Bitcoin Forum

In this period of global pandemic,  the crypto world has taken various turns with respect to spred of the virus. But with an overall fall in price. A lot of individuals have clams that this fall is not as a result of the COVID-19 virus,  but it's so obvious that the Pandemic has a played a great role in this fall.

At the beginning of the year,  bitcoin has a worth of approximately  $9500, which is an optimal price compared to it's price today of
$6,647.47.  It can be concluded that Bitcoin has experienced a drastic fall and the Coronavirus is a major reason for it.

Following the fall in the US market stock which is equivalent to Its gain this year; thus erasing the gain, bitcoin has also taken thesame turn.

The major reason for this fall is fear. When fear enters the market,  it  creates panic and  people then to liquidate their money to a fiat funds that they can easily acess for their survival,  resulting to dumping and hence,  a fall in price.


What other reason do you think accounts for the fall of bitcoin at this point in time,
Want to hear your point Of view.

Long before the covid-19 outbreak, Bitcoin has been experiencing bull and bear market, varying from the market capitalization to huge amount of BTC that was stolen by hackers, Covid-19 has nothing to do with the rise and fall of BTC, if you say people are selling their BTC, it must be to a buyer that needs BTC, so it keeps revolving around, no BTC is leaving the crypto market, you should know that crypto is not a stabilized currency. Thank you.

That's completely wrong. Price doesn't come from end users who need BTC. 95% of BTC activity is trading and financial related transactions, payouts for mining etc. 100% of price comes from the 95% of trading. The remaining 5%, people doing legit transactions, sales, services. moneygrams are not discovarable in price so it has nothing to do with the currrent market price. Out of those 5% think how rarely they need to go to a discoverable source to buy it, once a month, one a year who knows but its nowhere near trading usage.

BTC now is a trader's tool. it follows the markets and news with a slight divergence when there is opposing activity in the news. the price goes down because people have less faith in the asset and the future market. when people have more faith in the markets and that particular asset it goes up as they are willing to pay more for it.

Many people have the same suggestions on this forum, But there is no need to repeat it as some people already talk about. There is a discussion on coronavirus being spamming the forum. So let contribute to already published topics about coronavirus and Bitcoin instead of starting a new topic which has the same meaning

A second shake of the stock market is coming next week, with the release of the "hantavirus". There is already one confirmed case in China of this old form of pneumonia.

The panic! And of course, bitcoin is going to follow the stockmarket, which is all the hodlers cult (tm) wants, so expect a plunge back to 3k. Also the miners adjusted the difficulty today, to a lower value, which will give us 2k after the plunge, opening the way to three digits. Short some now and buy back later, and if you cant buy, it will be no problem, as it will be useless when the new global centralized cryptocurrency hits.

We are looking at a financial reset, folks, do not triffle with it. This is no time for group thinking and internet cliques.

Nice try with the FUD, but nobody cares about hantaviruses. According to the CDC, a hantavirus pandemic is very unlikely: (https://www.cdc.gov/hantavirus/hps/index.html)


I do think this week's stock market rally is a dead cat bounce and the bottom zone will be tested again just like the 1987 crash. However, I have doubts the market will be able to reach the same levels of panic as March 12th again. I would say the chances of BTC reaching the $3,000s again are unlikely.

I think most of the people who panic last time were affected by major markets in the world, just like stocks. As we experienced, most of the markets dumped, not only in cryptocurrency or Bitcoin but also in major stocks in the world.
So, after the recent dump on Bitcoin, which almost 50% within just 24 hours. Here we are now, from around $3,800+ dump, we already almost doubled the price now which is currently we are on $6,700+ level. This is extremely good for Bitcoin.

So you think the world is a co-ordinated pack of dummies that base everything on panic. nice try. these are pro traders. they sell because this is how markets operate and nobody wants to tie their money up for months or years to see if it recovers. getting out of a stock first is the best thing you can do. you can rebuy later if there is still upside.

I bet half the posts here whining about the price were too stupid to sell and took a 50% hit

I heard of it. Another shit virus came from China but this one isnt that dangerous compared to covid which has now ripping all the resources of every country. I disagree that the market will tremble once again just because of this new virus.

