Bitcoin Forum

Corona virus had a great impact in the crypto market. Even,few days back the market price of bitcoin was more than 10000$ but recently it crashed down to 6000$. Bitcoin market had a fresh start in this year as the market price of all the crypto currencies was higher. But the recent bitcoin market collapse is the lowest market price in this year. Even when the talks of World War 3 and other country problems started,there was no problem in the crypto market.
For now,it would be better for the traders to hold their crypto and wait for the price to increase to avoid loss.I hope this problem will be recovered soon.

Where you see $6000? The lowest price is around $7700 which is still not lowest price in this year ($7174 January 1, 2020 (https://coinmarketcap.com/currencies/bitcoin/historical-data/?start=20191209&end=20200309)). When you talk about this kind of things, you need to pay attention to details, because it's about easily verifiable things.

I think you are new in crypto, just last December price was very close to your $6000, but then there is no Covid-19 pandemic, or some other bad news. Bitcoin is part of global financial market, and if everything sinks (as is the case now), Bitcoin is no exception, as some might think.

In times like this people who have money invest, because it is only a matter of time before the market will recover and when one's loss will turn into one's earnings.

It's highly unlikely for Corona Virus to affect bitcoin's price. Bitcoin is not limited by an geographical border so the way local industries have impacted due to Coronavirus, the same impact can't be seen on bitcoin.

It seems, the current drop is linked with a $120 million sell of from scam proceedings. Read below,

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

It makes more sense than Coronavirus news!

You answer yourself to your own question in the same post.

Since this is not the first time such a situation occurs, those who are used to it know that there is not much to worry about, just wait until the storm is over. Besides, it's not as if Bitcoin is the only one sinking, in which case we might worry, but it's not.

After all, when you've seen Bitcoin going down from $20k to $3.5k it's not a situation like that that is going to scare you.
As usual, the weak hands are selling in the panic, while the others are buying...


@Lucius I think he confused USD and EUR

I will firstly correct you on the current low as far as this new crash is concerned. The Atl in the last 48 hrs is around $7632. Please get your facts right. As for the cause of the crash, I stand to disagree that its related to coronavirus. I think this is a clear case of market correction and nothing to do with the coronavirus outbreak as the price of bitcoin has been on the rise for some weeks now. For every massive rise in price there is bound to be corrections of this form. If caught in this deep, please hold as whales are only having a nice time manipulating the market. A rebound is imminent in my own opinion.

the lowest price that was reached so far has been $7636 which is $1600 above the price you think it has crashed to!!!

altcoins are seeing the biggest dumps. for each bitcoin's 5% drop they get dumped at least 10% and in most cases they are losing about 20% each round of dumps. holding them is the stupidest idea even more than normal times.

Don't do anything and don't panic.
This is not a huge colapse, it's a market correction and there is no need for drama.
Also, coronavirus doesn't have anything to do with price fall, this is false theory.
Just be patient and wait for a while, price will recover. I don't expect that the price will go lower than 7000$.

I think some people are in a state of denial, thinking Bitcoin can be isolated from the effect of the Coronary virus on the market. This one is different, people are not going out to make money, the market activities are being affected all over the world, we can see the impact in Italy now, stadiums are not opened to fan, can you estimate the economic loss of that. If this Coronal virus is not contained soon, no market will be isolated from its impact

What's happening guys and why BTC is going down so badly??? Could this be the end of bull and bear started to dominate?

Crypto market is fumbling again and I never thought it will fall so badly where as even the alts are performing really bad, should we have to buy the dip and make use of it because anything can happen before Halving

You're right Corona Virus effect all over markets forex, stocks as well crypto. Due to this virus most of people unable to go out for working, most of people are working from home like china, there is fear of Corona in people. It is spread in more than 50+ countries. In my country all educational Schools and Universities are closed due to found 9 Corona cases.

Hope so everything will be fine very soon then all markets will be stable again. This virus already killed many innocent human. God bless everyone and thanks to rise this issue.

 

There's some news about some scam involving BTC, about Plus Token
You can read here: https://cointelegraph.com/news/bitcoin-drop-due-to-13k-btc-plustoken-scam-not-coronavirus-analysts/amp

And the discussion here: https://bitcointalk.org/index.php?topic=5231504.msg53996313#msg53996313

Maybe this sell created some effect on BTC price, and people started to sell in panic

They really does, In fact some people are just too optimistic on how the market is going now thinking that the problem of the world now is not going to influence the world connected to it. It goes simply like this, people are the users of the internet( well this includes everything in the internet) so if they are facing any problem in the real world there will be a significant change in the internet, just look how fast the threads are coming out of this topic.
All market are affected, yes, even the well established now. All countries that have been hit by the virus are at large now although the virus can be easily killed, the spreading is quick and the symptoms are more like to be distinguished on 3rd to 4th week of the virus living on the body. Every market crashed, not only with the bitcoin because of this.

My speculations about this collapse are the other holders selling their BTC one after another and maybe they are some big holders out there which result in the price collapse this month. We cannot blame them if it is real because what they need today is fiat especially those countries that have some huge number of infected persons in their area. As we can see today, Italy and South Korea have a huge number of infected persons and I also believe that most of the holders of big amounts of BTC came from that place not to mention China too.

Perhaps, the price of bitcoin and other cryptocurrencies are getting affected due to the issues concerning the spread of corona virus but it isn't the only factor that determines the market price of such cryptocurrency.

Due to the huge market collapse of bitcoin, I know allot of us has suffered allot from our losses when we've invested in price as high as 9k and up. Though, we should believe in the capability of bitcoin to reach that price again so the thing is how long we could take to wait just to avoid losses in the market. Remember, whenever market collapses, the only time we get lost is when we start to give up and sell our bitcoins.

