Bitcoin Forum

Andreas Antonopoulos warned us about an imminent bitcoin crash two months ago. BTC Twitter tries to keep their spirit up with humor and pain sharing:
 
https://www.cryptozink.io/coronavirus-panicking-leads-to-bitcoin-crash-60-percent-in-hours/

Another COVID-19 story to link with bitcoin. Another attempt to think USA is the leader of the world.

Is it very hard to believe that some scammers from Korean country has sold off over 100 million of siphoned money? The world market is bleeding because majority of the production factories are shut due to the COVID-19 pandemic. Majority of the service sector people are working from home wherever possible to keep up with the demand. The overall sentiment in the market is very very bearish.

What on earth it has to do anything with bitcoin? While we don't have a particular answer why the crypto market is bleeding - people are happy to link it with the COVID-19 outbreak. But the story below sounds more convincing.

https://www.coindesk.com/bitcoins-sharp-price-drop-may-have-been-prompted-by-100m-scam-selloff

June 2011- $31
Dec 2011- $2

Nov 2013- $1242
Dec 2013- $600

And from ATH in 2017x BTC later reached $3200 may be in 2018 and again rose to $13000.
It is not the first and it will never be the last to see such volatility.
Since there was no lack of investors back and each time with such dip, BTC came back with much stronger, I think there will be no problem at all.

Add those two and the answer will definitely reflect on Bitcoin's price.
Yes, the plustoken scam and dump had the biggest impact, lossing billions of dollars in the market cap.
But, the panic from the pandemic adds to the burden.
That's why you can't blame these people from linking the covid-19 to the current price slump of Bitcoin.

We don't have any concrete explanation during the price went up and down though, all we have is speculations and rumors, thus it can change the market sentiments.

The last crash was 80%+ and we recovered back to almost $13 000 in the next year. Why would a 60% drop in the price be any different now? Global stocks and shares are taking similar hits now, so everyone are feeling the same pain.

Things will bounce back and we should rather focus on the investment opportunities that are being presented to us now, in all the low prices that are on offer. I bought some bitcoin at $4890, because I know I will make a profit on those coins in the near future. < If it goes back to $9000 to $10 000, I will make a 100% profit>  ;D

I agree to what you are saying but you forgot another important aspect.


Global economy meltdown -2008
Bitcoin invented - 2009

Covid 19 - 2019
Global economy meltdown -2020

If Bitcoin can survive this meltdown which is going to be big then it will be immune to any such issue. This is the perfect time to test it. This is the reason why it was invented in 2009.

I am hopeful it will survive..

It’s good that he predicted the crash, but I hope that he understands that it’s not just bitcoin but every other stuff that there is because the current economy now is different and there are a lot of people cashing out there earnings for the need of supplies to last this type of event.

For the investors in bitcoin, I think it still necessary to consider the the fact that it is yet the number one cryptocurrency, and it’s going to be mined continuously, and even if it goes down in value, it will still be a good asset in my opinion.

This plummet would surely hurt the investor reputation of bitcoin but I think there are a lot of oppurtunity for the bitcoin to rise again, be patient and it will go skyrocketing again (I hope). We don't really need to lose hope. This pandemic will be over in a no time and when that happen maybe a spike will happen.

btc as the whole market is still bit down. We can't say in could get well after recent 2017-2019 crisis

Bitcoin doesn't need investors. A good currency has very little investment. Bitcoin will have succeeded when nobody wants to invest in it anymore.

This is just temporary. It's not like Bitcoin died or anything, it's usage become non-existent or something better than it came up ( and even if it actually did, i'd guess a split or so of investors). Mostly because of the panic currently ongoing around the globe, Bitcoin has dropped down by such a huge amount. A lot of factories have temporarily closed down, a lot of businesses started closing down temporarily as well, people have no source of income (temporarily) and they are in need of money to spend towards supplies (*ahem hoarding ahem*).

Expect that once a vaccine has been made, panic would quickly subside and the market would probably start going up like really quickly. Why? Because the most threatening problem on the eyes of the populace is gone, so they'd probably strat returning to their everyday lives. Once they see the market and it's price, who wouldn't buy it up right?

I think no, from here on out Bitcoin will be widely known and popular as an alternative investment to safeguard people's money.
If the economic crisis continues to plague fiat and stock market investors/traders then some people might start venturing to other better and valuable asset such as Bitcoin, Gold or Silver.