Wow advising us to sell when we are currently at a loss? No way, Ive been positive that market will go up steadily, I can see when the time for short and to be honest, were going to have a very long way but Long position is advise for now.

That's how everything operates right? get out if you are afraid and then come back, rebuy when everything settles down. As for those who are too stupid to sell and get REKT, that's only part of the market, weak hands are shaken and whales are buying back as many as they can from those who cash out early because of the panic.

Hanta virus?

Hantavirus is one illness you don’t need to worry about right now (https://www.marketwatch.com/story/hantavirus-is-one-thing-you-dont-need-to-worry-about-right-now-as-long-as-you-avoid-contact-with-rodents-2020-03-24).

What is Hantavirus? Misleading messages spread fear after death in China (https://www.independent.co.uk/life-style/gadgets-and-tech/news/hantavirus-whatsapp-twitter-truth-coronavirus-covid-19-rat-mice-a9422211.html).

if markets crashed every time someone is infected by some virus somewhere in the world then no market could even exist ever. they would just be in constant dumping mode 24/7.
besides, bitcoin is not affected by any of that. neither the viruses nor the stock market. whatever happened this once was an exceptional case due to large scale panic and manipulation of the market. and that is not something that can repeat every time.

As what exstasie linked that one isn't to be afraid of since it can't be transmitted human-to-human, at least clean surroundings so that rodents will not come at your place, pretty basic though. This new breed of coronavirus is the one really serious and hope researchers speed along the vaccine and if the market crash again then everyone will know how to analyse that even if we recover a pandemic we can still see crashes on markets.

since 4rth quarter last year Bitcoin price goes Ups and Down and not even stands in level for straight weeks.
but when January comes the price Luckily goes Up and Up as many speculate that this is the early effect of Halving until March arrive and This Virus infected the whole world  and today?yeah we are sitting in 6k$ level but this is at least higher than last week when we fall 3k level again.
but for me?let us be thankful because at least now we can buy even small amount to be ready in Halving.

It really isn't the major reason of the drastic fall of Bitcoin so your title is kinda misleading as you stated that the virus is the major reason of the fall of it.

The virus isn't the major reason of the fall of Bitcoin but it played a big role to it. Because of the overall panic and massive paranoia that the virus has created, not only crypto market but all of the global markets have been go down very hard. Investors sold their assets to cut their losses and probably some professional ones did it too but they bought it again but now at a lower price so that they will have a huge profit.

For the crypto market, I'm always saying this but the main reason why the Bitcoin falls down very hard is because of the leverage exchanges. So many longs got liquidated and that is the reason why the price of Bitcoin went down to almost 50% in one day. Many have said this too already.

Since the price of an asset is based on sentiments of the investors, it really is a big factor to the price of it. Newbie investors who are feared will sell their assets like crypto or stocks while the professional investors will buy at the bottom so they will get a huge profit in the mid to long run.


I said it already. Aside from the COVID-19, leverage exchanges are of the main reason too.

As of now, there is no major fall on bitcoin, at the current trading price of $6600, though it fall but it's not the major fall.
The major fall happened when bitcoin drop to $4600 but it has picked up at the current price and it's a good sign that bitcoin is going to be bullish.

COVID-19 maybe affected the stock market, but even in the past, it was never correlated to stocks so we will make our own journey here.

Due to the pandemic, investors will realize that bitcoin is a good store of value.

Obviously, it was corona virus that dropped the price but it was indirectly and not directly.

People who got afraid of the stock markets and other stuff just sold their coins for cheap to get rid of all the investments and just go all in cash which was basically the whole point, that is why it dropped. There was no need to sell because honestly we were just 10%-15% higher than this and losing that much during this time is not really all that much if you ask me. Many people lost 50% during this time, so losing 15% is nothing of importance.

However, you can't stop people from being scared and that is what happened here as well, just people being scared. When market is fearing something and dropping, that causes a snowball affect and we have found the bottom that way. Fortunately we are going up once again though.