This is bitcoin's market price from April 2 to March 9 based on this resource: (https://www.dailyfx.com/forex/technical/article/special_report/2020/03/09/Bitcoin-Price-Forecast-Reversal-Pattern-May-Press-to-BTCUSD-Multi-Month-Low-MK.html)
https://a.c-dn.net/b/2uDpZA/Bitcoin-Price-Forecast-Reversal-Pattern-May-Press-to-BTCUSD-Multi-Month-Low-MK_body_Bitcoindailychartprice09-03-20Zoomedout.png.full.png

According to market analysis of the creator of the article, it shows tremendous signal concerning bearish trend for the next months.

In fact, we shouldn't fear anything about this if we know how bitcoin do really behaves over time. This is bear market, a way for us to put more investment in bitcoin and not to think of our losses. Maybe price could be lower than 7k dollars, but remember, most of us starts to believe in bitcoin when it's price is just 3 digits. So, it's potential to regain its market price is huge backed by the reason of bitcoin halving though it will not be instant, we know that there's a reason for price increase over time, and we could have profit if we continue to believe and take this bear season a challenge to test our patience.

Everyone long enough in crypto space knew that this current dip was caused by market correction since Bitcoin made a run above $10,000 level. But, I can't also deny the fact that the price has been affected by the corona virus. Though the effect isn't that devastating, but I believe for some reason the corona virus added a little weight for the price to decline.
 The panic is all over the world now, this isn't only from the mainland in China.

What is huge about the current bitcoin price? Has bitcoin price not  deepened than this before now? We must not only just pass judgment without deep research into the price of Bitcoin before now. Even the stock received a bigger deeps and this equally happened other financial institutions across the globe. In my own opinion, Bitcoin has been stronger than what we saw in 2019 which was the lowest, there was no cases of coronavirus compare to today. Today Bitcoin price to me look normal and not as you'll speak against it price, you sell you regret your action later.

I do not think that many holders of bitcoins will now sell them. Unless some newcomers who are and always will be. The market recorded a one-time drop of 13,000 bitcoins and it is likely that this was precisely what led to its price drop by ten percent.
A few months before the expected decrease in rewards to miners for each new block of bitcoin mined, when its price should traditionally increase significantly, it’s even silly to think about selling it. Now, there are a lot of conflicting factors affecting the price formation of bitcoin, however, we can say that its price drop is temporary and soon it will continue to grow again.

Probably not the end of bull, the price of Bitcoin still stage in the current low and not otherwise as many have view it. I personally see this as an avenue to make some decent move and earn good profit in return. The price still login to $7k which to me look good and not as others portray it to be. Currently nothing is happening to Bitcoin price, its just a general case due to Covid-19.


What about the stock market, What will you say then? This is a general case of epidemic befallen the world and kits affecting majorly some financial institutions which Bitcoin is involved. Whatever affect the price of Bitcoin will definitely happened in double to the altcoins.

Looks like OP intentionally post the lowest to be $6k to spread more panic. We're back to where we are in 2015 were the fud is almost everywhere.


Stock Market though is very revealing, news on TV said its the start of the global recession already after trillions lost in their market. If all will take place, price will be dumped which is what they are saying about that bear market is yet not over.

Unfortunately, despite all the reasons for complete independence, Bitcoin will not reach it very soon, the fall of Bitcoin following exchange-traded assets only once again clearly demonstrated this fact. And this is pretty bad, in my opinion, because many have already seriously talked about the stability of bitcoins.

Since when did Bitcoin crashed into the $6000 price this year?? You said recently so I assume that it happened not more than 3 months to 6 months? or you just posting nonsense here hoping that somebody will give you merit for your "meritorious" post that you've made.

Yes the current price of Bitcoin right now is so far the lowest of this year and I will repeat, it didn't crashed down to $6000 like you said in your post.

Many are holding crypto right now but still there are some who have some buying powers/fiat currency that they can use to accumulate more crypto in a cheaper price. If you are a position trader then you can accumulate as early as now since the price is slowly declining but there are some who are expecting for a further bearish move. I'm hoping that it will not happen but lets just be ready for the worst case scenario that can happen :).

Actually 6,000 USD is not the lowest price of bitcoin so far as of this year, it is only about 7,100$, so where do you see the information about 6,000$ mate, make sure that every single data of your post is correct and at least give some proof or evidence of what you are trying to say, the best thing that you must do for bitcoin as of this bear season is to hold your money, if you are investing a huge amount of money, you should hold it until the bitcoin price goes high. There is no best thing than holding your money. That is good in investing because even if the bitcoin goes down, you cannot still lose your money because you can still hold it until the bitcoin goes high again.

6k? When and where did the decline occur? Even the decline that occurred yesterday was still around 7.7k, not sure prices will fall to below 6k despite a big correction. It seems that the corona virus did not have a major impact on the collapse of the crypto market and also other assets outside the crypto market, so there is nothing to worry about the collapse of prices because even the bullish market still hasn't happened so far and so at least be patient and keep waiting is a choice that must be made if we really want to sell at a higher price.

This thread has no strong basis. The market price of Bitcoin have indeed reached $10000 but since then its market value did not fall as low as $6000. If I am not wrong it did not get pass $9000, open for correction. But to still answer the question, if ever the price will again crash, I would definitely invest half of my bank savings into it. I have regretted it before, not investing while the price is still low, I have missed the huge opportunity before to invest and earn huge profit. Also, I am aware that its price will fall often, due to its nature of volatility, therefore I do not panic in such times. There's really nothing to worry about because its market value will again increase the only downside is lack of assurance on how long will it take before recovery take place. So basically, it is a matter of waiting game.