Bitcoin Forum

So Bitcoin just crashed to 6200 $ , around 1000 $ 1 hour , around 15 % in 1 h   , what is going on ?  :o

Crazy, isn't it?

I would point out that it isn't just bitcoin that's getting pounded--other asset classes are as well, and I think there's a big fear that the global economy is going to be feeling a lot of pain as a result of all the precautions that are being taken to prevent the spread of coronavirus.  As I've said before, I think everyone is seriously overreacting but what I think won't change a damn thing. 

When there's a lot of fear, people stop investing their money in risky assets and/or pull their money out and start holding cash--and this is one of those times.  I don't know when this fear is going to blow over, but we could be in for more of a drop than we've already seen.  I sure as hell didn't think bitcoin would drop below $7k this year, and yet it has.  Anyway, that's what I think is happening.  I haven't heard any better explanations thus far.

Donald Trump has paniced the entire world over corona-v


The Dow Jones is set to drop over 1000 points.


My personal opinion is China lied about corona-v numbers and Italy is telling the truth.

This disease  is an ass kicker.


https://coronavirus-map.com/


Italy is 827 dead  out of 12,462

Stock  markets are crashing and burning

Well should the logical reaction not be that assets like gold and bitcoin go up?

Yeah , crazy that we don't have a nice fiat amount to buy into it now :D .  it would be some very easy profits to buy now and sell in a few days.

Honestly, there is so much going on in the market that, I think every little tweak leads to market price change  :o
Like for instance, the stock market has dropped by a significant amount, and while this should not cause any crypto market changes, it may have some effect.

In addition, the volatility between stable coins like USDT and the non-stable coins is also huge and every time one shifts in one direction, the other moves in the opposite direction - a negative inverse relationship

2 weeks ago:
- man, i wish bitcoin price was lower so i could buy more

today, same person:
- everything is crashing, sell sell sell, save what you can, f**k bitcoin, fiat <3

Volatility. Volatility happened. It only takes one good look at bitcoin's price chart to realize how volatile it is throughout the years.

Markets in general are frequently irrational.

Lol exactly , I wish I had more fiat to buy the crypto right now but none the less I will buy how-much-ever I can.

It should , in fact here Gold prices have gone up compared to last month . The bitcoin isn't going up because of panic sellers who doesn't know that this is an opportunity to buy and they should just be calm at this moment . Anyway cheaper crypto for us.

I knew if Trump started to talk about the virus the things would be worst. Yes, the stock markets are crashing but it's a very good opportunity to buy currently. Buy low>sell high, the period is perfect, it's like Black Friday. The Paris Stock Exchange has the biggest fall in its history today

You don't have to expert to understand what's going on now. And mainly we should blame Corona virus for it mainly. Just look what's going on in stock markets right now. Offcourse it also affect crypto markets. If things are going to developp in current way, I'm afraid that we are going to end in huge financial crisis, maybe even bigger than in 2008.
Well, unfortunately fiat also doesn't looks good, seing what happened in stock markets today...

From today Italy is total quarantine, except drug stores and food stores nothing else will work! Can you imagine that everything will stop!? It's same in other countries, people with business are in panic, everything is being canceled, many don't earn these days, they are just loosing, you need to pay bills!
Everything is dropping these days, and people in panic sell what they have, that affect crypto too. This will pass, like everything else, always have in mind that in these times some people lose a lot, while some others are stashing and accumulating, because this is just one big game that we see from time in time. I think we in crypto have experience in that more than other people, so for us this huge crash is just a good buying opportunity, nothing more.

it's called "halving"

I think I feel compelled to raise the price of my BTCE Tokens to 5,000 USD or equivalent in crypto per coin.

I'm sure some people don't find it to be very comical especially on the Stock Market side of things, The Dow Jones has dropped around 9,000 points in the matter of a month. Can you imagine how many people have been ruined so far by these massive drops? Its even worse because it might discourage future investors in investing because of such instability.

I think bitcoin and altcoin price dump more than 30% because corona virus effect, many countries have stop their people traveling around to the world because many countries get corona effect, I think why make bitcoin dump right now.

What happens is Crypto is Internet Tech.

It has become Wall St, and will rise & fall according to what the stock markets do (https://www.bitcointalk.org/index.php?topic=178336.msg54018524#msg54018524).

Ever since ETF's, hedge funds & "institutional investor entities" got in a few years ago, that was it. It was no longer able to be something that goes up when the traditional finance markets go down.

