Bitcoin Forum

Bitcoin is Down

As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2020, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

Several facts occured simultaniously during the short period just before the crash in price; someone recovered an old wallet and moved 1000 btc to coinbase, plus the shut down of some known exchanges turning scam. Covid19 is an additional factor.

I think that we are in a period of fear from almost everything. So it's normal that the price drops for an extended time. Once people realise the benefits of bitcoin as a real crisis resistant, the price will get back to normal. The actual btc price is above 6000$.

People who were facing margin calls had to sell of their liquid assets (Bitcoin and Gold) to meet their obligations. Many of these people were "professional" investors.

Now, Bitcoin is artificially cheap, and real hodlers are loading up before the upcoming massive price pump.

Your Title and body of the post are contradicting. All in All The CoronaVirus outbreak has a part to play in the recent Massive Bitcoin Price drop. If you try denying that, then you totally don't know the economical aspects of bitcoin and stock markets.

So with that logic, obviously the panic about the corona virus is one factor that cause a sharp decline on the price of BTC. Well, you can't take out that there could be whales who take advantage of the situation and play us.

Media did also play a part as well, as they reported the spread and probably blow out everything out of proportion. Nevertheless, bitcoin is very strong and resilient, as other markets are still in shock and have difficulty recovering, bitcoin has been bouncing back from $5000-$6500 or more.

There are different opinions on this topic.
If the economic crisis deepened and classic currencies lost their value, then the price of gold and Bitcoin would almost certainly go up. However, no one expected the virus to affect the economy so much and, above all, the existence of people. In my opinion, the price of Bitcoin will also fall until the spread of the virus is under control and people calm down. Unfortunately, we still don't know when it will happen, so people prefer to have cash in fiat money than electronic money.
Once the virus is under control, cryptocurrency prices will definitely go up quickly, because the crisis in global economies will definitely last much longer.

Everything has a life cycle and crypto has been stagnant for a while and failed to take off in 10 years, the only thing that took off is trading and scams and regulation and not many people are interested in that.

bitcoin is no different than the life cycle of anything else. stagnation leads to decay and decay eventually leads to invasion and end of life cycle.

price may go up again but at what cost, at each consolidation more and more is owned by institution so it is not much benefit to anyone but traders and the scabs that promote it. when you let go of the pipe dream that bitcoin is some saviour and the world will run on ethereum then you'd realize its nothing more than another market for people to play.

Well, if there is a panic it is expected already that the market will eventually gonna go down and look where is it now? The pandemic crisis is one of the reason why the market suddenly drift back to break most support levels. Luckily, the $6,000 support level is quite strong to hold after a week of dump. It happens already before and is happening today, it seems like history always repeat itself.

I read a few times, it looks like the topic and this thread is not appropriate, is this just my feeling?
In fact, this is a global pandemic, the economy and all markets are down. Panic sell. So this pandemic has a domino effect, although it does not directly affect the crypto market, it is affected when the world market is chaotic. Everyone chooses to hold fresh money to make ends meet, where most of the lockdown. Current priorities are health and living necessities, an investment can be thought of again when conditions are conducive.

The fact is bitcoin or any other crypto is completely useless in a pandemic or any type of urgent situation. people need food and security and bitcoin sells none of that. its controlled by big institutions and traders and they're always going to sell before the public wakes up. the price run up was already because they knew china was exporting covid-19 and a crash was soon to come.

So you're saying the coronavirus is not the reason why Bitcoin crashed, when Bitcoin experienced the single worst sell-off in the last half a decade just hours after the World Health Organization (WHO) declared the Covid19 situation a global pandemic?

Yea, maybe you should stop giving advice on macroeconomics, because you clearly have no idea what you're talking about.

Every market tanked on the news, including Bitcoin and all other cryptos.

It seems like your topic is really different to its content, your topic is "You realise Coronavirus is not a reason why" but you also said that the reason is that the panic buying of many people. So logically speaking the, COVID-19 is still the reason because people gets panic buying because of the virus, buying some stuffs and goods just to survive from the crisis and that is also what some traders and investors did so the market gets affected by it, that results to bitcoin or other cryptocurrency to goes down.

Well said mate, the good thing is it still remains up to 6,000$ even the virus or this crisis is still in different country. but nothing is shocking about that because it already happens before, well, cryptocurrecy is volatile so we should expect that it would really happen.

