Bitcoin Forum

I was shocked when I saw the price today. I understand that COVID-19 is hitting the economy and other things really hard right now, but there are objective reasons for that. Businesses don't get customers due to various restrictions and bans that are being introduced. Bitcoin, however, is not supposed to be affected by the spread of the virus at all! Trading in mainly done online anyway, Bitcoin transactions don't put anyone at risk, and nobody's printing more Bitcoin to help local businesses and important initiatives to survive in these difficult times! The only thing that can get affected is mining, but mining also isn't a major price-forming factor, is it? So it's clearly more due to people panicking and selling all sorts of assets along with their BTC. I think that Bitcoin could actually help to save wealth (for the reasons I've mentioned above) but it won't be able to if we make it bleed even harder!

What's your stance on this one? Are you planning to sell BTC given the situation? Or do you think it's better not to?
I'm not going to sell unless I need money for something specific which cannot be bought by BTC yet.

I am also clueless why the price of bitcoin goes deeper when it shouldnt. Like what you mentioned, the space of crypto works online and as a digitwl currency without any tie with the economic condition.

In addition to the topics, panic selling are done by mostly those who have also asset with major and international stocks which probably they are thinking of cutting loss. But this is a hard press on holders. To be honest, I am bit dissapointed but we should remain calm and patient.

My plan is to hold cause nothing we can pinch here if we sell. I am risking already so why not put and bet it all. Corona virus should be exterminate soon to be able to recover from this mess.

My stance is accumulation at this point! As an occasional trader, I have learnt to ride the wave but not to leave the sea. I agree that the crash is too much to handle for a single day, but I am sure traders have found the opportunity to accumulate more at this price level.

For me, it's time to prepare for future profit and not panic selling. Unless someone has bought below 6k level, they are not going to make any money out of the current market. Rather, it's best to wait for the opportunity that we have in store for us. But only the bravest will be able to find it!

You guys have to know that in a moment os crisis, people sell their investments and try to have fiat cash in hands, because no one know what's going to happen, could be BTC, cryptos, stocks etc
Even if we are totally online, people starts to panic, and if you look to measures that governors around the world are taking, it's not some little problem, this crisis are affecting the entire world

As always, the only purpose I will consider when selling my BTC is when I need urgent cash or something that I really need to cover as cash. Other than that, even with speculation of BTC going back to $1, I will stick to my "hodl to death" stand.

In other words, no matter how bad or worst the market is, it's not my usual to just think of selling it. Why should I if in the first place, I can use my other ammo to make another entry, yes continuous accumulation by any chance.

Just "trust the process".

Personally, I do not think about the reason for the currency's decline, and I am not afraid of price fluctuations!!!In fact, the best times to invest are moments of global economic crises ;D

People stacking toilet papers and hand sanitizers by selling their assets even bitcoin. :P

The panic button is on right now could be a whale action so everyone make your strategies now to make profits.The smart investor mind will buy coins now to make huge profits when the market returns back to normal position.

Why didn't you open a poll? It would be interesting to see the numbers.
Well, I don't think many people will sell under $7000. So I except bitcoin to go back to $7000 pretty soon.

I got shocked by what I saw today I thought the bottom price will be around $7k but the price drop lower than that.

This is not a panic selling the reason what I see here it's because of the Covid19. It is one of the big reasons why the price drops a lot.
People need money in order to buy stocks such as foods and any product to protect your self to Covid19 and to be able to survive for the long crisis.

I believe once this crisis is done we will see a huge price increase but right now life is important than holding Bitcoin.

This time I think it will be a long panic sell on every market not just Bitcoin...every stock, every company are facing losses and it seems it won't stop here so regarding Bitcoin I'm looking for a 4k$ by the end of the month if this continues at the same levels like now.

It's sad to see every domain adopt panic and people are losing their comfort zone and start doing weird stuff.

I dont believe people are panic selling. The drop was very sharp and brutal, it happened in 15 minutes.

It was the action of a single bearwhale, or a group of bearwhales.

I believe it will happen again, maybe two times. First will make the price drop to $3000, and second to $1000.

This is what happens when you dont have regulations in the exchanges.

If the exchanges had built cartels, they could self-regulate themselves, stopping shortings after a certain margin, using mining rates as a base. Then, we would not see drops of more than 5% in a single month, whereas the price would be free to rise to whatever value. This would prompt adoption by merchants, which would boost bitcoin's reputation worldwide.

They also would be able to print tether at ease, without having to answer to the "community", which would boost the price even more. The price would be at 100k already.

Instead, they preferred to follow the path of freedom, which includes freedom (for the whales) to steal from small investors.

This is the price you pay for it.

That is true, it seems that current crisis will last for a while and It's possible that situation gets worse. Although there is no direct connection between fiat and crypto market, consequences are almost equal and bad influence is visible everywhere.
Also, there will always be users who will sell in panic and I'm afraid that can't be stopped. Let's just hope it will not last too long and let's see this as an opportunity to buy more Bitcoins.

it does appear that way. i'm not one to cry manipulation, but there was obviously a vacuum of liquidity. there were extremely thin order books at the time. someone or some group opportunistically dumped into it all at once to cause a reaction.


whales have a strong interest in hunting long positions and building up fear and panic based shorts, but it doesn't serve them well to paint this kind of capitulation over and over again because that will destroy demand---people will stop chasing the price back up. it would make this dump and pump move less profitable for them.

we are IMO building up to an event like january of 2015---the ultimate shakeout. this is really testing the mettle of the hodlers!

