Bitcoin Forum

Been seeing a lot of post about the COVID-19 and how it affects different markets like stock, oil and cryptocurrency
but I wonder if these things are just now or it happens every time there is a pandemic disease like this.

I tried to search for some charts that might help to analyze if there are really a direct effect on the bitcoin with https://cointelegraph.com/bitcoin-price-index (https://cointelegraph.com/bitcoin-price-index)

I'm not going to include the 2009 H1N1 pandemic virus since the bitcoin was created on that same year. I'ma start in 2012,
Middle East Respiratory Syndrome Coronavirus (MERS-COV)

DATED from Jan1 to June31 2012 (6months)
Discovery of MERS-COV was in April, Seems like there isn't much effect on the price not until in June when it starts to increase ( about 20%)
https://i.postimg.cc/kMhDRLsm/lol.png

Ebola Virus
Although it was first discovered in 1976, there is an outbreak happened last 2014.

DATED FROM Jan1 to June31 2014 (6months)
The price increased relatively.
Price dump in Feb but recovers in March where the first case of Ebola was recorded.
https://i.postimg.cc/Z0tSFP0r/ebola.png


COVID-19
Discovered in late 2019 (Pandemic outbreak; Recent)

https://i.postimg.cc/P5dqghr1/COVID.png
The price seems great in mid-feb and reached $10K but then it starts declining when things are getting worse with COVID-19.

The bitcoin seems unaffected by the first two pandemic at those time, while now the COVID-19 looks so impactful but why?
The relative increasing of price might be the root why such pandemic disease happen so rattling the crypto space.But then again we cannot assure these things.

I'll update this thread if necessary.

it is not COVID-19 that has affected bitcoin price, it has never been because there simply is no relationship between the two. it is literary every other market that has been dumping and the fear that the weak hands had thinking there should be a dump in bitcoin too so they jumped the ship. with whale manipulation accumulation on top, we've got ourselves a big crash :)

There is no relationship between these two but thing is people behave based on what the situation outside. As what you have said people are simply panicking, fearing and having a weak hands so basically this is because of the pandemic. This isn't just a coincidence that's for sure.

There is no real sample size for your dataset to come to conclusion, the first two are mostly a regional thing and I do not think it has any effect on global market, surprise you did not put SAR Virus in it, which seems to have more casualties than the first two on your list.

Yeah, I get it these are just pure assumptions of mine.

I know that one but it has been 17 years since it was discovered in China, Bitcoin wasn't born until 2009 so I disregard including it.

h1n1 was close to this.  but in theory this is worse.

I posted wiki stats on h1n1  700,000,000 to 1,400,000,000   caught in from 2009 to 2010  and 175,00 to 575,000 died.

those are just estimates.

So if this corona-v spreads to 700,000,000 at 2% we have 14,000,000 dead  at 5%  35,000,000 dead
If this corona-v spreads to 1,400,000,000 at 2% we have 28,000,000 dead   at 5%  70,000,000 dead

Every move of any investment in any market is being based on the numbers above

Every move of any investment in any market is being based on the economic damage to come from fighting this virus.

So  drink that in and think about this from a whale viewpoint.

Hmm   hotels take a huge hit.
Hmm   airlines take a huge hit.
Hmm   restaurants take a huge hit.
Hmm   cruise business crushed

Hmm   ventilator manufacturers looking good.
Hmm   internet remote ip should grow bigly.
Hmm    gold, silver, metals should be good

Crypto coins via mining  I think they are undervalued. (maybe whales will think this)

You have 1 billion in investments how and where do you shift?  This is a big question.

Now that first shock has hit the big money guys they are busy think what to do with the assets they own.

big money guys  are shifting their shit around.

I ask you a simple question today and for the next year do you want  10 million worth of btc or 10 million worth of princess cruise line stock.

I rate btc and crypto ahead of a lot of other investments that this virus is going to hurt.

I feel it will go stable soon and then rise better then a lot of stock for a lot of companies .

But what the fuck do i know I am just a  guy typing on a key board in New Jersey, USA  ;D

Previous pandemic diseases cover mostly in someplace like ebola in congo and in other parts where fine even the nearest country like Tanzania no even a single case of ebola there, it quit different with this disease COVID 19 how it spread  very fast and widely, but what we forget in such situation people tend to use  money and buy staff to stay cautionry no matter how and it worth or not and as you understand china people with crypto and bitcoin, probably many chines sold for cheap to cover expenses on the situation,

I don't really think I agree with you on this. The COVID-19 pandemic has indeed influence the entire crypto market and the stock market. Considering from the day the COVID-19 gained the entire world attention, the market price of Bitcoin dropped to a percentage which has never recorded since Bitcoin was introduced to the financial ecosystem. In as much that there have been bigger crashes in the bitcoin ecosystem, this crash is somehow the biggest. Pandemics always have influence on financial ecosystem.

The pandemic nature of COVID-19 makes it the reason behind the crashes seen in the financial ecosystem. The pandemic nature of COVID-19 is what's causing fear and panic in people. This fear and panic is the basic cause in the crash of the market value of Bitcoin and other cryptocurrencies. In my basic understanding, COVID-19 is actually the cause of this crash of the Bitcoin market..

Because unlike previous cases like MERS or SARS, COVID is making a lot of countries closed their borders from everyone. Manufacturing companies shutting down and a lot of business are closed. This is my first time in my lifetime to experience this kind of impact from a virus. Have you seen countries or areas that are totally lockdown because of MERS or SARS? From what I remember only few areas are in lockdown. But with COVID, it is around the globe, flights are being cancelled in and out of countries. That's why even bitcoin is affected because most crypto users even if it is scattered around the globe, they are almost all affected by this pandemic.

Not the virus itself but its really more on the action of the people. Besides, there’s no mass adoption before with bitcoin and people have no care to bitcoin at all before so we can’t see a big dump from the two previous pandemic. Covid19 is totally different, on this time more people already know bitcoin and almost all the investors are panicking and the effect is really bad for the market of bitcoin.

