrease in price?
The outbreak has been affecting almost every market from stocks, and everything, and yes Bitcoin is affected already, but being affected doesn’t mean that this is the end. It’s just that this outbreak has created a panic and that’s why a lot of people has been selling I guess.

But, the data I got from Coinbase shows that there is 76% buy rate which is bigger compared to the 24% that are selling. So, that’s a good thing and shows that there are people who still have faith in Bitcoin and are continuously buying, despite the situation at hand.

Yes of course it will disrupt the crypto industry because the impact of the corona virus is affecting all over the world, even the people and the foods, alcohol, surgical mask, water etc. So they need to react for this situation in order for us to aware about this kimd of virus