I guess bitcoin will not hard to find investors after this because many people are already buying bitcoin at $4,500-$4,900, so they only need to wait for a while to sell the bitcoin at a high price. And if the price can rise so high, that means their profit will become bigger, and they will have a chance to recover they're lost before. But if bitcoin price still not increase so high, and the price comes back to the lower price, perhaps, they will buy more and more bitcoin, or they can hold the bitcoin for more.

vaccine is already in trial phase as we speak. and there are quite number of institutions and pharma companies that are into developing the vaccine. about 35 companies are racing to find the vaccine. I guess the number of companies is more than this as it is around the globe that is finding this precious vaccine and possibly cure for those that are already infected.

https://www.theguardian.com/world/2020/mar/17/when-will-a-coronavirus-vaccine-be-ready

https://edition.cnn.com/2020/03/17/health/coronavirus-vaccine-first-dose-participant/index.html

we are starting to see green again in the market. i hope there will be more positive news coming from these companies in the coming days. so the situation of what we have right now is just temporary, it is not forever that they will not find solution for this pandemic.

Linking a virus to Bitcoin, again and again, lmao :D By the way the Crypto Currency Bitcoin is created not a form of investment if you have carefully read Bitcoin's whitepaper. Bitcoin's value depends on the people who trade it and not the people who invest or bought it, for example, Bitcoin can soar really high without any new investments as long that the majority of the hodlers hodls it and not selling for a low price if you know what I mean.

This time suppose to even be the time that bitcoin suppose to grow in my own opinion because there has been numerous reports that the virus can be spread through contact between the infected person and the fiat currencies which when pass around can be contacted by an individual. In such instance, BTC and other crypto suppose to witness higher usage for purchase of goods and services since it is not like fiat which can be transferred through direct contact when trading

Bitcoin will come back for sure, bitcoin is a strong asset, it's been declared dead many times and prove investors wrong many times.
Just try to think of the possible future income, usual reason why bitcoin dump is due to the panic, and this time is quite a big panic is happening, but can we ask our selves again, have we not learn already on what has happened in the past? if the answer is yes then we should hold.

Yes there is a pandemic but nobody says it will stay forever, the world will not end on this and therefore business will recover, economy will boom again and bitcoin will bounce back.

Or, maybe we need to again remember that Bitcoin's never needed any excuse to drop or spike suddenly. Events could be related, could not be, but people then follow their emotions in a flurry of self-fulfilling prophecies.

Re world economy collapsing. Surely we can't blame coronavirus too much when even banks were already warning of imminent meltdown as early as 2017? The regular "global crisis" cycle is just coming back. Normal bank knee-jerk reactions are happening, GDP slowdowns already noticed long before Wuhan hit the panic button.

Not saying there's no effect from corona. Just saying banks and states are probably slightly relieved they now have a scapegoat.

Did Andreas Antonopulos predict the coronavirus panic?Is he the new Nostradamus? ;D
Will Bitcoin "find" new investors after this crash.Sure,why do you even doubt this.New investors will come for sure,but the important question is "When?".The funny thing is that many people were thinking that a digital asset with such price volatility can have a stable price and act as a safe heaven in case of a global disaster.
By the way,I won't click on the link you posted.I don't know anything about this website/blog and such blogs might have malicious code.

Same way people can't give a valid answer when btc rise in price is the same reason why no one can give a valid answer to your question, i guess the only valid thing to do at this moment is to wait and watch, this dump has been attributed to various reason but nobody can say for certain what is the cause, so asking this same question all the time won't help anyone, the dump has already happen, what is left now is wait for recovery, btc will definitely recover.

If there are no investors, then the price will roll down, always down. People who receive cryptocurrencies for any actions will sell it, and if there are no investors, then there is nobody to buy, which means a drop in prices. Investors are needed.

One could argue that miners are investors. They invest in mining hardware in order to yield bitcoins.

Bitcoin doesn't need speculators and traders, but I also think speculation creates adopters. If not for the bubble in 2013, I may never have heard of Bitcoin. I originally bought in because of the hype, but now I'm a frequent user and not much of a speculator.

How many people invest in dollars, or euros, or yen? Not many, yet that doesn't seem to affect their values. Anyway, only the investors care about the price and investors aren't needed.

Invesing in fiat such as dollars, euros or yen is different from investing in bitcoin.

The value of fiat remains because the government maintain its value. While in bitcoin, the price determines based on its market demand (investors) and its supply.

We still need the investors but we don’t need to panic. Nothing bad to bitcoin, it just happen that the market is not good and the price of bitcoin is affected on that. Investors will buy again at a dip price so don’t worry whale are still here and waiting for the right time to buy and sell again.

The scam sell off happened to take place the same time as the coronavirus huh? If that's the case man, I'm happy.

"Bitcoin doesn't need investors." Then who's going to buy & sell?