I want to really commend Op for the thread. It reminds me of Ebola too in 2014, it was a battle too and I believe the way it was fought to standstill, corona virus too will go down

Yup. In my group of friends I saw in a smaller scale how this panic manifested differently on each of us. Me and a couple others decided to stand strong and hold, but another friend for example decided to sell because he was short on cash, and good call on him as he sold just before the dip, so I also wouldn't go too hard on people who sell calling them weak hands, maybe their current position in FIAT and whatnot wasn't as confortable as others.

So while yes there's no relationship, yes, also, it isn't a coincidence.

MERS epidemic was small, so it didn't affect the markets much. Same goes for Ebola - the fact that Bitcoin dropped during that time is a coincidence, as Bitcoin was experiencing a bubble that popped at that time. Now the recent crash was different, because it caused a real panic on stock market, since all countries were taking drastic measures that hurt their economies. Bitcoin was always a risky asset, so this time when things actually got serious, investors started selling it, which triggered a big crash.

Maybe the reason that there is an impact felt in the cryptocurrency market is that if you look at the spread of diseases. Ebola and Mers was not declared pandemic but it is different for COVID-19 because it was declared WHO as a pandemic thus creating a ripple effect in the market.

They are panicking because the current situation is not normal where it is not like the recession that happened in all these years. The crash happened because all of the financial markets are falling where people are now want cash in order to preserve their wealth. The crash means that investors are pulling out there money because of the fear, we should be prepared more on what will happen in the market because we are now in the oversold zone where the sellers are in control.

why not use the stats of regular and annual "influenza"?
there has been 34 million cases of flu in the United States, 350,000 hospitalizations and 20,000 deaths. and that's just US and this happens every year not just a short term pandemic.
in comparison all over the world there has been 219k total cases with 8k deaths of coronavirus.

i said this before too, the only reason why COVID-19 is causing panic like this is because it is new and "sexy" and the media is covering the shit out of it. and of course the market manipulators are enjoying it a lot with their shorts in all markets (stocks, gold, oil, bitcion,...)

The correction in traditional markets have spiralled into cryptocurrency - likely due to margin calls and such

Back in 2012 and 2014,Bitcoin wasn't widely adopted and those viruses (MERS and Ebola) weren't spreading with a lightning fast speed across the world,causing panic and closing borders.Your comparison is completely wrong.Anyway,I'm glad that the Bitcoin price is stable at around 5,2K USD.There might be another decrease to around 4K USD or even lower,if the extreme situation continues.I think that the pandemic situation will continue in the Western world for at least 2-3 months.We don't know how the virus will react to the summer heat.

all related to emergencies will certainly affect crypto including bitcoin. because even though not directly but the impact will be affected as well and many are panicked in responding to this. As the epidemic is gradually resolved, it will return to positive things again. I hope this epidemic can be handled properly.

I support for those who says that the situation of bitcoin now is really different with the privious pandemic. Have you consider that Chinese's people give a lot of effect for bitcoin price? And now when the corona virus came maybe they were intend to sold their bitcoin because need money to buy some stuff to meet their daily live. So as the price of bitcoin felt and make many user panic and sold their bitcoin as well. Yeah Chinese's people has been overcome bitcoin mining, I saw in a lot of news who stated that chinese have more then half bitcoin miner on this world.

From the previous week there are a lot of things happen related into our world there are a lot of unexpected happening and even and one of this is the pandemic outbreak happening because of the coronavirus of the ncov-19 this virus is coming from Wuhan, China and it came from eating an exotic foods came from insects, bats and more and we cannot blame because it is a tradition of them. By this, the stock market to falls down because of the problem we have today still we are looking forward to make more earnings after this kind of downfall. Some of the people holding their bitcoin is rapidly selling on it and a huge impact to the world market and this is not quite good because the market price of the bitcoin came from 8k dollars immediately fall down in 5k dollars also we are hoping the market price will bring back and becomes profitable soon also halving is coming.

Because as far as information goes the SARS epidemic happened in 2003. 6 years before bitcoin was even born. I believe that though pandemics and cryptocurrency  prices aren't directly correlated, diseases and world-wide epidemics like the COVID-19 can still affect people's thinking and would then cause them to dump out their investments. This is just my inference but I see strong evidences supporting it. And as I have mentioned, despite SARS claiming more lives than COVID-19 or MERS-CoV had claimed during their duration, it was the fact that the issue blew up 6 years before the dependent variable have even existed.

The effects of pandemic on bitcoin is directly related to how severely it affected the global economy.
In case of Covid-19, it affected the global economy really bad crashed the market. This created a huge impact on bitcoin as well and declined it's price by half.
It's not necessary that every pandemic situation will impact the market in the same way.

Is it really connected or is it just that it happens at the same time the virus gets viral.
I understand though that people will need money to spend for their necessities and it will be a lot if it will take a month to stay at home.

But here is the thing. Bitcoin became a store of value. Which means it is just like saving something.
Don't they have an easy way to make money rather than selling their bitcoins?
They could just withdraw their money from their respective banks and it will be easier.
Why such efforts into selling bitcoin in an exchange and then going thru banks to make it cash.

I am still in doubt if people really sold their bitcoins or it just happens to be bitcoin is being dump while the virus came viral.
Some may have sold it but not that much of them.

Yet the hashrate of what holds the blockchain together does.
https://i.ibb.co/chCdx3H/Clipboard012.jpg (https://imgbb.com/)
They could of caused the dump since on Feb 15th was when it started to shift of these miners calling for a combined sell off all at one time.

It is anic that mainly drove the prices of everything down. With the way the governments of the world are responding to this pandemic, it's not surprising that people would react frantically to everything as of this moment. Add to the fact that almost every essential supply is being hoarded, so it's possible that investors and traders sold their stocks/coins in the mean time for fast cash to utilize during the outbreak. No one expected such a full-blown pandemic in 2020 and here we are.

