Bitcoin Forum

First of all, coronavirus highly attracted 'china' At first, it seemed to be just the problem of China but later on Corona virus became a problem all over the world. The main reason is that the virus cannot be controlled so far it has no effective preventive and outbreak. However, it seems to us that Bitcoin will revisit very soon That will be in a much stronger position than before.

Share feel free your opinion...

News
Italy faces mounting economic damage from coronavirus
https://www.ft.com/content/d0565f72-5fcf-11ea-b0ab-339c2307bcd4

We have seen on how government do give out their efforts on isolating such case but this virus is way too hard to control.Why? symptoms cant be detected on earlier days before
a certain infected person do show up some signs but its already late because he had been with other people specially to his family,co-workers or people around him.
So controlling is almost impossible.

I didnt even expect that bitcoin or entire crypto market had been affected due to this and we do even see a price drop of 4300 as far as i remember a while ago.
Panic is there and no doubt with that but actually it is the right spot on accumulating that price point.

I'm also very optimistic like you, I'm sure Bitcoin will rise stronger when this panic wears off.

Corona is the hottest news that is very interesting to discuss, it was not only Italy that felt the economic impact of their country falling because of Corona, other large countries that became tourist destinations and worship destinations such as Saudi Arabia felt the impact due to the spread of Corona.

Coronavirus attack is real and it is getting out of control but the real reason for the economic crisis is not corona virus,its our panic mindset which made everyone sell their stocks and cryptos and resulted in a huge crisis than how it is supposed to be.

Yes, the corona is the hot topic now in the whole world and it's normal because people are dying every day! So, it impacts on the financial sector is beyond if imagination! Bitcoin's price is too much volatile that you can't say what gonna happen in the next 5 minutes. I have never seen this type of volatile nature in Bitcoin in 3-4 years! But again, I am.optimistic like you, I have faced the worst scenario already, so, right now I am hoping a bounce back before the halving!

Bitcoin price can decide to go wherever it wants without the reason having to always be about coronavirus. What i have noticed in the world of economy is that people love to use panic to manipulate prices of commodities and assets.

Why is it that when the bitcoin price rises nobody cares or talks about what could have lead to the price rise?

Bitcoin price was still good during China attack by COVID-19. But when its become global problem then its start affect on global economy. Since Bitcoin isn't out of global economy so bitcoin price has dropped as well. It would recover but not going to happen very soon since COVID-19 still out of control. It's not just problem of China now, almost countries badly affected. So when this problem will overcome then most likely bitcoin will start recover at the same time if global economy.

The corona virus effect can actually be split into two, one being the virus itself and the other being the panic that it has currently caused. The economy was affected by the former naturally, especially by factories temporarily closing down to prevent their workers from being affected as well as aligning themselves with the decisions made by the government in terms of the quarantines done in their respective cities/countries. As for the latter effect, most of the affected ones would be the people panicking, especially those who would be willing to buy sanitizers/tissues/alcohol at a greater price than it originally was.

Bitcoin price would probably return to normal once a vaccine has made for the virus. The virus may take some time to subside itself, but once a prevention/treatment has been administered, the world would most likely understand that everything would most likely go back to normal, and well, naturally, the market as well.

Well we all know that the first outbreak really come from China, initially though they don't want to accept it and even suppress local doctors who first discovered it not to go to social media and leak information. But it's too late as the virus spread out in other countries and everyone has been affected.

And after that, all hell breaks loose, traditional markets, our beloved crypto's nose dived because of this. And it also means that indeed every economy is around the world is connected, that's why it really causes a lot of financial woes for every nation. So let's see how bitcoin will react if there is a new wave and the potential victims numbers grew exponentially in the coming weeks.

just in, the coronavirus vaccine trial will start this coming Monday. but unfortunately, validating its efficiency will be a year to 18 months according to them. large number of population will be infected in that long period of validation. however, it is already good news that they already develop this vaccine.

https://www.marketwatch.com/story/coronavirus-vaccine-clinical-trial-starts-monday-us-official-says-2020-03-15

https://www.kiro7.com/news/trending/coronavirus-trial-vaccine-be-tested-monday/CZPXQYEFMZB5NCLRJPUSGKYOYQ/

and it might be true that this virus may infect about 60% of our global population. i hope respective drug manufacturers will release the vaccine commercially as soon as possible.

https://www.theguardian.com/world/2020/feb/11/coronavirus-expert-warns-infection-could-reach-60-of-worlds-population

Corona Virus makes all countries have emergencies, and the government doesn't let their people visit another place. The government suggests their people stay in their homes, and if they don't have an urgent thing that makes them got to go to other places, they better not leave their homes. That is for preventing the virus, and people need to care about their health.