Never knew he predicted the market crash, I greatly admire and respect Andreas. Well this tumor ravaging the world economic is just the Virus, drugs are been tested and this will signal a market reversal. I just hope people who offloaded their crypto asset to fiat don't get caught off guard when things turn for good.  The eye of the world is on bitcoin market you will be surprised the caliber of persons secretly buying and keeping bitcoin for the future.

Bitcoin will lose a little due to the fact that some of its holders are disappointed that in this situation with the spread of coronavirus, Bitcoin did not become a reliable refuge, but rather, along with all markets, it lost significantly in value. However, this opinion was originally thought up. Bitcoin was issued only as an alternative means of payment for existing payment systems. Now the last five days, the price of bitcoin has more or less stabilized, which means that as soon as the coronavirus declines, the cryptocurrency market will begin to recover.
It is entirely possible that, given the reduction in reward for manners for each new block mined in May, we will immediately see a good growth in bitcoin and the cryptocurrency market as a whole.

almost every section of this forum has Corona Virus connection story and all takes the blame in that Virus lol.

we have been in this kind of situation for how many times,60% loss is not that Big compared to what we have from 2017 -2019 but did the market stays dump?

we will recover again that is one thing i know,and even if Investors take their money?bitcoin will stay ,maybe with low value but will not be wiped out.

I believe Bitcoin will always rise up after a crash. Investors already know it like the palm of their hand. The crash happening today is because of panic. Markets are all down. When this pandemic ends, investors and other people will start coming back to Bitcoin once again. They are just waiting for the right time, and we have to accept that it will take some time.

That's definitely in my definition of investors. Most people I know buying or trading, don't actually have bitcoin? They're just trading numbers on a screen, either as outright derivatives (futures maybe) or just "bitcoin balances" on trading accounts. These to me aren't investors, purely speculators. And you're right, they shouldn't be disregarded or dismissed. They do their bit for awareness, which then opens up adoption. Every participant has a role in this ecosystem.

So Bitcoin may have a hard time finding new speculators, or convincing old ones to keep speculating. But the miners, the users, these are the investors and they know to expect these dips, as they do the parabolic rises. Nothing changes.

Why should Bitcoin find Investors after what happened to it?? There is no reason for it to happen.

If you are a good investor, you must know that you should have kept some funds for times like this. Times like this where Bitcoin goes down very hard so that you have to use for accumulating more Bitcoin. Bitcoin is a lot cheaper right now than it is weeks ago so if you are a good investor, you must position yourself and buy Bitcoin :). We saw already this cycle. Bitcoin goes up then goes down but will rise slowly. This unexpected drop of Bitcoin happened because of the massive paranoia that the virus created and the leverage exchanges which the longs got liquidated causing the price of Bitcoin to go down very hard.

Buy Bitcoin right now it is cheaper or you will regret it for the rest of your life :D. Kidding

BTC will always find investors.  By how the market works, it doesn't need more investors to reach its ATH again. The markets only need few people bidding each others price and with scarcity, its price can sky rocket and the moon isn't even the limit. You can just wait til the scarcity kick in, before the next 4 years come you'd be seeing prices going up again.

Covid19 is just a hiccup to this market. There is a good side to this event too which countries affect may now consider cashless because they are seeing banknotes are helping the virus to act like wildfire.

Soon or later this crisis will stop, and investors have to put their money into something

Look at the stocks, it's all red too, we are facing a serious problem and our life is at risk, so it´s normal to see BTC prices crashing, stocks, USD etc

This is actually the right time for the investors to enter again.

maybe in a couple of days or weeks when they finally believe that the Bear was gone?sure thing investors will Buy bitcoin again and you will see how fast the price will go up again.

yeah we had a sudden fall in a day but we will make a higher growth after the fall,it may take some time but will surely come.

Exactly what I kind of wonder sometimes. The prediction and the drop seem to have happened, then here is corona virus pulling down countries economy and making people sell off. I mean, how does that get to happen. There was no corona virus before then, now it is a factor pulling price down. How did it really happen this way ?

The corona spread make that prediction to happened, the outbreak of this pandemic virus spread really quick and most of those weak holders who seen that the market is plunging down quickly liquidated their assets and what we are seeing right now is the after effects of this problem.
We will see more if this virus spread more and affects more countries as investors and traders will back out and simply hold their money.