I did not take note of the pandemic that occurred in 2009 but I am very much aware of the ebola virus. In fact, it affects also my country but non of the pandemic you have mentioned above seems to spread very fast like this coronavirus. During the time ebola, it only affected much of some of the African countries and most especially Liberia. From what I have read about the virus, It is not new but the recent one is a mutation of already existing one with nobody certain if there will be a cure. This is enough to make people panic and draw the world economy down.

While I appreciate the research of the OP bitcoin did not really became popular until 2017 so I do not see the point of trying to see how bitcoin behaved during the previous pandemic crises when almost no one was using bitcoin at the time, the reaction we are seeing now in bitcoin is natural, almost all the markets have taken a beating since no one wants to speculate with volatile assets when they are concentrated in more important stuff and I do not see why bitcoin should be any different.

So it means it is because of the pandemic right? Cause it is the one who caused the people to panic and sell out everything they have.

Well aside from we are not prepared with the ongoing situation people are acting like it is the apocalypse when they hoard and it sucks seeing people beg for food and other necessities right now like masks, alcohol, disinfectant and sanitizers. But for the market, I expected it to go down, actually beyond this. As pandemic is getting worse, the recovery we want might be hard for us to do so.

OP, I think that the comparison with other outbreaks is not particularly accurate because as far as I know the main event that triggered the drop was the WHO announcing the pandemic of COVID-19, and the last time they announced a pandemic was back in 2009. Other outbreaks did not earn this status and coverage.
I agree that there's no direct link between the two, just like no link between Bitcoin and other diseases that used to be spreading before. However, I do think it's more or less accurate to say that the ultimate reason behind the current price drop is COVID-19 or, rather, the way it's been covered by media. You're saying it's because of other markets dumping, but they wouldn't have been if it weren't for COVID-19.

I do not want to underestimate the degree of danger of any virus or disease, but nevertheless, even in this particular case it seems to me a lot of information is exaggerated.  Perhaps on a global scale, the government does not have any ability to cope with problems and therefore escalate the situation.  But one way or another, due to the quarantine rules introduced in large cities and practically because of the self-isolation of most countries of the world, large companies and Big Business are failing.  Many enterprises and factories do not work, and this already affects the financial condition of people.  In general, the situation negatively affects the economy of individual countries.  But what is happening today in the cryptocurrency market, It seems to me that this is primarily due to the fault of speculators who want to get some benefit from the current situation.

Bitcoins is not sky rocketing due to the pandemic but instead bitcoins is actually being used by the people a lot .
The people are using bitcoins for the transactions , for buying and selling , for sending the money overseas for their distant relatives , for earning , finally bitcoins is being used as normally as Fiat.
At this time the Fiat is crashing and the banks are selling their stocks to maintain the value for the respective Fiat therefore it is even getting worse for them .
The time is really critical but Bitcoins is supporting people now more than ever.

Well said! Everything would really be on domino effect when the whole world is on trouble plus the the panic it do cause.As a human being it cant really be a avoided that you would normally act and do appropriate things in means of survival.No matter how die hard hodler you are when you are already in the verge on such situation then cashing or converting your assets this time is on high chances.

we know that this unpredictable market can really be affected easily on news or sentiments which you cant totally say that this current dump doesnt have any connection on whats
happening now.

Right, this is a domino effect. Although many people assume that the downturn in the crypto market is not directly affected by the COVID 19 pandemic, the fact is that this is happening in almost all declining economic markets. It's just that the crypto market has a niche that is more unique and difficult to guess, and now the crypto market looks green, trend ups are happening everywhere.

It seems that this is due to the influence of COVID 19 which is greater than the previous virus, WHO also states this as a pandemic, many countries choose to do lockcown to break the spread of the virus. Beginning with the decline in the stock market, this eventually gave effect to the crypto market, some people panicked and chose to prepare their funds in a safe and survive place. And today we are beginning to see good movements in the crypto market, whereas there has been no significant change in the stock market, the crypto market is truly unique.
https://i.postimg.cc/N0F7Wgqf/crypto-market-today.jpg (https://t.me/ico_analytic/1703)

Many say that covid19 has nothing to do with bitcoin, but I think the opposite, unfortunately, the economic situation is not easy for anyone and bitcoin is suffering in part from the current situation of the economy. When the situation in the world improves bitcoin starts running again.

If the corona virus was able to affect markets that are several times bigger than the market of cryptocurrencies I do not know why anyone is surprised about what we are seeing in bitcoin right now, this market is not isolated from the world and if something as important as the corona virus appears it was obvious this market was going to be affected, what we need to see now is for how long the market will be affected and how long the recovery will take.

There are many reasons why bitcoin is traded lower and in my opinion the corona virus is also one of several other factors. I dont think the corona virus has paralyzed the bitcoin trade because we can conclude that the decline in the price of bitcoin in large amounts some time ago was a form of panic among traders and investors. I am sure there have been attempts by several popes to reduce the price of bitcoin by taking advantage of this tense situation, panic will soon emerge if negative information spreads among bitcoin traders and investors today.

Good decisions are for each of us and we must care about the pandemic and we must not ignore it. Bitcoin will still get a lot of interest in the market and now we are very close to halving of bitcoin.

I think that Pandemic is the first one that Bitcoin has passed, and the behavior it has triggered is normal, panic in all markets causes the price to drop quite a bit, however the price of Bitcoin has remained in a range between $ 5k- $ 6 k, compared to other markets the Fed has made very large injections of money to regain investor confidence, Bitcoin may eventually be seen as a temporary haven of value.

The crash in economy and stock market due to the spread of covid 19 virus doesn't mean it is not related to the crash in the market. What is happening in the worl right now is now affecting the crypto market and that is for sure. People will do everything they can in order to survive, even if it means nothing will be saved for their future. People will convert their assets - gold orbcryptos in order to buy the things they need in order to survive. This will then somehow affect the crypto market.

The panic selling caused the market to drop and with the other speculations that the miners are dumping as well so that they can pull the prices down because of the upcoming halving.

People are taking cash so that they can buy themselves some goods to survive with the affected areas of lockdown. Even to those who are not affected, they wanted to be safe that just in case, they can pull bucks in their pocket.