I was saying that Bitcoin isn't affected by coronavirus weeks before the big crash, and I'm still standing by it. The virus does not affect directly, Bitcoin is not relying on supply chains, workers, etc. - things that can be disrupted by quarantine. It has no fundamental reason to fall. What happened is that a giant stock market crash took Bitcoin with it. You could argue that without the coronavirus there won't a stock crash, but still the virus wasn't a direct cause for Bitcoin's fall.

assets don't move based solely on direct fundamentals. during risk off periods, investors dump risky assets for safe havens. (https://www.quora.com/What-is-the-meaning-of-risk-on-and-risk-off-in-the-financial-lingo) that means dumping bitcoin for cash. this is especially true now that institutional investors have been involved with bitcoin for years now. they dumped it like a hot potato when all other markets started crashing.

you are also ignoring the fear of recession and economic fallout, which directly affects bitcoin investors. record numbers of people are now unemployed. millions now have no money coming in. some of those people own BTC and will sell to cover vital expenses. others who might have invested in BTC won't now because they have no money or no prospects. when the market crashed, it was pricing all of this in.

Correction, Bitcoin entered the year pricing at around $7.5k. It only reached $9.5k by the end of February or something. As for the fall of BTC, yea if you trace it back, the major cause of it would be the virus, though blaming it all on it could be wrong. There was the plustoken scam after all, and the stock market crashed first before the crypto market did. We can probably assume that some traders thought that the same would happen to crypto, because it happened in the stock market, so they proceeded to sell their coins. This probably caused a bandwagon effect which pretty much lead to the recent lowest drop of BTC to $3.9k. There might even be more for the next few months. The recession seems to be quite near tbh, plus the possible economic losses that would be totaled out once the virus panic has passed by.

Looks like it is not going to impact bitcoin as much as it impacts other stuff, look at the prices right now and you can see that everything is green once again, it may go down once again, maybe we won't break 7k all that easily, however we are almost at the level where we started the year, look at stocks and other stuff from year to date and you will see that there are not that many ones that recovered the way bitcoin recovered so it is actually a great thing to wait it out in bitcoin instead of other stuff.

However do not forget that right now many people are still in cash, they think there could be some emergency purchases which is why many people sold their coins and their stocks so forth, they did it for "just in case" reasons and not a valid reason.

Economy is down.
There is no work. Even if you want to, the company and the government won't let you.
But you will need to survive for that span of time.
So what do you do when given a chance to go out once a week.
You cash out some of your savings and that includes bitcoin.
You buy products that could make you survive for the week and then do it again the next week.

No money is coming in to buy back that bitcoin you sold so what is next? You sell again.
That could be one reason but that is not everything. Some holders are still sticking to the long term plan.

The reason for the sudden dump, but compared to the current price now, I think bitcoin has quite recovered already.
A major dump is not new to bitcoin, in fact it has died many times but it has only recovered, so just think positive all the time that bitcoin is gonna bounce back.

It's not time to panic now, it's time to be strong and good thing bitcoin is quite impressive now, it does not pump but it's holding its price.
This is already enough for investors to trust bitcoin at this very tough times for everyone of us.

They say that this one was the starter of the fall.

--> https://cointelegraph.com/news/bitcoins-plunge-due-to-traditional-markets-falling-or-plustoken-dumping

This is really whats happening as of this moment where people do get prioritize into things that would able for them to survive even pulling out their investments that they have kept for so long.

We have seen that not only crypto but also stocks forex and other markets are on reds now which is understandable or no brainer for you to consider on whats happening and whats being prioritize by the people right now which is to survive.This isnt the right time for people to mind business or making money but there are still people who do take advantage into this situation.

Talking about the major reason? This might be one of the reason but we cant conclude that this is the only thing yet we know that there are lots of factors that do affect
markets globally.

This scenario was expecting due to the pandemic result and rumors were right that this pandemic has an impact on the traditional market and crypto market. So meaning, the crypto market was now tied up to the traditional market just because investors are in a panic too and hurrying to pull out their investment to buy the necessary things for the worldwide lockdown.