Pandemic like this will have affect in the economy and it is normal. But the price dump was not only because of the panic selling from Pandemic, whale used th moment and manipulated the price significantly. Both the pandemic and manipulation have influenced the price at once and result is such low price of BTC.

The amount of people who sell their coins to cover their needs is negligible, what happened is that whales/speculators dumped their coins because of the panic on the stock market. So, coronavirus is actually the reason, it's just not a direct reason. Instead of coronavirus -> Bitcoin we have coronavirus -> stocks -> Bitcoin. But this correlation isn't fixed, if the stock market falls a little then Bitcoin doesn't care - it's not repeating every single move.

Believe me when i enter this market a week ago..its hit my 2020 bottom. I am glad buy at the dip and now i want to sell it now since it comes to the range.
Many people go mad when asking is this for real, that bitcoin will goes down again? so far i just looking some opportunities, and it lies within bitcoin and gold.
So let see it will go rock again or just get dump again till it hit 4K again.

Nope, the main reason was the dump of 13,000 BTC that affected the market significantly then with the help of coronavirus fear, people really did dump their coins hard that time. As of now, we are still at a recovery phase and I say cryptocurrency is really doing good standing above $6,000.

A possible reason for the increase in price at the start of the month was actually because the only country to be quarantined by then was China. As time passed by, more and more infected were being found in different parts of the world, hence, various countries have started quarantine in their own and caused various disruptions towards the normal circulation of various goods. This caused the stocks to fall down badly and well, probably caused a side effect to the market of crypto, hence the drop. Most of it can be attributed to panic tbh, cause I fully believe that Bitcoin should've been fully unaffected by the current state of affairs. Sadly, the damage irl was too big so the market of crypto was also affected as a result.

This obviously the effects of the Coronavirus or the COVID 19 virus a lot of people have no work or jobs that could sustain them in the quarantine or lockdown forcing a lot of people or investors to sell off their investment in the market. A lot of big companies stopped operating because of this virus in the firsts week of the spread of the coronavirus a lot of mining companies in China also needed to be stop to prevent the virus from spreading in their country.

https://i.imgur.com/FvJ2K5v.png

Also at this time, this could also be manipulation by whales in the market since it would be easier at this time of crisis. Take note that this happened in just 24hours? Meaning there is a huge amount of bitcoin sell-off in the market, and a group of whales could easily do this manipulating the market price of bitcoin.

no, that is not it. majority of those who have invested in bitcoin don't have an immediate need for the money they have put in bitcoin. not to mention that things haven't been that bad for that long for them to need money this badly to sell their bitcoins to cover the costs!
the ONLY reason why bitcoin price went down is because all other markets in the world crashed hard and people feared that bitcoin might do the same thanks to the FUD so they sold their coins to stay ahead of the dump. but as we can see now the dump was a manipulation which is now recovering and going back up again while other markets are still dumping.

In principle, yes, people urgently needed cash to buy food and basic necessities in order to prepare for quarantine caused by an outbreak of coronavirus. If the cryptocurrency had good liquidity and you could directly buy the necessary goods for it, and not first exchange it first on the exchange, then it would not fall in price, or its fall would not be so significant if there are reasons for the fall, as suggested , there were several.
Someday in the future, such disasters will not have to affect the cryptocurrency market decline.

Of course people panic sold their asset because of the unprecedented wave of the impact of the Covid-19. No one expected this to happen. My country is planning on nation wide lock-down because we have poor health care system and the government are scared of a devastating outbreak. Well, I have been working from home though bounting has not been sustaining.

The Bitcoin price dropped,can we just stop talking and writing about it?
The coronavirus didn't "favor cryptomarkets first".Nobody was expecting that the virus will turn into pandemic and get outside China,causing massive lockdowns.
Your explanation about why the Bitcoin price went down is partially true,the small crypto traders sold some coins,in order to get some fiat money.However,margin calls and automatic stop loss orders executed by trading bots also had a big influence over the price drop.

I don't get your post but I somehow understand you're talking about the sudden fall of the price of BTC. Well, we cannot blame those holders who we're suspended on their job because of the Covid-19. if they don't convert their BTC into fiat, they don't have something to buy their everyday needs, especially food and medicine. If you don't act fast, you would run out of things to buy. as you can see on the internet today groceries are scarce of supplies and most of the daily needs are sold out. If they don't convert their cryptocurrencies into fiat faster, they will go to grocery stores with nothing to buy there.