For the other viruses that were spread before, bitcoin wasn't totally affected because it wasn't recognized at all during those early years.

It can be assumed that prices for cryptocurrencies fell due to the large amount of money that was withdrawn from them for various purchases of medicines, medical masks and various antiviral drugs. And the banal amount in cash does not hurt at such times.

The bitcoin during the outbreak fall down immediately many people start having panic at the same time and use their cryptocurrency and immediately sell those into the market and convert into the fiat currency. Some of them use that money to buy all the things they need and all the stuff they need to use to survive into the outbreak happens to them right now. To the people does not being aware of the panic selling the instead they pull out their bitcoins still they hold it because they know they lose their money immediately. Also form the previous year of the market price of the bitcoin it falls too for over 3k dollars and it happens again to us and after than market price the bitcoin comes back into the halving and get a hugely profitable market income so they can now make a lot of profit and wait the halving is coming again.

This COVID-19 pandemic issue is the basic reason for the recent crash on the world leading stable coins; Bitcoin to be specific.  Further fall of the coin Is being predicted, since most of affected countries are on lock down may will definitely result to the fall of stock  and defiantly have a detrimental effect of the crypto market

- This assumption does not seem too reasonable because if people need some money for shopping during a pandemic, the income from the job, the money they have accumulated, the support from the government, too many sources can solve this urgent problem. Bitcoin can receive influence only very low when it is the last place that people think of when there are no other options, the drop in a pandemic is just a temporary panic, when people become calm and seek extra income at home, bitcoin will be able to raise prices from that search

Covid-19 pandemic contributed to the loss in Cryptocurrency market and bitcoin is showing a great resistance to it. Since major market of the world are collapsing it's affecting investors other source of income which make them to sell part of crypto asset to  survive the impact of the pandemic. I don't think this will have a lasting effect on the bitcoin market as compared to crude oil and stock market.

Although when the pandemic occurs make bitcoin price drop to the lowest price level, right now, bitcoin price can increase. But unfortunately, the bitcoin price does not raise and hit more than $7,000, but it stays at $6,000. Perhaps, we will see $7,000 soon, but we never know when it will happen. But yes, this pandemic gives impact to all things we know and not just stock, but cryptocurrency also get the effect, but fortunately, crypto can survive in this pandemic. What we are waiting for now is everything can be healthy again so that crypto will be increased too, and we hope that after it ends, we will see the bull run for the cryptocurrency.

You can't blame the pandemic about the fall of bitcoin .
Because when a holder die because of the pandemic. It has a big chance that bitcoin will be stable or pump because  there will be a  huge affect on the circulation of bitcoin.

It does not make a lot of sense for the miners to dump their coins now and make the price to go down when they want the opposite and the current price of bitcoin is so close to their mining costs, however I agree with the rest, right now people are afraid and they prefer to be in cash in the case they need to buy something they really need, and while bitcoin is a great investment at the current price many are thinking ahead and preparing themselves in the case things get even worse.

Does the unlimited money printing of Fed will potential increase appeal of bitcoin? Fed & Gov are printing trillions of dollar now. Debt to GDP ratio increased by 10% overnight from that stimulus deal!

We know that probably the reason for the decline here is the panic among Bitcoin users. They relate Bitcoin's stability with the decline of fiat currency that's why they are on panic selling. If we take a look at it, if most Bitcoin users would still behave and critically analyze the situation, we would see an average graph at most rather than a declining slope. That's the only relationship established between the two.

I'm thinking about an extreme case, where the pandemics keep going on for a year or two, and there are almost no one here have USD, all go broke, all they have is cryptocurrency, is it possible to start to use cryptocurrency to make some economy activities without caring about fiat money anymore?

It seems that no matter how much fiat money they print, it still don't reach the people that most need them

obviously the corona epedemic must have an impact on the world economy and it is certain that it will also affect bitcoin even though it is not directly and may not be large. but many bitcoin holders and investors are also bothered by the corona epedemic because many also want to participate so that this epedemic soon passes with the help they provide. hope that this epedemic soon passes and crypto runs uninterruptedly with the corona epedemic.

The immediate recession and steep drop in oil prices represent strong deflationary pressures, so the eventual inflationary effects won't be felt for quite a while. In the longer term, I'd say yes, it increases Bitcoin's appeal a great deal. The pandemic crisis and immediate economic concerns will take center stage for now, though.

There is no relationship between the two I believe but the virus made an impact with the global market and the crypto market as well.

It isn't the virus that is the main reason why the markets went down but it has been the catalyst of it. Because of the virus, it created a massive paranoia and that forces the weak hands to sell their assets that they're holding and crypto is one of them. On the other side, if you have a spare cash at the time of the crash and you are a pro then I believe that you bought some cryptos and some stocks at a cheaper price already.

yeah when people have a spare cash they will not end up selling too but i believe mostly have it because people are always known to be prepared when in times of there is an upcoming crisis , this is why i also believe that panic sellers isnt the cause of the dip and not the virus either but for me i think its pure manipulation as i know that manipulation already takes place before and they only timed it or they only initiate it when there are popular events .

As we can see in the graph the pandemic corona virus has a large impact in the market price, because this virus is easily transfer from human to human by just coughing and touching the infected objects. The coronavirus also effects all the currencies because many people are just stable in their houses so that the price of every currency are going down. I hope that this crisis will end soon and everything will get back to normal.

The pandemic and many types of paranoid around it that occur almost everywhere around the world are very perfect environment for a proof of bitcoin strength in serious crises. Bitcoin was born, back in 2009, in a global financial crises and now in 2020, we have been in another worse global crisis, that will create another bigger financial crisis in months later.

In Bitcoin, I believe that it will take that pandemic as an advantage for faster acceptance, globally.

That is happening cause people are starting to panic buying means, lot of people now are pulling out their investment and spend it for their own safety as you can see, crytocurrency is not alone, stock market is literally crashing right now and a lot of other markets too are suffering. This is a world crisis and many country will suffer from economic lost because of this. If this pandemic is going to stay for a long period of time lot of people are going to suffer not just with virus but in poverty too.