However, I'm still glad that Bitcoin shows improvement last week and it reached at least almost $7k price in the market. There is also an article on Cointelegraph that Crypto Traders Explain What Caused the Bitcoin Price Plunge to $3,000s (https://cointelegraph.com/news/crypto-traders-explain-what-caused-the-bitcoin-price-plunge-to-3-000).

I would agree that Bitcoin is so resilient that it was able to recover many times, many anti-Bitcoin says that it has died many time already. But we have to consider that this is the first time that a pandemic occur, and panic sellers reacted negatively.


But since it has bounce back already, many have learnt their hard lessons, not to panic. Yes, there is a looming recession because of the pandemic, but we all know that Bitcoin have withstood many challenges in the past and we are going to survived again and see the price moving up in the five digit figures.

Bitcoin is falling only because of the stupid people (as shown below) or by people panic as Covid19 has nothing to do with bitcoins.

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

People are always stupid, we elected a present to manage the government to make law that people will follow, if people are not following the law, they should be penalized, this is due to the lack of action of our government, they need to mobilize the military to arrest people violating, advise alone is not enough, it should be a strict order that everyone has to abide with it.


Where's the bitcoiner's people in the picture?? they are not stupid, they stay at home looking for the best timing to accumulate at dip.

https://pbs.twimg.com/media/EUWmpHIWoAUshD_?format=jpg&name=large

People have been saying for years that Bitcoin is a store of value and compare it to gold (up to call it the 'digital gold'). Now that the pandemic has begun, it's starting to show the opposite. With ETH and oil, they're taking over the worst investments place since the crisis began.

-35% and -50% in the first trimester. Super! And the best is we're only at the beginning, I won't be surprised if we see BTC under $4000.
The first real crisis Bitcoin meets and as we can see it's not doing so well as expected

On the other side, Gold, labeled as a store of value, didn't move since as you can see on the graph, and Index, equity ETF, and commodity are doing better than BTC/ETH.

Store of value! People have bought this story for years, well I guess they will learn the reality the hard way, as we say. Now they rely on the central bank to see them printing money xD.

We don't even hear about Halving anymore, by the way...

The reason behind the downfall of Bitcoin is the majority of the people who invested for short-term have already sold their BTC to buy things, I think corona is also a valid reason for this downfall. You are not allowed to work, not allowed to buy food stuff and not supposed to cash out money due to government restrictions, then howcome people will survive???

They want to sell their savings and want to make use of it in this tough situation also we cannot blame them as everyone are running out of money... It's a global crisis where everyone need to understand and move on according to that.

Bitcoin was on its way up right before the outbreak occurred, and it's pretty obvious to me that the epidemic is the sole cause of bitcoin's drop.  As supporting evidence, note that a lot of other markets have taken a hit at the same time--and I agree that a lot of it has to do with fear.  People are on lockdown; stores are closed; some items are scarce; and cash is king in times like these, so a lot of investors have sold bitcoin, stocks, gold, and whatever else to free up cash.

I don't think there's any other reasonable explanation, because there hasn't been any bad news about bitcoin since it dropped from $10k to where it is now.  It's the damn virus.

You did not need this economic stall to see that Bitcoin is not a store of value. Price of Bitcoin was so volatile in past years that was quite opposite. Bitcoin is speculative asset. And it will stay that way for many more years. One day it can happen to become store of value. But lets wait and see.

the severity of that tokens' scam and its effects on the market has been greatly exaggerated, like always. not to mention that at any time there is usually some token scamming, some elaborate scheme emptying gullible people's pockets, some exchange being hacked,... and none of them really influence bitcoin price. but the news sites always love to link the two together as much as they can.

All markets are related to a degree and fear associated with the pandemic definitely had a strong effect on BTC. I think that's undeniable. However I would say it amplified BTC's drop, not that it caused it.

BTC had already topped out a week before the stock market, right below very key technical levels. We never officially broke the downtrend extending from June 2019 or December 2017. In hindsight, we have to consider that we've maybe just been in a bear market for the last few years and have never broken out of it.