And we knew that bitcoin has also get down deeper without we can expect, it could give the impact too with the crypto market because the other market like the stock market gets down too. But many people, including me, still believe that everything will be okay, and the vaccine for the virus will be found from someplace to help people.

The traders need to stay calm to see the market still unpredictable, and they need to manage their funds to prevent the loss. The market will be rise again, and the bitcoin price will increase and make the new highest price in the future. Meanwhile, we can buy more bitcoin in these situations so we can make sure that we will make a big profit when bitcoin price get ATH.

Bitcoin is still going down, and lot of global markets now are starting to dump also, The scenario this month is dump after dump, there's a lot of circuit break at the stock market right now. This virus is not just infecting people but also bringing down the community and it's economy. Here in Philippines we have cases of infected here and our Government just announce an enhanced community quarantine, no more transportation and no more jobs, we all people here should stay at home, this is for safety but when you analyze it, it has a drastic effect at out economy and it's very sad. I expect more dumps to the following days because of this crisis, I am hoping that this virus can end now and we can continue our normal lives.

Panic makes sense in places like China and Italy right now, in some other nations it has caused some discomfort as well, like USA for example or Spain and France and other places like that. However, I do not understand this global response to it. We are talking about a disease that has a 20x times recovery rate than death rate, we are talking about something that kills less than 2% people who got infected and most of them are 80+ years old as well.

Definitely, you can say that people do not want to get it so they wouldn't spread to elderly but I feel like they are acting as if they do not want to die from it themselves and they are actually hurting 80+ year old people by buying so many things and creating a panic, that panic could result with some death as well if those 80+ do not get what they need.

I believe that the whole world is only entering a decisive and critical stage in the fight against coronovirus.
The economies of all countries will be in great decline due to external and internal economic constraints in the country. In view of this, all markets will continue to fall, as well as cryptocurrency.

I couldn't agree more with @TravorS. The virus outbreak is a real problem and what's even more worrying is that its spread is exponential, so its rapidness has seen several severe cases with quite a few already dead. The fact that every country's government is applying policies in place by means of reducing mass contact means a toll not only on the crypto market but the whole world overall.

On the positive side, the climate is benefiting from it, though it is a shame that this is caused by this devastating event  :(

Yes, I think that coronavirus is one of the reasons why the market may fall so far, it was predicted because it spreads around the world, as a result, the sector cannot function and the economy is declining, not just in cryptography, but also in stocks and others also in decline.


of course it is natural, if people see the outbreak and the transmission is so fast that they panic, you may not feel like you are in a country that has been so infected by the virus, so you say you see it from only one angle.

Corona wasn't problem when it was stayed in china. People start panicking when it was spared in Europe countries and after globalize. Well crypto currency is part of this world so if the hole world economy suffering because of this virus then it's genuine thing that corona gave bad effect on crypto currency also. Honestly i didn't expected this huge dump but you can't say in this situation how much will dump any currency for people panicking.

Hopefully thing is i hard this virus can't survive in hot temperature. So According to scientist corona will be vanish upcoming summer season. There is no doubt btc will rise again after that. Hope upcoming halving will be the bump target point.

I'm more worried about, how people, whether infected or not, will be able to manage food if some will get removed from their jobs due to the fact that employers don't have money to pay their employees because their Head officials have asked them to stop all the operations and wind up everything due to facing sudden miscellaneous losses based on Coronavirus outbreak. Even if Govs will provide food to our homes, it'll be for a limited time only and when our cities will look like burial sites because everyone is scared of this virus and nobody will come out, how will all of us manage to get food. A person earns to fill his stomach, what's the worth of our money when we won't have our appetite satisfied?

You cannot rule out the damm virus and the economic problem predicted to happen globally. But, most of it is price manipulation by the whales. Bitcoin was invented after 2008 economic problem to tackle the centralized dependency. It is supposed to be immune from outside issues but there can be some effects as it's value depends upon fiat.

It seems that no one still is finding a cure for the virus even the best scientist in the world are still trial and testing vaccines and now that vaccine is on the early stage. Didn't expect it to affect Bitcoin though, it seems that the stock and Cryptocurrency market are correlated with each other.
But if these virus continues to spread we might be see a possible end of traditional money and Bitcoin taking over.

There is always optimism that BTC will rise again but no one can know the exact time or roughly how long it will rise again, because it turns out that the 14 days that we often hear to do quarantine is not the actual time that this virus will actually clean from a country, that only time is used to reduce the spread of the virus, because if its spread is not slowed then the hospital will not be able to accommodate covid-19 patients resulting in increased death and makes markets around the world panic and it will be difficult to carry out recovery when the virus is already can be solved.