Many businesses, jobs, transactions that are being affected by the current global crisis. Hence, many of us are affected in so many ways like, income, stocks and different exchanges. The pandemic has caused many physical businesses to close and so their employees are forced to leave work without security in terms of finances. I think in terms using bitcoins to purchase items online will help in lessening the physical contact, hence, lessening the possibility of passing the disease on to another person.

First, the World Bank pandemic fund, which was to expire in june this year, got called out by the WHO, when this organization declared a pandemic. This is a half-billion dollar fund from 2017: https://qz.com/1017805/the-world-bank-issued-425-million-in-pandemic-bonds-and-derivatives-designed-so-investors-pay-in-the-event-of-an-outbreak/

This created a snowball effect in the markets, as big investors had to pay for the fund, thus taking money from other funds, which caused a crash in the legacy (ie, fiat) markets. Bitcoin is being used by hedge funds since 2017, so they shorted it to cover the snowball effect.

Second, derivatives speculation. Without Bitmex, the price would have fallen to 5k and we would be at 9k now. With Bitmex, the price didnt go to zero because of a hardware failure in their servers. Derivatives use leverage to bet into bitcoin prices, like in a casino. Bitcoin is liquidated to pay those who bet into a crash, so the price dropped to 3k. I warned about derivatives several times since 2017, but people ignored it. Bitmex is not alone on it, there is also CME and Binance futures as well, but Bitmex answer for most of it.

These were the two determinant factors here. They prove bitcoin is pegged to the legacy system, and is no more a store of value, like it was believed earlier. If the system crashes, bitcoin will go with it, being used as hedge to mitigate losses for big investors. Add to this the derivatives casinos and you have a recipe for disaster.

Things like the pandemic fund will not happen again, but the derivatives casinos will keep the price down, causing a permanent bear market. It happened with gold and silver.

Hi Twentyonepaylots, It seems that one of the main reasons Bitcoin, and other cryptos are being affected by Covid-19 much more than they were by MERS, etc,  is because of the widespread, systematic shut downs going on all around the world. Entire industries have been forced to close by governments (both capatlist and socialist, democratic and oppressive). This has never happened before on such a large scale, and for so long. Here in the US, and especially here in California, everything will remain closed for probably 12 more weeks. This is causing total panic among people to cash out and just save their money. Unfortunately crypto is not immune to this.

This is also another reason. Not the virus, but the hysterical reaction to it.
The shutdown could include the internet and even electricity, and bitcoin is highly dependent on these two resources. So people panic and sell.

The flu kills much more people each year and dont have this reaction by governments. This is why I dont believe the narrative the media is delivering. There is something else going on.

I don't think conspiracy theory again going on here. This is reality, the virus is spreading fast the reason why a lot of businesses are closed and many countries are in lockdown. And because we don't know how long this will gonna be, people are in panic mode and they want to hold cash as much as possible to buy their necessities.

Hi fabiorem, In terms of governments shutting down electricity, that probably is unlikely as Hospitals would be affected. Though perhaps in 3rd world countries they could divert the electrical grids to just focus on hospitals, which then would affect Bitcoin mining, etc. Though you're right, as well as Twinkledoe, that there is hysteria, and people are in panic mode, and that is affected everything, including crypto.

During pandemics or Corona virus bitcoin and altcoin price never wake up and exactly always down, maybe many people and investor tired with their investing still lower price and keep focus how to attack from corona virus than thinking with their investment in bitcoin and altcoin.

A pandemic is likely to affect anything, this recent one is critical and it affected stocks as well; at first I thought that gold was not going to be affected but it later dropped from over 50,000 USD down to 47,000 USD or so. They have all been recovering as of recent and I hope that this situation comes to an end; Gold is now over 52,000 USD and bitcoin is over 6,000 USD.

I have seen some analysis where some people are trying to say that the pandemic is not the cause for the fall in bitcoin price, they have pointed out other reasons that possibly could have caused the decrease in the price of bitcoin. I'm finding it difficult to believe those, this pandemic seems to be clearly the cause of it. I know that those people might be trying to defend bitcoin as a safe haven and to prove that it wasn't the pandemic that caused it, but that's of no need.

Gold is quite stable, and even continues to grow, despite the signs of an approaching recession, although gold is still the main asset, and is always in demand, especially during periods of various catastrophic situations, such as recessions, wars, and much more.

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In my opinion the price of bitcoin is affected by the spread of the corona virus because the spread is so fast, imagine in just a few months
all countries in the world are affected. So naturally the price of bitcoin is also affected to go down, even though many people say no the
relationship between corona viruses and bitcoin. Unlike the Ebola and MERS viruses the spread is not as fast as the corona virus, so it
doesn't make it panicked citizens of the world. So the price of bitcoin is not affected at that time.

This happens because most of the money they print goes to save their friends and other powerful people of suffering from this collapse and at best a very small part of that money goes to the people, if the crisis lasts as long as you state then the economy is going to be in serious trouble and panic will take over most people, as such the population will have to find a way to deal among themselves and avoid using the fiat of the government since at that point it will have very little value and bitcoin will be a great option during those times.

BTCitcoin is being affected due to the Covid19 pandemic. People need to move their money for their daily needs, store groceries, buy medicine, etc. We are living in difficult times, we have stopped working and therefore the economy is being affected. We need to control the Coronavirus to keep the market calm.
Sadly we are losing innocent people and for humanity, we must pray for the cure to come soon and we could save more lives.

maybe those recent Pandemic affected a little in crypto market but this one (COVID-19) is the worst.
we even Draw down upto 50% in market price in just a day things that i believe never happen from the past(since i started learning crypto).
The panicking of investors lead this dump happens badly.
but like the chart you've posted each fall has a follow up growth sooner so lets just wait till it happens.

I have seen a lot of people trying to associate bitcoin with all sort of things. Sometimes I say they might just be coincidence and not really something to be taken serious. Something as serious as a pandemic is not something to joke around, and I know for sure that it must have affected the price of bitcoin in some ways.