Although some people are panic while some change their holding to stablecoin in other to keep their investment intact  but we still have to consider the coronavirus issue as the cause of the downtrend in crypto market because if the virus issue didnt come into picture the market ought to be experiencing some slightly pump in price before halving effect take over the market.
Saying that because i myself sold and stablecoin some of my holding.

You are right.

I personally believe coronavirus has a very big part to play in the fall..

Bitcoin was a peak before the global outbreak of this virus,  then boooom! a drastic fall. You wouldn't think it's a coincidence would you?

It's basically due to fear among holders,  and the urgent need for their invested money in cryptocurrency to sustain their family in this period of global quarantine.
Even some holders are tested positive,  don't even know if they'll survive hence,  no point buying and holding cryptocurrency

That's supposed to make the post catchy and attractive. It's a writing skill.

As you have said, when the virus spreads, people start to panic.
It should be clear to you that it is the main reason, not exactly the virus but its effect on the economic status of every country and also to every individual. People are losing their jobs or stop going to their work, etc.

It is always people's reaction that affect the market both in positive or negative way, of course,  at the earlier stage of the virus the market was still doing fine, by then there was no tension in the midst of the people, but when the news keep coming about the widespread of the virus, many people start making plans for the future,
In this case, once the virus is maintained to the lowest level maybe the market will regain it's full strength.

Investors tend to sell their btc they have to buy their own necessities because of this crisis caused by corona virus. So, basically it is still the reason (the pandemic crisis) why majority of them sold their btc even at low rate. But it seems that bitcoin is going up now. Panic sellers were lessen now. And you can't blame them. Most of them really need something to stock with, something to eat to survive in this cruel situation we are facing.

At that time coronavirus hasn't been spreading only in wuhan which the virus came from.

But when the virus spreaded in some countries like South Korea, Japan, Singapore and other countries bitcoin price was starting to decline slowly.

I guess and I believe that corona virus in one of the reason why bitcoin and crypto currencies fell in price. The investors have known that the situation will be interfered economic situation and they were right.

There are other factors that play whenyou are considering the plummet of bitcoin but I think that some factors are rooted with the pandemic, we can't blame the people who are selling their holdings at this time. Maybe they are in dire need for necessities which we all should understand.

Well in terms of investment both are kinda similar so it is not that surprising that Bitcoin will go down along the fall of stock market. We shouldn't panic though as it is just a normal thing to happen and pretty much after this issue, we're all gonna see the green in the charts pretty much soon, but right now we should resist and just hodl. If people have the buying power to buy BTC right now, it would be great for them after this crash recovered.

Exactly. I am not sure how this thing is going to be in the future. All the countries have shut off their business doors, borders and to the level of colonies everything is stopped.

Its just about the time when healthcare industries will be suffered too and thus the corona virus will overload the whole world.

I am dam sure about one thing, Bitcoin wont matter at that time and thus its gonna go down a lot as people will have to save for their doomsday!

So bitcoin is really secondary thing and no one has predicted the future of Corona Virus. It can seriously disturb the whole Humanity.

True,  Bitcoin has really fallen,  along with other stable coin. The COVID-19 pandemic cannot fully account for it, but has key role to play. Coin holders are scared and loosing trust in cryptocurrency

We can't deny the fact that the Coronavirus ir the covid19 was the main reason why the bitcoin and the market suddenly dumps but maybe it is one of the reason why.
The point or the thing the I want to point out is it is also because of the reason that the bitcoin halving is coming and that's why the bitcoin and the market is currently down or dumping. Remember that the Bitcoin Halving is near so we should think about yhis reason or case too.

It's not the virus in the sense that the virus does not infect Bitcoin and cannot spread when Bitcoin transactions are made. However, it is the virus media coverage. Even though you're right that the COVID-19 thing has been going on for a while before the price went drastically down, there was a very clear event that was closely followed by the fall of the prices: WHO announcing COVID-19 is a pandemic. Moreover, the situation has been changing a lot in various countries with new restrictions appearing every day, and the virus seriously affecting the lives of at least hundreds of millions of people.