He's a legit and respected guy, and he was right about the crash. What he said, though, is that Bitcoin will go down at least at the beginning. So this seems to mean that even he has a hope that it's not the ultimate crash or anything that will stay for a long while. Bitcoin can still recover, and I think it's been doing alright since the say of the crash, to be honest. The price dropped drastically, but now it's been pretty stable over $5k which is quite strong of Bitcoin.
However, when I look at the recent interview he gave, he believes that the economic crisis is close. He says that Bitcoin might go down along with everything else and that in any case, it's not ready to support a big number of people yet (here's the interview (https://blocktv.com/watch/2020-02-17/5e4ac9cd8c7ba-antonopoulos-economic-crisis-will-be-terrible-for-crypto))...

The only winner here are the exchanges, they are truly milking the space, I believe they allow the market to crash and experience this free fall.It is a learning curve for the space, I have seem some people change their price forecast but if we don't see any real lasting solution to this Virus the  price might dumped further.

That might be true, but it's still going to be months until one hits the market even if a successful vaccine gets developed.  And having a vaccine won't instantly eliminate all this fear and hysteria that's crippling markets--and I wish I could confidently estimate how long it's going to take for bitcoin, stocks, metals, and everything else to bounce back, but I don't have a clue.

With respect to the topic of this thread, I would say the recent slump in bitcoin's price represents a great buying opportunity for anyone who wants to own it.  Plus I'd say that there seems to be some support that's keeping bitcoin from falling ever further than it already has.  It's above $5k as I write this, which isn't all that bad if you think about how bad it could be.

Then again, the worst may be yet to come.  I'd like to think that won't be the case, but it certainly could.

All i see now is cheap bitcoin waiting to be bought, especially now that the Chinese giant is waking from its slumber...

You say this is a test, the test has not finished. When it gets obvious that it recovers, you won't get a chance to get in, it will be too late.

The global economy might or might not recover as quick as bitcoin, but it doesn't matter, they are not really linked. I'm guessing many people were selling to buy other things, that won't need anymore once the virus is gone.

If you want an answer to the question, then the answer is no. Plenty of people worldwide consider bitcoin too useful to let it pass. And China, the first country that went to sleep, is now the first to wake up...

The straight answer is no. This is not just first time bitcoin or crypto currency facing hard time. Remember what happened Q1 2018 but after all drama market was starting moving forward which was continued before this fall. So there is no suspicion that btc will rise again. There will be lot of question in our mind if only crypto currency market fall this moment but  you can see every single marketplace are fall apart because of corona. So after all this drama btc or crypto currency or every market will be rise much properly. And there is plenty of chance btc will bump too much during the halving. So investor will love to invest on bitcoin for big profit.

Holders of any currency care about the price, or purchasing power. I know multiple people living in the UK who avoid holding any of their savings in Pound sterling, because of its weakness over the past decade or two.


Nobody has a clue.

The Chinese government has been testing a Japanese flu drug on COVID-19 (https://www.theguardian.com/world/2020/mar/18/japanese-flu-drug-clearly-effective-in-treating-coronavirus-says-china). They say it's clearly effective and safe. It's not a vaccine, but it offers some hope on the treatment side.

I think no.A stable currency like btc whatever happens wont get hard to find investors.Bitcoin has proven its worth as a currency.

Bitcoin is not stable, it maybe a strong currency but it's not stable.
People say that investing in bitcoin is like investing a high risk asset, that would explain why its not stable.
We can lose our money here and on the other hand, we can also make more money here, this is a gamble, we invested because we believe even without assurance that in the long run we will be profitable on this.

Agree with this based on my personal experience using it, I can use bitcoin in gambling and buying stuff online, so anyone can do the same.

There's plenty of valid reasons when Bitcoin goes up, and down. Its not random, and is impacted by world events just like any other currency. However, just like other currencies finding out what the actual cause is, and being able to validate claims is almost impossible. Causation is something which is studied in a wide variety of fields, and its uncertainty is no different in Bitcoin. I'll be honest, it seems that you probably don't have a grasp on what the possible causes could be, and making a statement such as "Bitcoin will definitely recover" without actually knowing why that is the case isn't a good idea. You may have faith in others who do know, and that would be totally valid, however Bitcoin like anything in this world isn't guaranteed to recover. Do I think it will? Yeah, but I couldn't put a time frame on it, as we haven't been in this situation before. All world economies are shot, and will be for a while after the current pandemic. Bitcoin halving you could argue will have a positive effect on Bitcoin, and you probably would be right. Although, having said that if the current pandemic is still peaking around the world then we could possibly see Bitcoin drop even further before, and immediately after the halving.

I don't think Bitcoin, from now and in the near future, is generally going to be mentioned and famous as an alternative idea to protect a person's cash.

If financial emergency stimulants and financial exchange keep practitioners / dealers plague, a few couples, for example, may start to dare for bitcoin, gold or silver, other better and more important sources. :) :)