The scientists do not yet found the vaccine, and I think they still trial and error and find the right formulas to cure the virus. It is not easy to find the vaccine as they need to test before they can conclude and spreads the vaccine to people out there. It is affected by all things in all countries, not just crypto but as you said, it is affected too with the stock market.

That can be possible to happen because if they use crypto, they can buy something and pay the cost from their home so that product can be sent to them directly after they receive the payments.

You are right but now it is not just Italy or Spain but the number of Coronavirus is increasing No one can tell if it will be prevented. Usually the price of bitcoin has dropped so much because of the Coronavirus, but if it is possible to control it then the market will return to its previous state In fact no one thought that the Coronavirus would have such an impact on the country's economy.

The corona virus not only made the price of bitcoin fall far enough, but it made the world economic crisis. This is a real problem, it must be
quickly find a solution. Regarding bitcoin which fell due to the spread of the corona virus, I'm sure bitcoin will soon rise. Price reduction
now just because the market is panicking for just a moment. Over time everyone will realize that bitcoin will be the solution in the midst of
this problem. If bitcoin is used as a payment it will be very good, because bitcoin transactions do not have to be physical contact. So we can
avoid corona virus transmission.

Unfortunately world economic problem is not a thing we are unsure about, it will happen and it will hit hard, very very hard. Governments are literally talking about how they could potentially help people out right now.

In 2008, the crisis was due to banking and mortgages and all, and there was even some morons who got paid by banks talked about how "banks went bankrupt because people didn't paid their mortgages, so the taxes they paid should go to banks in order to save those banks from the doom those people created" and that is by far the most morally and ethically disgusting defenses ever.

However, this time ALL people are affected and not just some business, with 800 billion dollars like last time (or even 1.2t this time) you can literally pay every single person 2000 dollars in USA. You know things are going horrible when countries are talking about giving out free money to people because economy will literally shit the bed unless they do.

I hope OP can see that today, bitcoin price can rise again and break $6,000, and we hope that the price does not stop for breaking another higher rate. The candle still gets the green candle and the price still trying to go up. I think there is a war that happens in the market, so it will be excited to wait and see what will happens later while we can also enter the market to buy or sell. But still, be careful because the price cannot be predicted.

I believe this happening right now in Bitcon is another reason to stay still from being connected in crypto because I know the rising day will come soon. Just keep believe and keep believng because I know patience is the key to be succces in any aspect of crypto. And even the Corona Virus has effect to Bitcoin price down, still we need to keep believe to its ability to rise even to its huge dumping to its value.   

Yeah, the rising time for bitcoin will come, but before we go there, we need to enjoy for what will happen with bitcoin. We can buy more bitcoin if we see the price is down and then hold it for a while, but we can watch the price moves without doing anything. Believing the bitcoin power will help us to stay calm and not worry about the volatility of the bitcoin price. That is what we need to do if the price is up and down like today.

I am sure that what is happening on the cryptocurrency market is primarily due to the manipulations of speculators and certain groups of cryptocurrency users who, as always, manipulate the market for their own benefit.  I am sure that the coronavirus epidemic negatively affects the economies of different countries and the income efficiency of not only medium but also large businesses.  I believe that coronavirus will be the main causative agent for the next economic crisis around the world and cryptocurrency, as before, will become the most demanded for every major businessman, as well as for the whole society.

We are all saying corona virus but the real problem here is panic and uncertainty of what the future holds especially life to live on if infected.

But places like China seem to be containing the virus so does that mean they get to put their economic problems back in order? I don't think so.. you need other players(countries) to participate and that's not happening so this pandemic will be with us for some time as some countries are now experiencing the pandemic and a price recovery is not on my cards anytime soon.

Not only China,almost every country is facing this issue and getting hit on their economy because people have no money to spend and even if they have they are not allowed to ram everywhere due to this virus but countries concentrating on health over economy so later they can able to recover from the crisis.But the price of crypto currencies able to recover as well in very short time but didn't reach the full recovery but hopefully in one or two month we may see full recovery on its value.

Initially, tbh, it could've been controlled. Sadly, China failed to realize the possible repercussions of letting it roam free at its initial phase, hence the immediate spread of it towards other countries. Not only that, they only realized it when the number of cases has numbered over a hundred or 2. Sure, even if we do say that they quarantined everyone, some may still have escaped. BUT the idea of having alerted the country towards the damages this virus could cause, countries to become more avid in deploying resolutions so as to prevent its spread.