There are also lots of things that has been mentioned, and those includes bitcoin miners, the Plus Token scammers, and some others. These are the things that are believed to have made the impact that led to the recent fall. Two that I am not going to doubt is this covid-19 and Plus Token scammers.

When it was early march I remember going on the stock exchange to see how it had effected compared to crypto. The stock exchange looked like a crypto exchange the stocks were dropping so fast. It surprised and concerned me and I freaked out. Nothing is certain about these troubled times but I am glad to see bitcoin stabilized sort of. It is not at $10k but remembers it was jumping between 6 and 10k before the virus.
It would be nice if a relief fund was started by crypto for the virus. Instead of just these scams.

the virus unquestionably is making impact in crypto market!
a lot of crypto users are cashing out to support their needs in this pandemic. hopefully, our situation will get better once they release the vaccine to the public.
but we are still counting months from that to happen. for now, we need to endure what is in store for all of us!

I'm sure bitcoin dump is not because of covid-19, but many investors are panicking because whales use covid-19 moments to manipulate
price. And proven successful at first, but now many investors are starting to realize that falling prices for bitcoin are just manipulations
by whales made to get cheap prices. Now the market is slowly improving, with bitcoin already touching $ 6900. Hopefully in the near future
bitcoin can return to the price of $ 10,000.

Where do you read that news?

I hope you just erroneous, let we remember, bitcoin price was increasing before the coronavirus is spreading to almost all countries and its price touched $10.000 accidentally we have a good event at this year namely halving event for bitcoin so we can wee most of the crypto currency prices were increased in the early at this year.

But the coronavirus was spreading and make all the forms of the economic instruments were decreased (like oil price, stock market and etc) and that gives a bad thing as well for bitcoin price and altcoin price. Bitcoin price was fallen to $4000 if I'm not mistaken when it just took a few times before its price was increasing drastically at that time and was traded in the range of $6000. Until now its price is stable and never fell to below $5000 even at this time its price is trying to reach $7000 maybe it just needs several days ahead.

lol Bitcoin have not drop this bad from the past pandemics it is just Corona that made this market seems miserable because of the very High value decreases .
and yeah even Halving have nothing to do with growth because this issue makes the whole world fall so investors facing their own life now before Crptocurrency.

Bitcoin did dump to 3800$ in this pandemics situation but it quickly bounced back. I still think that bitcoin is more stable than stocks or forex market. These markets recover very slowly while bitcoin always recover fast.

If Bitcoin will survive this event, it would become one of its greatest accomplishments because it will be recorded event the worst pandemic that hits the world in the 20th century didn't wipe out bitcoin. This would become one of the reasons why we need to keep at least 1 Bitcoin in our wallet. even though the economy hits so hard this time, Bitcoin has not drastically decreased its price. it somehow holds at the $6000+ mark as of today.

Corona time is the perfect time for Lightning Network to shine!

Stuck in front of the internets for weeks or maybe even months, I want to read articles sometimes. N.Y Times, Washington Post, Vulture, etc...they all want subscriptions to read a #$%^&*(@#^& news item. Come on come on come on!

I'll pay you your 3 cents or 5 cents or 7 cents for your damned article, just let me pay with lighting wallet, you news servers and servers of news.

Corona time is the time for lightning to to shine uber-brightly!

Bitcoin markets lack liquidity and this is the reason for sharp declines and recoveries. Just compare the numbers. A simple 1000 bitcoin dump can make the price lose 5%. a 100k bitcoin dump would completely crash the price and probably make us go below the 2019 bottom. Does that mean 100k bitcoins is a lot? No, it's less than 1% of the supply, but that 1% could make a 50% price swing with ease.
Market price is not a good representation of value.

You can't really say that.

Besides the CoVid-19, HIV are the only pandemics that happened where Bitcoin is already in existence. At that time, I don't think it did affect the price of Bitcoin since it is not really affecting the price directly like how stocks are affected.

Of course, bitcoin will survive and will have time to increase. We knew that after bitcoin price reaches $3,000 level, bitcoin price starts to grow back step by step, and now, we see bitcoin price can stable for a while at $6,000. There is a chance for bitcoin price to break the higher price, and we will see that time will come. So you need to be patient, and you can use this time to buy more bitcoin while you can.

There's no way a pandemic could just easily break the reputation of bitcoin when it comes to storing a value, in fact if people knows about it we could have had another rally last month but sadly it's not. I've read an analysis yesterday on one of my joined group in twitter, and based on his analysis from previous charts ( I barely remember what year that was) that the price of bitcoin might really reach the deepest possible range which is at $3K if the situation continues a bit more long.  From now on, the bitcoin price is as good as it was last year, exact month from April to June, just add your fuel to skyrocket.

The next few weeks are going to be crucial for Bitcoin. Because the COVID 19 outbreak has moved past countries such as Spain and Italy and now it is the United States which is reporting the maximum number of cases and moralities. And this is bad news for us. If there is a huge impact on the United States, then the global economy may get destroyed. And it can definitely have a huge impact on the exchange rates of Bitcoin.

This thing quite invalidate the relationship of the occurence of pandemics and the market behavior during those times. There are more pandemics occured on the previous years before and after Bitcoin was introduced to the world, Zika and Mers to name a few, which are not listed.
But the bottomline is that, it is not the kind of virus which affects the price of Bitcoin but to how wide the effect is. And it is not cryptoindustry which is mainly or directly being affected but the global market. This makes sense to think that the problem just affects the global market which is being reflected to digital currencies for some reasons.Maybe that is because Bitcoin before is not having that much of a value. If something is not that high, we won't see it fall down. This might be the reason why it is obvious at this moment in Covid-19 because bitcoin on the previous years because 'something' in the eyes of the world perhaps.

The numbers of the people who got infected is keep rising and it is really a big problem, the crisis is still out there and we are not sure if it have still a bad effect in the market. If this pandemic will stay more months, then maybe the cryptocurrency market will still go down and it is a sad part for me.