Peter Schiff (https://www.cryptopotato.com/peter-schiff-explains-why-the-coronavirus-recession-will-be-worse-than-the-2008-financial-crisis) & Andreas Antonopoulos (https://www.reddit.com/r/Bitcoin/comments/fhqksb/andreas_antonopoulos_3rd_jan_2020_in_the) are correct. Bitcoin is a risk-on asset, for a long while now.

In fact even gold/silver struggle to really be risk-off, "honey badger" -type assets. Too much all-infiltrating financialization by Wall St.

Weapons, ammo, tools, vehicles, land, food, water, seeds, humans, animals, skills.

^Those are the true risk-off assets.

I was sleeping when everything happened. As per CMC, through percentage it is negative 32%.
We don't know what exactly is happening but this is a domino effect of the pandemic that we are facing. $4,100 is the bottom and we can't just be sure about it.

that happened so briefly people panicked selling, either bitcoin or other top altcoin lost value.
To be honest, this is unexpected to many people.
for sure don't let anyone go crazy or commit suicide because of this kind of thing.  >:(

This is what we call reality, bitcoin isn’t always rainbows and butterflies as many people would think. Bitcoin can do wonders and give surprises but it can also be stressful if you aren’t 100% mentally prepared of the risk. In any investment there is always risk and as for bitcoin, it’s volatility. Bitcoin is very unpredictable and we don’t know what would be the price next let’s just hope it’ll be green this time.

There is no other reason but the panic due to the NCOV-19, are you worried? please don't because this will stop and everything will be back to normal.
It seems like the price now is quite stable at $5000 already, bitcoin bounces back and this is already a good sign.

Lucky are those who accumulated bitcoin when it dump below $5000.

so far I also still hold the assets that I have. however, this decline is sudden and there is no time to sell our assets, even more so in a panic. however, staying calm is something that needs to be done. I might want to see price developments 2 to 3 days after this, whether prices will recover or not.
I started to think that we started a pretty low price after halving.

Right now, bitcoin price slowly trying to increase back after a few hours ago, the price is at a lower price. We hope that soon bitcoin price will break every higher price and back to the current price. Although it is difficult, if many people can manage their emotions and not panic to see the price, the price will be back soon.

I will say also it is just covid-19, this virus has given a lot of fear for human being. And finally it was affected slowing down the economic activition, you can see the chinese's country where the virus come from. Most human activity was very limited specially in the wuhan, maybe you will not see the human life there. Automatically this situation will bring to the economic recession, as we know when the recession comes the people will choose the right place to store their money to avoid they lose their asset. We can see now, bitcoin price has decreased, oil price and many more.

Who knows ? I mean I never saw this swings on Bitcoin price ever...last night was crazy , I mean Bitcoin went down 2k and recover 1.5 in a matter of hours which is not good at all to have this swings in prices as people gets panic and start to buy and sell whenever they have the feeling that this is going down even more or its going up again to 10k$.

For now, I stay away from cryptocurrencies and we have like 12-18 months to make a new wave of investments so I'm not in a hurry.

The market has collapsed very badly and the entire crypto forum has really worried after this dump, However it's time for the whales who would have already started to fill the bags ;D

Worry isn't a solution for this so let's wait patiently and hold our assets until the market recovers.

This is the historic dumping! After so many days, the Bitcoin price is showing this highly volatile nature. I am afraid that this will impact negatively on Bitcoin's reputation. Though every stock markets are facing a huge decline, but Bitcoin seems too volatile among all of them. Therefore it can be a manipulation by the whales as the halving date is knocking the door. So, Don't lose hope or don't get panic in this rough time, just stick with your Bitcoin, everything will be fine after 10-12 weeks!

So far the reaction is bullish with recovery above the 200 week average like this, its quite a good signature for the week so long as we end up above 5600.   Really I want to see how it challenges the 2 day average which is 6000 or so.

https://i.imgur.com/RuGyzI0.png


Heres the weekly bars I'm referring to with blue the roughly year average and obviously we have the 50 and 200 way above roughly in the same place.  For now all that especially matters is that buying under the 200 week average though it went so far below and got a few people scared it also rose alot.
  Negatives to the action would be volume I've observed in the recovery was so far less then the initial selling which means I think we revist this test of support and must repeat at least something of the negatives.  However its a developing story with alot of positives to look for still, dark as it might appear.  Consider the context as well with never before seen shutdowns.

I really though that bitcoin will only reach for about 6200 USD but I was shocked when it reaches 3900 Dollars that is the lowest price of the bitcoin so far as of this year. I don't know why this thing happens, but I conclude that COVID-19 is one of the factor that makes the bitcoin reaches the 3900 USD. There are so many people who get infected by the virus and it is really possible that some of the investors and traders may be infected by the virus so by that thing it affects the price of the bitcoin.