Additionally, I doubt the virus itself was the problem for BTC drop. Especially since if you were to look at it, the virus couldn't even touch BTC even if it wanted to. Sadly, the virus could affect the mind sets of the traders, hence the massive panic which resulted in the massive sell out of BTC, which lead to a huge crash of more than 50%.

Well, the drop is no longer 40% so we can take a big deep breath and calm down. I know people want to see bitcoin crash and burn because that would be great for their confidence, they envy that they couldn't make the profits we have made so far, they couldn't get in as early as we did and whenever they themselves tried bitcoin just happened to go down so they are basically hating on bitcoin from all angles right now.

However in reality bitcoin is doing great, it will continue to do great as well, that is just what bitcoin is and that is just what bitcoin does. Price drops will always happen, it has happened before as well but we recovered, we will recover from this too, we even recovered big parts of it and just a small tiny part left which will happen in a few days for sure.

This virus spreads almost all over the world and certainly causes everyone to panic, investors begin to withdraw their investment and sell bitcoin to help everyone or their own families. But today bitcoin is back strong and the market has slowly recovered

I guess world economy hasn't seen anything just yet, I mean you do realize that we are living basically the same life in the economical sense as ever right? There are people who got laid off and that is the only party that actually felt this crisis, aside from them there is really nothing visible that has changed if I am not wrong.

We are going to see something MUCH MUCH MUCH worse in the future because of this time, the real trouble hasn't been felt just yet, it has been just mentioned so far, the real trouble will come with a huge rage and we will have nothing we can do to prevent it. All those profits that companies needed to actually continue? They are all gone, when those companies have no profits and get losses, the first thing they will do is fire more people, that moment we will realize the real crisis.

The situation with the virus is now so ambiguous that it causes great excitement in the market and it fits perfectly into such events. They never go away without a trace, on the other hand, I would like to note that it is those who start to panic against this background that create no less excitement. It seems to me that there is little we can do at the moment and we should be observant. The fall in the value of some assets is now inevitable, as is the growth of others. And I don't think that any of these companies will go bankrupt, the negative changes are more likely to affect small and medium businesses, that is, companies that are currently engaged in unpopular goods or services. The levels of large companies are quite confident now, so we can make money on it, but still do not panic.

The corona virus is difficult to control, because it can be incubated for a long time before being detected. So I think the epidemic situation will be very bad before we can make vaccines.
There are many opinions that the epidemic situation can cause worse effects than the 2008 economic crisis, because the epidemic situation makes almost all business and production activities become stagnant.
When the economy goes down, the amount of money invested in the cryptocurrency market will fall sharply and the market will face big problems.

I think we will see the devastation of the corona virus on the global economy quickly. Many companies have suspended operations, many international flights have been canceled, many countries have closed the border.
When the normal activities of the world become stagnant, the economy will surely be adversely affected.

Those areas where economic losses is seen is to be expected since economy is al about people and its country's GDP. What I'd like to point out though is that even in this stressful situation cryptocurrency is one again showing strength and eve more of a reason for it to exist. This is a perfect example why crypto is great and a system that is more robust than the current one

I think that if this epidemic lasts a few more months, it will definitely cause a world economic crisis and this will only make things worse.

Without a vaccine, we never feel safe and hope that countries with highly developed medicine such as the US, Germany, and France will soon find solutions to prevent this virus. I am not afraid of corona but if I don't have the money to sustain my life, I will definitely be tired.

Corona virus just affected some portion of crypto space, but not the whole market itself. Some portion of this would be just the panics of people exiting the market due to the need to buy their needs as the lockdown is being done.
Many country, from what I've heard, started to quarantine their paper money to avoid the risk of further spread of the infection. I think people are stuck to cashless methods like Bitcoin and bank cards to buy their needs especially in those with a total lockdown.

The pandemic coronavirus effects a lot of things our lifestyle, jobs, businesses, habits and others. The price of the bitcoin could not save in this pandemic coronavirus, because as we can see when it spreads throughout the world many people are panic selling because of the price drop of bitcoin. I guess this crisis neither will it last long because when the cured was discover everything will get back to normal. But for now on, we must pray first to our God that this crisis will end up soon and for our health, because nothing is impossible if we trust all of these to God.

I agree that in catastrophic or war situations, cryptocurrencies have proved to be very strong and hard to be overcome.
However, I do not agree that cryptocurrencies are a more powerful system than the current system. The current system has existed for a very long time and it has many advantages, perhaps the cryptocurrency will catch up with the current monetary system but it takes a very long time.

Yes, if the vaccine does not appear soon we will witness the collapse of the world economy.
Many countries will have to close, many companies go bankrupt and many people lose their jobs.
If the vaccine didn't show up, I think the epidemic would be more devastating than the 2008 financial crisis.