I was expecting a spike from the upcoming block reward halving and all that hope is gone now. A few months back when the exchange rates spiked to $13,000 per coin, I was hoping that Bitcoin will hot a new ATH by the time of the next halving. And look where are we now. It has been terribly disappointing for the cryptocurrency users. After a very good year in 2019, we are in for a horrible 2020.

Pandemics though there are only 2 of them at the start of bitcoin, that is HIV and the CoVid - 19. You can't also say that it is the pandemic why the price if falling since it is not really the pandemic but the people that are panic selling and selling for their needs in this pandemic. I think these investors don't need to worry since they already know bitcoin will recover.

Probably the greatest impact will come during the next months, bitcoin was moving in such a way that made me think that a bull run was imminent, the price was growing for weeks and we were close to the halving which could create a lot of hype among investors, but then the pandemic sent shock waves not only in this market but in all markets, now it is likely the halving will have no positive impact on the price and as the crisis continues and people need their money more people will begin to cash out and sell their coins making the price of bitcoin to go even lower.

Seeing on what OP's chart, we can't deny how the market behaves during the crisis, it really dumps itself as people might be in panic selling but the good thing is that it peaks again after a month. Believing that this COVID-19 won't badly affect the crypto market nor the reason that people must have to be in panic selling as the outbreak continues. We have similar cases before and we even survive from it, so there is no reason why we have to give up as we can see that we started to move back at $7k and so on.

Bitcoin during pandemics like what we are experiencing right now is really essential. In bitcoin someone can gain and earn so much money. Through bitcoin you can make more money that you can use in your everyday needs during a situation like this. In this situation we need to be unified in helping the poor. Through gaining and earning so much money in bitcoin we can help the poor in their needs. We can also gain and earn so much money while helping other people in their vasic necessities.

What I can say is that there is a relationship between the pandemic that we are currently facing right now to the bitcoin price because many are selling their bitcoin just to sustain their daily needs due to this pandemic. That is the relation that I saw, once there are more holders who sell their bitcoin then the price will surely to goes down especially if the buyers cannot accumulate all the sellers.

I even read a topic that someone sold his bitcoin because of the pandemic that they are currently facing right now, he is living in the US if I am not mistaken then he just said that he will just buy back the assets that he sold once the pandemic will be finished.

I think we have too less of an data about how bitcoin could behave during pandemics. The first two times you mentioned weren't panemics MERS and Ebola both were epidemics as they didn't spread into more than one continents. Moreover these happened in the countries which were really not using Bitcoin at all at that time. For example Ebola took place in Africa in 2014-16 a time when Bitcoin was much restricted in first world countries. The first world countries were largely unaffected with this pandemic except a few industries. Same was the case with MERS. So I think it would be interesting to see how it behaves this time. All the markets around world have fell by around 30-40% while btc fell by around 70% but pretty much recovered by increasing back to 7k.


Bitcoin earning is limited only to Bitcointalk users or cryptocurrencies traders. Rest of the people get their incomes in cryptocurrencies in return of services provided by them. These services too would be largely affected as businesses shut down. So you definitely can't say that COVID won't effect bitcoin. Moreover it's not a time of political unrest so it's not that people would love to forego fiat. So it's a bit complicated as to how Bitcoin can behave as COVID rolls out. 

In the case of that Ebola, I don’t think it’s up to the level of what Coronavirus is right now, unless maybe I wasn’t really updated then, but from what I saw then it was less severe than this Coronavirus outbreak that has taken place right now. This Coronavirus has really caused lots of stocks/assets to fall deeply, I was checking them on Google when this started and they all crashed to a really low level.

Bitcoin started to recover recently and some said it’s due to Trump pumping millions for stimulus. Bitcoin is not the only asset that has been recovering recently, there are other assets as well that are not cryptocurrencies. So I can’t really tell what it is.

There is no direct Impact in Crypto market but since the economy of the world is affected and having the lockdown happening in every part of the world.

this has an effect for users because people here now are trading their Crypto to Fiat as survival is much needed now than Investing.

how can people enjoy the when there are limited use of everything now.so in All we are affected of this infection and might stay a little bit in this lowering market until everything get settled.

Bitcoin currently has a very large offer in the market due to the fact that people have to spend a lot of money to create food stocks and various medicines and medical expenses. A rather large demand is needed so that the market does not collapse again.

I think that is not true.

At that time, Bitcoin is not really that big since it just started few years ago. The price of Bitcoin in 2012 is not even reaching a 4-digit price, it is so high when we will be comparing the price right now. The reason we can't really see an effect is the fact that the market is different from the traditional markets and another thing is that with a not that a lot of users, the price is so low.

Ebola in 2014 was limited to some countries in Africa eg Congo, Tanzania, Sierra Leone and few cases in Nigeria of course I don't agree that the pandemic has any correlation with the price of Bitcoin then, however the present covid-19 pandemic is a global issue now definitely it will influence the price of Bitcoin due to lockdowns imposed on the populace in many countries.

I think so too, the market may be volatile and a little bit lower until everything is getting back to normal. coronavirus has badly impacted the economy of the entire world. in particularly, American economy is too much worse due to COVID-19 infection. Many people have been sold their crypto as a cheaper rate, because of survival is most important than crypto. I hope the situation will be back to normal within a few months.

The pandemic has a huge effect on the global market which brings down the whole economic system in a certain place and goes globally.
We can't see its direct effect on the crypto market but looking at how people be in panic selling or converting their cryptos into fiat money, it is also giving a big effect as well. It is obvious we can see a downtrend motion as the demand marks down and it seems to be normal. Yes, we fall but we also recover and that is what we observe in the market since before.

Why will those lockdowns affect the price of bitcoin? It is not that it is connected to how the people are selling their btcs. It will not directly affect the price since, despite the lockdown, the price is increasing. The price right now is at $7.3K, if these lockdowns are really affecting the price of bitcoin, it should be going lower than that.