I think it was the plus token scam bitcoins dump initiated the panic, with that big dump it's normal that the market will be shaken and the whales played their role to create more panic and bitcoin dump as low as below $5,000.. but after days of waiting, bitcoin pump and brought the price to $6000+ now, which I believe it should not recover if people are panic on the corona virus.

coronavirus did not favor bitcoin. what happened in my opinion was that with the attack that the US made when it killed the iranian general people thought there would be a war and that caused the bitcoin price to start to increase a lot


and add to the fact that many people are worried about fighting to survive this disease which makes them not think about buying bitcoin to hold

There were reports about plus token dumping during the previous market declines, but none of them were as severe as this recent one. There's no way plus token is solely responsible for it, it was clearly a reaction to the stock market crash. Investors were pulling their money out of everything, and with how unstable Bitcoin is, it's logical that it got hit very hard with this wide panic. Similarly, altcoins declined ever harder, because they are even more riskier than Bitcoin.

"....bitcoin has been bouncing back from $5000-$6500 or more....."

for sure.

There are a lot of people getting affected rapidly by the virus and this is not good because many people getting more panicked and can cause of being doomed about this outbreak still we are seeing other people getting well after they are getting affected and some of the people better to stay into your houses because we are avoiding the pandemic virus spread more it is better to be secured about your health. After this virus, there is a chance that the market price in the stock market will come back to normal and also the cryptocurrencies becomes profitable again that we can earn more income with the help of it but still it takes time before all the things become recover, keep safe guys.

It might really be an indirect effect to the market value of cryptos. Actually, it is still blurry for me. There are times wherein I do agree with the hearsays that it is corona virus which mainly affected the market condition at this moment. And by reading other people's opinion, there is really a possibility that the crash recently is due to panic with regards to the problem and not the virus itself. Since establishments are being forced to close at the moment, as well as works of different fields, people might panicked, resulting and making them sell their holdings jn a sudden to prioritize daily needs.

It is an indirect effect of the virus until it got severe in some major countries that builds up the crypto space like China, again I would like to use the word 'underestimate' since we did not thought of it before and getting prepare for the next year coz all we did is wishing that 2020 will going to be a great year for all of us. The decline is merely due to panic that most people have felt when things are getting out of hand especially in epicenter, China but now the new is Italy. Some of us don't believe that the virus impacted the decline, coz there is no data because of decentralized but again the virus has the most possible reason why we are experiencing these things right now.

That's a candid explanation about the crush of this market @OP but I still think in a way the fear that this virus spread around the world cause this crash. For instance, if governments had not announced lockdown in various countries people would not have sold their bitcoins out of panic.

The market price of the bitcoin drops because of the outbreak happens in the world and this is not quite good because many investors made an investment while the market price is too high that is almost 9k dollars and now it is immediately down into 3.9k dollars and that is lost so it is better to hold your coins until the issue of the virus are still on the top and also it is better to keep safe into your houses to prevent spreading the outbreak too also the market price of the bitcoin always declined by the trader but still we need to support this if we make some changes.

The lockdown is expected because it's the right strategy to minimize the spread of the virus, and more countries are in lock down right now, but look at the value of bitcoin, it does not dump anymore, so I'd like to believe that crypto is not correlated to stocks and it will grow regardless of the situation.

We are in global crisis right now but we have the crypto market which is a good option as a payment method, in fact some people are accepting bitcoin as a donation and in this time, it's easy to use bitcoin to send money in different border of the world.

In this period a lot of  people used their crypto in exchange to Fiat to buy and stockpile foods and other essential stuffs while on lockdown the sudden decline in the price of Bitcoin indicated a lot of sellers of crypto assets I agreed with you on while all the necessities that can cushion any effect of the lockdown on the daily lives of hodlers is a welcome development.

I believe that is January 28,2020 and not 2019?because in that date Bitcoin falls at $3000 level so better edit that part 😂
Because the people that formerly holds bitcoins starts selling their fund and convert to fiat for the reason of being scared of the effect of this pandemic ,and i know many of us here relates on this as majority of us make withdrawals when the dump starts happening.

Again, It is not just the corona virus that causes the value of Bitcoin to crash. If you're not aware there was a massive plus token scam and dump happened just after the worst spread of corona virus all over the world.
The pandemic is just another factor why the market is struggling right now.
As you can see Bitcoin is gradually recovering because cryptocurrency has no direct relation with the pandemic unlike the stocks.

at first yes it is not Corona who makes the Bitcoin price because the Virus has been in effect from December 2019 but its just this month makes this pandemic the whole world so the effect in crypto market is just later felt.
from March second week the Virus becomes Pandemic and the death toll comes very Huge and now is making people quarantined in their own houses and made also panicking from this infectious virus.