The news doesnt cause the selling in that way, I think there is more truth in the graphs then labels to why sell orders exceed the buy orders but theres always a mix of both and the market has to work out which contains the more viable path near term.      The fall for this market could be traced back to leaving a positive channel and that happened about Feb 15th.    I'd rather go off that 'signal' then saying it must be the virus that caused this.
   Some people also sell out of an asset when it loses the 200 day average definitively, again that idea isnt flawless but its more reasoned and reliable then picking news.

What happens in every market, is the prices move and there is some sentiment to that action usually but after we get a settled price for that day usually the reporters go searching for a reason why.    I dont even see this virus story as a negative, paper money literally can pass this life threatening virus onto you and your family.   What more incentive do you need to stop passing the old FIAT notes from person to person, that has to be in at last some small way a positive for BTC as more viable then the old system.
   Dollar can be digital and so they'll not be a great and obvious effect but I think BTC will gain at least a little bit more reputation for the way it has got through this fairly large event and done its job.

It is very important to mark down the stupidity of people right now, all the people you see going around the world walking and even some people who are spitting to other people, they are all voting.

Yes, that is right democracy that you think so highly of, the rights of many, the electibility of anyone that wants, voting rights of every citizen, all comes down to this. All of those "civilized world" stuff people talk about when saying everyone should have equal votes, goes to show you that all of those anti-vax people, all of those walking around when prohibited, people who literally lick products and put back, votes. These are the people who decide on a president in every nation. This is not just stupidity this is willful ignorance and being evil with it.

to OP:
you should try to explain why bitcoin price has been rising for the past 2 days specially when you consider the fact that other markets are still in dumping mode and the situation with COVID-19 is getting even worse with both the number of infected people and number of deaths is setting a new record every day in US. not to mention the total number surpassed 1 million.
if the pandemic had played any "major" role in bitcoin price drop then it should have caused a bigger drop in the past couple of days too.

you have already pointed everything that connect from Corona pandemic to the falling market because i can feel what you have said.

i also sold some Bitcoin recently but not because of panic instead because of short income because now i cannot accept sidelines to make extra income.

the family is spending more now as all is staying in house and doing nothing but spending.

In order to survive, you have to do everything but not all people are doing the same, big portion of the investors are here for real business, they don't mix their personal from their investment, so they can withstand even if the market will dump temporarily.

I think it's the opposite, based on my experience, I have less expenses now as I gamble less and I could not go outside to entertain myself and every time I like to entertainment, I spend money. At home now, all we will take care is only our needs.

The crash that occurred was caused by the stock market nose diving and investors becoming risk adverse and hedging or cashing out altogether, but it has survived and should be moderately improved by the time the halving arrives

Most markets are actually still in relief rallying mode. Even crude oil has joined the party, up 41% the past few days. Stocks seem to be bucking the bad news too, posting another 4% gain yesterday. All the bad news seems priced in for now.

All markets are extremely volatile right now because of the March liquidity event. So many sellers were wiped out last month that order books are empty, and many are short now. So it's easy to make price fly. BTC is rising more than other markets because it has even less liquidity. BTC also fell much, much further than most markets so this liquidity/volatility phenomenon is even more pronounced.

It's hard to keep a straight face and say the pandemic had no effect on BTC, especially since it has been tightly correlated with stocks for the past month.

All the companies who are not working right now, not all business could be done from home, some business sent people home and make them work remote and that could work but do not forget that there are thousands of people who can't work because their job requires them to be there, all of those business' stopped right now and not working and not making any money at all.

It is vital to think like that because all of those business' can't make any money right now, sure some of them can stay afloat until they get back because they have saved up some money for days like these, but many of them will bankrupt, or they will fire people or they will send people to unpaid leave, all of those equals to economy not having money as much as they used to have.

Not only crypt, there are a lot of online jobs that pays in fiat, things are just done online.
Crypto should not automatically viewed as an income generator, that is a false assumption because when we say crypto, it should be risk and opportunity.


As of now, I can't tell that there are really fresh money entering the market because I can't see it on its price and the trading volume is quite normal, same as prior covid-19 was declared as pandemic.