The dumps that the crypto market had experienced during the pandemic seems to be normal. Of course, many people will get into the look that they need to secure their funds and (panic) sell their Bitcoin. It really affects the minds of individuals but one thing to see that crypto recovers fast as compared to the global market. We are moving back again and glad to see that we surpass $7k and possibly a much higher price to see as we go closer to halving.

There is no doubt that the current pandemic was among the things that led to the fall of Bitcoin.
There are also other things that happened this year and they are why the price has a heavy fall. I never need anyone to post this before I will be able to know that the main reason behind the fall is the Covid-19 pandemic.

But it’s okay, the price is already recovering and just like one editor said – this might have saved us from a post-halving dump. Let all just have patience and see the direction that everything will be heading to, though I’m positive that things will turn out for good from now on.

The other two epidemics have not leaden to generalised lock downs, and also was not generalised (world wide) like the covid19

The increase in the price in February may refer to when the pandemic was not affecting yet the biggest part if the world, and maybe due to activities operated from peoples preparing to face the pandemic

I think there was an impact but part of the problem was that bitcoin was overvalued, at the beginning of this year we saw the price of bitcoin climbing up and it did not gave a single signal that it will go down, this created extreme confidence in investors and they began to use as much leverage as they could to increase their profits, but then when this crisis happened and the price began to go down many were surprised by the event and were forced to close their positions making the price to go down at an exponential speed.

I’m not sure who are those people who felt that Bitcoin wasn’t effected by Corona, because Bitcoin was definitely effected by Corona and that’s why it’s prices started to tank down. It’s also pertinent to note that despite Bitcoin not being a safe haven people consider it to be, I yet believe in it’s technology and I’m yet holding my coins for the long term.

Source:

https://www.technologyreview.com/2020/03/19/905207/coronavirus-is-forcing-fans-of-bitcoin-to-realize-its-not-a-safe-haven-after-all/

I guess it not just the virus itself is affecting the market price of bitcoin at this moment we could see the movement of bitcoin price in the past pandemics I guess it was just normal, Just like what the bitcoin price nature is still we cannot know what is going to happened to the market price of bitcoin but either way pump or dump in the market is not a bad thing that could happen to bitcoin. We know that still bitcoin is not going to reach zero or just disappear at the moment of these pandemics.

Probably what is affected most is the lifestyle of everyone since we need to make a lot of adjustment just to fight the virus, it surely is affecting bitcoin but it would not be effect to stop bitcoin only if the virus kill us all.

Perhaps the reason that there's an impact felt within the digital money advertise is that within the event that you simply take a gander at the spread of illnesses. Ebola and Mers wasn't pronounced pandemic yet it's diverse for COVID-19 since it had been proclaimed WHO as an epidemic along these lines making a gradually expanding influence within the market.

If a government knew that there is a pandemic that is spreading rapidly, they will closed their borders or transportation from other countries to lessen or minimize the transmission of it. Unfortunately, in the Covid-19 pandemic, the virus already traveled and spread before the government took some actions that's why the virus today is uncontrollable compared to the possibility if they stopped the transportation earlier. Look at US, they ignored how lethal the virus is into its people that's why the number of cases there is spreading really fast. The government of US is really useless and irresponsible as the president is racist, they underestimate the power of the virus. Look at them now, their economy and stock market is really down and they're doing their best to recover.

It's so sad that the economy followed by some cryptocurrencies are dropping. The pandemic really has a huge impact in today's economy.

I believe that in the conditions of the economic crisis and global isolation, cryptocurrency can become a very profitable asset for investment, besides attracting as many interested people as possible to trade on the cryptocurrency market.  After all, remote work on the Internet is very relevant today.  in this situation, it’s still too early to talk about the massive use of cryptocurrency as a means of payment, because for this it is necessary to disseminate information about the cryptocurrency in order to attract as many users as possible.

I mean there is no really direct relationship between the pandemic, which is COVID 19,to what's happening in the market. It is really on the hands of the people, where we can see that many are panicking that's why they are selling and such. Just my two cents though.

Oil has fallen dramatically, because a huge part of it was used by ordinary people as fuel for their cars, it is clear that when everyone is sitting at home, gasoline consumption is very much reduced. The same can be said about airlines, again because people are sitting at home. Cryptocurrencies do not depend so directly on people as petroleum products.

bitcoin down due to the effects of coronavirus cause the majority holder of bitcoin will sell when they entail costs for their needs at the time of virus outbreaks corona attack, everyone, of course, a lot of workers off due to virus corona they need the money for the life ahead they sell some of our valuable assets like bitcoin to meet needs in the future, not a few people who panic and sell all bitcoin they have.

This is because the financial ratios of the countries are really unstable and when the epidemic comes, big investors will be the first sell-offs. We all know that the debt levels of major countries are very large. Such as America, Japan, China. The Dow has been growing very fast and there has been no recovery in recent years, which has caused huge debt to the United States. This is also the time for the market to adjust, I think it is reasonable. And we also know that Corona virus is the "economic virus". That's why the economy is so affected, bitcoin is just following that influence.

I think the relationship is only in finance and business. although there is no clear connection between COVID-19 and bitcoin, we hope that it will influence it. however, people will search for businesses on the internet and will find bitcoin. it is expected to increase the adoption of bitcoin en masse.

This days what we really need now is to have cash to buy the essentils that we will need to live, this pandemic affects every economic life of different countries same with bitcoin as we will be needing a job to have living but if it also stops then many will be tempted to cashout some of their investment maybe in stocks,crypto or others.

This might be the cause, despite of thinking about the possible situation to happen such as expecting that more people will use bitcoin and its market price will increase, the opposite happened and that is people who have bitcoin started to sell. Well, we cannot blame them for their action as what is more important is to keep the family alive, and if bitcoin is the only way or asset they have to sell, it is a reasonable action to do so.

I have sold some bitcoins as well, but I still believe the its market price will be higher as soon as this pandemic starts to flatten its curve.

Bitcoin fell before the pandemic. If you look at the price dynamics, then nothing has changed much during the pandemic, it either falls or rises.