People often sell off everything during the fear phase. It remains to be determined if Crypto is a risk-on asset or a safe haven asset. It still needs to find its legs and its place in investor psychology. Also how Crypto and investors reacted this week may not define how they react to a longer pandemic.

Are you serious?
So according to you people decided today to sell billions $ of BTC just for buying food at the supermarket.  ???

How did you come to a conclusion that bitcoin mining isn't a major price forming factor? You probably know nothing about the price. In fact, mining plays a very important factor in case of price forming. If mining becomes extremely expensive, bitcoin will also start to rise in value. Since less miners will be there, which means less coins (though the difficulty will eventually be adjusted) being produced. Again, this might also drive people away from using bitcoin if confirmation time increases due to network congestion.
There is nothing to be shocked about. This was bound to happen, the price drop. Look at the stock markets also. Its all green.

This is not just an ordinary drop that we usually experience all the time but this really the effect of how people(bitcoin holders) get dealt with in selling their Bitcoin or converted into fiat just to use it in their daily needs as they are out of a job when COVID-19 hit. We can't blame them because they don't have another option and have to expect that this could be worse in the coming days.

Then calling for those who are waiting for these huge drops...this is your time. Fill your bags now.

Nah, why would I sell my stash when the price is too low? Let them panic sell, it will give us a better opportunity to buy BTC at a cheap price. And on the contrary, people should hedge their wealth on Bitcoin, but I don't know why investors suddenly selling off just because of the COVID-19 scare? Doesn't make sense at all.

Perhaps they are afraid that the market will fall apart and they don't want to loss their hard earn money. Or maybe they are selling today and thinking of buying when the price goes on another all time low. But we have been tested like this in the past, this is just a new hurdle for all of us and I'm sure Bitcoin will show how resilient it is, so just relax everyone.

I reckon you do it the reverse way. You sell toilet papers and hand sanitizers with +1000% increase and buy bitcoin with the profit and do the cycle again hehehe.

For Bitcoin enthusiasts, this may come to a panic buying let those weak hands do what they are really capable of. I guess this isn't a panic selling scenario as what fabiorem stated this is more likely a work of some whales. I can feel the excitement that it will be cheap again, bring it on.

I am sure we are not panic selling here but those people who does not know much about the history of bitcoin will do panic selling.
once again we are witnessing the battle of the smart and the dumb money, while the dumb money fall for the panic, the whales are taking advantage of them.

You got that right, here we are not in panic, we got use to all this, but many people outside this community are selling in panic and looks like nobody can stop them from that. For a long time we didn't see drop like this one. In just couple days price is literally halved, and to be honest I didn't saw this coming. I thought it will drop, but this is madness, will it go deeper? I don't know what to think about bitcoin price now and what we can expect in next few months after this!

Everyone was shocked but eventually accepted that this is how the market works, when there is panic, the price usually dump.
We should see this as a possibility in the future too and we should always believe that bitcoin will once again recover.

Remember when bitcoin dump $3800+ last year, actually there's a thread that was created here and from that price, people slowly losing faith on bitcoin but it did pump or bounce back going to $10,000, same thing here for sure let us not panic.

for those who still have capital, I think they will be an opportunity to buy bitcoin assets. however, some people who hold bitcoin right now are still a bit panicky, because the price touched the price of $ 4k. however, I also still hold some bitcoin, but so far, I have not sold it because I feel that there will be a pump that makes the price of bitcoin rise above the price of $ 7k.

A person who is in crypto for more than three years will understand the nature of Bitcoin because Bitcoin has beautiful nature how fast it will decrease in the same way the price of Bitcoin will bounce back in the same way. That's why we should always wait patiently without selling them at low prices.

exactly  . you as a veteran hodler you already know how things work so no time for you to panic  . if you panic and sell like most are doing you will only loose or you wont earn that much   .

 no matter how we warn others to stop panic selling i think thier decisions was final  . they could be panicking not only on this market but also because of the virus threat too  . the rest that persist to hodl are the ones that will benefit the most soon  but lets also hope that other issues that are outside the crypto will get sorted out too .

I don't think there is only a panic selling
There is panic selling in the stock  market, and many bitcoin holders want to sell to buy stocks. They may also need liquid to cover their positions

well, people are panicking right now because of coronavirus and right now economy not doing well so not sure how many people won"t be panicking and how long holder will be able to hold in this current situation and if we can"t solve this problem Btc will dump bellow 1000$ within few months. For now, I think it won't go bellow 3000$ time will tell.

Yes, it's true and if this continues people who are holding most of BTC what will they are going to do will decide BTC future. If they start to dump BTC it might go bellow 1000$ maybe 500$ as you can see many big football league stop their activity for few weeks or postpone for now. This tells you the current situation is really bad.

It has dropped miserably due to panic sellers and the virus but I feel till things don't settle, we won't get any hope. The stock market and forex market too are suffering and falling miserably with the investors bleeding. There's no point of panicking for crypto holders as this situation was obvious. I'm just not checking the price.

this pandemic is creating a lot of fear in people, I follow the news and I must say that the situation is very serious and will be very serious in poor countries, many companies are taking a lot of losses, I would say that it is at these times that having physical money kept at home became the best choice


I usually sell when I have a profit and along with what I earn on the forum and withdraw, but I do this to keep in my bank account. but I confess that with this fall I have a big loss, so I don't think about selling