Bitcoin is money. A digital one. So it simply helps those people working online to be payed easily and securely. Yes covid-19 lockout situation is an opportunity for Bitcoin. But not the way as Irvinn mention. But as one of teh tools to utilise online work.

And you are assuming that they have liquidated their cryptocurrencies because they don' have any job left? Because if you are, I believe that this assumption is wrong since even before that majority of the lockdowns happened in a lot of countries Bitcoin started to fall before that. USA and some European countries haven't announced there lockdown before the midweek of March and to the 1st week of April and Bitcoin have fell because of that. I'm with the other members here saying that fear in the world caused the drop any nothing else part of any economical reasons. Fear is the only one that can cause a big a fast drop like what we have seen that's why we have FUD as a term here in the crypto market.

A country doesn't need to be in lockdown for people not to go to work. Lockdown was properly done in China where they forced you to stay home and you couldn't leave, it seems to have worked. In some European countries like Italy they had a lockdown but you could leave to go shopping for groceries. In the USA they don't have any type of lockdown what so ever however people are still out of work.

Many businesses like hotels and restaurants get no business , hence people are laid off. Other businesses like bars which aren't essential need to close down. And for some businesses like teachers or teacher aids, they also get laid off because kids don't go to school anymore.  And even the people who still got jobs, they get less business probably and are also struggling due to low demand.

I guess the reason why we are getting better right now is the fact that a lot of people have time on their hands and have been dying to check out some bitcoin trading or bitcoin investment but they didn't had the time, now that we are all at home there are a lot more people who didn't had the time and now they have that time so they are actually checking it out.

I am not really entirely sure if that is the sole reason because I am sure there must be some huge whales who didn't want to invest at the bad time who saw the price fall and got back in at the low price but that can't be the sole reason neither. Probably bunch of reasons why bitcoin declined to fall too much and bounced back, there can't be just one reason, there could be multiple reasons why it didn't dropped as much as other investments.

i call it reverse bubble bursts, some may even refer to it as dead cat bounce but i won't call it "relief rallying" ;)
besides the timings don't match. bitcoin reached the bottom in a massive sell off on March 13 and reversed back up in 3 days and has been creeping upwards ever since (80% up). while stocks continued falling during March and have only recently started seeing some small reversals.

i disagree with saying "BTC also fell much, much further", that is just wrong. you are simply ignoring the volatility factor of bitcoin and the fact that a 40-50% drop although scary is not uncommon in bitcoin market but the same size dump in any other market is extremely rare. for example the ~60% drop in crude oil price that you mentioned here is simply outrageous.
i said this in another topic, when you want to compare drops you must put them on a same scale. a 40% drop in stock market is 80% drop in bitcoin, a 60% drop in crude oil is 90% drop in bitcoin. something like that. but if bitcoin dropped smaller or even the same it means bitcoin outperformed all of the other assets.

as for the effects, i still say COVID-19 never had anything to do with bitcoin and it is not the virus pandemic that has caused the drop but the fear and manipulation.

That was the exact point I was trying to make. BTC is more volatile because it has such low liquidity. That means in a liquidity event, it falls much harder than other assets but also bounces much harder afterwards.

That's why it dropped 63% compared to 36% in the S&P 500, and why BTC is still down much more than stock indices overall.


Of course it was fear. That's what took down the stock markets, oil, gold, and everything else on March 12th too. It's crazy to look at the March 12th crash across virtually all assets (including BTC) and say with confidence it had no effect.

You think bitcoin hasn't recovered as much as the stock world has recovered? Where do you really live? I mean in some nations maybe stock market recovered a lot faster than what crypto did but as widely regarded as the most important one, american stock markets haven't done anything different than crypto did.

Nasdaq 100 was around 8671 a month ago, now 7528, which is still a huge fall tbf, NYSE 100 was around 3039 a month ago or so and right now 2980, tbf not all that much of a drop so thats fine, Dow Jones was around 21406 and right now around 21050 or so which is still a bit of fall and we have bitcoin, that was around 7700ish levels and right now around 6800 levels, a steep fall sure but bigger than everything else? I doubt so, it is closer to what others have done as well.