But actually, we can use the things that is happening with the bitcoin right now, we can buy bitcoins in a lower price and we can invest our money now because for sure you will earn so much money if the bitcoin turns back into 10,000 USD.

Actually, you are happy with the current price of Bitcoin, you can buy it and invest at a cheap price like this, the phenomenon of crypto going up and down is one thing that is commonplace and there is no need to panic.

Yes, corona if it is linked to the main factor but it is not one hundred percent true there are other factors that we don't know affect crypto prices on the market today, you need to think about buying and storing crypto assets 1 and 2 years will come and see the results, you will be surprised when you see it.

   Yoshie buying now at this low prices is one positive thing we can do in this stressful times. Corona is everywhere, on TV, internet,
and looks like Corona is to blame for everything bad that is happening. Personally I think something deeper is going on here, but time
will tell what really happened.
   I agree with you that people who invest now should think about holding assets for years before they sell for profit. We can't predict
when we will see the end of this, but it can last for months, and recovery from this can last for years.

agreed on what the user you quoted said . this isn't totally corona that cause the value to plunge but corona is everywhere as you said so people only use that reason or blame it  . what is happening now  ? the price just crash , that's it  . crashing is not new on this space so we guys shouldn't act like we are shocked   . this isn't the end of the crypto phenomenon but this is another new beginning for us to accumulate  . I remember on the past many wishes that if they can only turn back the time where cryptos were cheap so now here it is   . I wonder where are those people now   ?

That's right. There are crypto users that were wishing that they should have bought bitcoin when the price was low, and here we are, I consider this price low. Because I am positive in the next coming months or years, bitcoin will increase its value again. Bitcoin has been tested so many times, and yet, it rises up before you know it. The current virus crisis may be a big factor on this, but I don't think it is the sole reason for this market performance. Who knows, the whales are capitalizing this situation for their own profit? So be smart with your portfolio.

I think big players who need will need cash asap they are cashing out. it is usual in economic crisis, it was same at 2008 crisis, silver and gold lost huge value first but after silver nade 5x and gold 3x

We don't know what happening with bitcoin suddenly dump, will be Corona virus become the way why bitcoin have down and many country lock down for Corona virus situation, maybe make economic world crash and bitcoin or altcoin have allow to going down.

When BTC crashed to $5600 on Thursday that can be attributed to the Coronavirus and how its correlated with the stocks. However when it broke $5600 and crashed to like $3500, that is contributed to long liquidations and lack of liquidity and basically Bitmex going offline and pretty much saving Bitcoin from crashing to $0.

There was over a billion in long liquidations and no bids. The only people buying were shorts closing and not enough positions where longs were opening. Most trades were high leverage. When they went down it was like a circuit breaker... and the market recovered.

Currently, the price of Bitcoin is taking a hard dump this month of March reaching the range below $5,000 value. Not only Bitcoin but, also other stock markers are down, we could relate the cause of massive dump to the pandemic that is threatening the global confidence of crypto currency and other stock market. Although, there is no really direct connection between the virus and crypto currency, this could be because of the other factors that are affected by the events happening worldwide such as people selling Bitcoin stock to have enough supplies for their needs because of the pandemic.

That is what our only option now mate,to just HODL and keep our asset inside our pocket and just leave it like that.we dont know how long will this crisis last but what i am sure is Bitcoin will climb up high again this year right after halving.
Not unless this Corona Virus make another widespread and infected the whole world worst than what we are having now.
In this point only those who can wait longer will manage to profit and all the panicked people will cry when the bull comes after the event.

It hurts my eyes to see it but if you look at other coins you would see that they all have the same thing that is happening.

I bought Ethereum at $130 like months ago and look at it now. I am now behind because I didn't sell at $270.
Well, that is all my fault for looking for something more.
I really thought it was the start of the increase of its price due to ETH 2.0 but I guess I am wrong.
Too much trust happened.
All I can do now is wait again and maybe it could go way far than just $270.

Investment will be related to economic situation, other investment place such as stock and etc will be up and down depend on the economic situation. And now when the pandemic coronavirus came and spread to some country then the impact will be bad for the economic activition then this is why the stock has fallen. But regarding bitcoin, I think many people there have considered that bitcoin is like another investment place. So when the stock came to crash then bitcoin will follow these act and we can see it now. Be greatful for those who invest their money into gold, because right the gold price is increasing.