See ,
No one can fully tell what's the reason because at the end of the day , it is a decentralized Currency , you cannot point the reason out ever.

Even the US have just pushed the plan of digital dollar a little faster, so because of that many news companies are claiming that Bitcoins is going to die.

One problem with Bitcoins is their unpredictability and also at the same time you cannot be sure so as why this is happening , so don't worry much about the reason.

It's just that the whole world is suffering.

That's completely unrealistic if you compare a number of facts.
1. The amount that was stolen by the scammers.
2. The average daily volume on exchanges.
3. The time when plus token was found selling which was somewhere in May or June of 2019.

They wouldn't be able to cause a crash like that because the amount of coins they had was too small. Especially in 2020 when they were already out of coins or mostly out.

Not when the virus spread began, the price of Bitcoin and other cryptocurrencies has been going up even before then and they kept going up the day it started, and that’s the same thing with stock markets. But after the case got serious, that’s when it started affecting every market. Although there were other underlying causes that led to the decrease in the price of Bitcoin, the pandemic was part of it.

There are other things we heard as well and not just the Covid-19 outbreak, and I have been seeing some articles on Forbes and Cointelegraph that have stated different reasons, but whatever...

There are many reasons people have identified as the major reason for the crash. While many of these reasons such as crypto scam, whales, etc. are general reasons which are known before. The COVID-19 pandemic is also part of the reason behind the fall. A lot of people panicked and sell off their crypto for foods and sanitary materials which also add to the reasons.

Am just as hopeful as you are that there will be a price boom soon and am banking on the Bitcoin halving for this activation. However, we really can not for certain know how things will go when it comes to cryptocurrency and bitcoin.

It is likely the OP did that to captivate readers to the thread. Not bad a strategy in the media

But to believe or not, the recent market dump is mostly because of the coronavirus where more people are in panic selling, converting it in fiat money in order to buy stuff and other necessities. Think this could be wise and smart moves? Maybe it will. We know how many people struggled and face market difficulties making them no choice but to sacrifice their holdings.

This thing never lasts forever and we know that there still room for crypto to grow. Yet, it can't be instant and it takes a while but something we don't need to lose our hopes and keep positive the same thing that this pandemic health issue will be over soon.

Because its not a threat at first to many people and it seems an ordinary virus that cant spread worldwide but the situation became different few months later.

People need cash to spend for primary needs so they sell their assets thats why the market crash (I believe this is the reason) because after the situation turn to worse the market declined. Nevertheless its good to see cryptos bounce back even most places are in lockdown, people might be looking for an opportunity to still earn while at home or they are using crypto for remittance.

I don't think regular people caused the crash (people who need fiat money to buy food and masks). But rather big investors and whales who simply used the virus panic to crash Bitcoin price and they bought back at the bottom at half price.

Hmm, the construction of your topic title are very vague as with the connection with your thoughts. As far as I know, the coronavirus is the primary crisis on what this situation are happening. Before the coronavirus spreads throughout the world the price of bitcoin are almost 10,000$, but when the virus starts, many people around the world are panic selling at a cheap price. That's why the price of the bitcoin are rapidly fell.

I am not going to doubt what they have said, I’m just going to have faith that the pandemic is going to end even before that month of June  ::), it already feels like a year lol. And probably there is going to be change in the market once the pandemic has stopped or maybe the changes might even take place before then and the prices of stocks, oil, cryptocurrencies and other assets will start to recover.

I am most worried about the virus spreading in countries where there are no good healthcare, it might be worse in those cases, they better find a way to prevent such from happening.

Absolutely, if Convid-19 pandemic is spreading almost hundreds of countries, so lockdown is needed urgently and it’s already happened in mostly countries i see. Bitcoin payment method can help strongly to raise money. Btc price still looks uptrend, i don’t know why most of people’s are getting panicked for these market condition. BTC will highly capable method for donation because it’s a accessible from anywhere.                                   

bitcoin price was in a good shape in chart ! after corona news first oil then stocks start to go low after 1/2 day btc start to get low also.personally i think whales start to sell 1)panic of all investors 2)to tell world bitcoin is just like rest of things witch btc will shape also with news .and i think this action make a good biuld for starting btc price for moon price.