I guess we can call this just psychological warfare between regular old investment methods and current technological methods. Bitcoin is affected because others are affected, we are not totally isolated because we are people as well just like other investors who put money into stocks. If they are affected and sold their stocks and wanted to be in cash and get away, that means same thing could apply for crypto investors as well, not quite uncommon for the needs of both investors to be same.

In any case this is a temporary thing, markets crash all the time and they do recover a lot as well, prices of some stocks that almost bankrupted in 2008 have more than doubled now and that is with the crash, same will happen again for both stocks and bitcoin as well when this is all over.

Kind of normal if you are a veteran.

When someone sells quite a lot and put on a big fall like 1k to 2k USD then next will be those who will panic and try to sell their bitcoin too before its too late.
Some of them might have bought at $6k and they just want ROI or better a little profit before it goes more south.
This will stop though. After all those weak hands have emptied their wallets then next will be another touch to a good price.

Panic. Virus panic. At that moment, it really was crazy, seeing it drop off from 9k to 3.9k. The drop from 9k to 8k was relatively slow, but it suddenly dropped quickly from there to 3.9k which was really surprising. It wasn't alone though, literally everything dropped, from the crypto market to the stock market. At this point, we can all see that the only reason would be the panic caused by the virus as well as the economic situation all over the globe, especially for the stock market. We could also say that since the economy is currently going downhill, Bitcoin followed since it is quite reliant on it. Even if we do say it is a safe asset, it didn't seem to do well under heavy effects of panic.

I saw the time the dump was going. It was a crazy dump, something like this I had never seen before. The main reason for this dump was Corona's panic, where the seller was everyone, but there was no buyer. If you looked at the orderbook at that time, you might understand. When there was not enough liquidity, everyone was ordering the market sell. And all the positions of those who were with high leverage traders their position liquidated and the market went crazy.

One day our children will be told in school that the huge crash in bitcoin price(/FIAT) in 2020 is related to a very tiny evil virus called Covid-19 that eradicated x% of the world population, raped global markets, dropped oil prices to lowest over decade?, everyone is panicked like hell! Crap...

BTC usage should rise under these circumstances with more remote use demonstrated but also the cancellation of various events may be proving a bigger negative short term.   I think this is mostly a price movement not actual negative BTC news so I dont consider it too serious outside of trades for speculation.

https://i.imgur.com/xGusXV6.png

Whats happening likely is we put in action to form a bottom, retesting support areas.  Because its a large range previously, it'll be able to move down large but also in context it can form into bullish action.

Bitcoin's price has crashed due to several reasons and not just because of the covid-19 alone.
The plus token scam and dump might be one of the major reasons for this dump.
It could be the whales manipulating the market and ride with the current pandemic.
Nevertheless, covid-19 just caused too much panic for the people to choose the needs to survive rather than diversifying a budget for investment.

I agree with you, but even if the scammers did not dump their token, we will still see this dump because of the covid-19 has already become a pandemic, people panic, it's a normal that we will see a dump but maybe that this huge.


This is the reason of the big dump, whales manipulating to cause more panic.

In the face of such a problem that the whole world is facing today, in my opinion cashless payments for each person should be a priority.  Based on this, I believed that cryptocurrency would be very much in demand not only as an investment in order to minimize the risks of falling prices in markets in different directions, but would also use it as a means of payment, and at the same time, the demand for cryptocurrency should increase it  cost.  But everything happens in a completely different scenario.  I believe that all these problems and panic were exploited by speculators and scammers who are trying to make money due to the current situation in the world because of the coronavirus.

This is probably a good time not to dump crypto since its usually a fixed amount issued but hey keep dumping, I think its still high.

I think its already low, and its the dip of the recent dumps, don't expect for bitcoin to fall below $4000 again, let's be contended with the current price if we think of accumulating, as we might not know vaccine for COVID-19 is coming and bitcoin will start recovering again.

Its still a freefall so we can't decide whether we hit the bottom yet or now but for the last two days there is some positive sign on the crypto prices but this is not happening with stock markets so one who believes on cryptos and can afford for it will make huge profits in long term so buy now and wait for few years.

Lucky i am to bought up btc when it hits that 4k low price.Im not sure if it was the bottom but i do risk up on accumulating while its cheap
and few days after then that risk taking action do really turns out well yet we have seen the price had slowly gradually increasing atm.
Im on profits now and tending to wait a little further before i do cash out to ensure capital then repeat the whole process.
It isnt just talking about losing money in dumps but theres actually an opportunity that it gives.