The price of Bitcoin was down before the scourge of the coronavirus but many have thought that the fall of cryptocurrency was as a result of the coronavirus. The effect of the coronavirus was not targeted to the cryptocurrency market but to all the world economy, today many nations are facing economy woes who which will definitely lead to recession in the world. The stock market was also affected and others. The problem about the downfall in the price of Bitcoin was the weaker hands that started selling their portfolios to the manipulators. Thus crashed the cryptocurrency market and not coronavirus.

In my opinion, you have perfectly explained why coronavirus had an impact on the price of Bitcoin. This did not happen directly but indirectly for the two reasons you mentioned. First, the crisis of the world economy began, which was caused by the coronavirus. The economic crisis has caused panic on the classic stock exchanges and, consequently, also on the cryptocurrency market. People in times of crises get rid of investment and prefer to keep cash. I think that the price drops on the cryptocurrency market are not over yet, because  panic is not over. I think it will be the main reason for further price drops.

The entire global market is badly affected by this pandemic. The economic system of almost every country that is affected by coronavirus went down due to panic selling and the bad thing is that even online investment including crypto had still suffered such downfall. I can't imagine how many people suffered such a virus and kill many people. Ain't no wonder why many were in panic selling and buying just to save their family.

Despite the economic growth decline, we are still able to stabilize and can't even drop harder below $4k. This means that many Bitcoin holders are still keeping their asset rather than being infected as a panic seller.

I don't think I'm going to believe that. Before the coronavirus issue the price of bitcoin was going up and I believe it reached that rate because the coronavirus has not started affecting it yet.

Just like other markets, it didn't start affecting them immediately it came out, it took some time before it started happening. And you saying that people selling is the cause of the decrease, yes that's what led to the decrease, a decrease in the demand and people selling their coins, but what led to people panicking and selling their coins? That's coronavirus. So, how do you now say that coronavirus is not the cause?

so even what you say still it is the Virus why people starts to Panic because this starts to spread world wide that time .

imagine from China the Corona starts growing in all parts of the world that's why Holders reacted and starts selling their Holdings.

added those manipulators that sells all theirs to make the market more shaking and make weak hands crazy afraid of losing more.

I think that's normal for the people to panic sell their holding in bitcoin or any other digital coins. Some of us are shocked when the price of the bitcoin adn other cojns drastically changes and going down.

For the situation, many people can't go outside their houses, and many can't even go to work. So, I think they're selling their bitcoin to fiat for them to have their money to be use.

actually He is pointing about the panicking and for me this is the effect of the Virus so in totality?it is still the COVID-19 is still the reason of this Bear market.

and look at the market price it seems that it wasn't moving for the last hours?is this the effect of waiting game?investors are taking time to seriously invest again?

Some of my friends who are professional trader on Binance and Bittrex platform also exchanged their BTC at a lowest price. I asked them why they sold it at such a loss, they replied that they thought coronavirus will badly hit the crypto market like the stock market. So, there are many people who thought that way and sold their BTC at cheapest price. I think this is the main reason for bitcoins price collapsed.

Panic sell is inevitable specially when theres a global crisis thats currently happening and even how experienced you are in the field of trading and investment it cant really be avoided for us not to panic.
We are just humans that do have feelings or emotions that do normally react into situations like this and would have those second thoughts of selling out for your survival or thinking of cutting loss.
We cant really just say that corona isnt the reason why yet we have seen on how it impacts traditional markets that we've known and to presume that all things would be on domino effect.
Good thing here is that we do saw that crypto market is starting to climb up again.

I think the panic sell was around everywhere, although I'm not much of a trader but with the way the whole world was shutting down due to COVID19 outbreak, you wouldn't blame anyone for try to stay safe. Everyone knows how bad it could be if the cryptocurrency market want to get it and i assure you the COVID19 saga was more than enough to make a huge downtrend in the market. Afterall, crisis smaller than that have caused more dip to the market in the past. It is certain that cryptomarket will always rise back but it's not easy seeing ones investment getting dip and dipper

It is true that many people who do not understand, consider corona virus the main cause of its falling bitcoin price. Even when the first time
Corona virus appears in wuhan China does not directly make the price of bitcoin down. Even a few weeks after the corona virus first appeared
making the price of bitcoin rise dramatically to $ 10k. So the main cause of bitcoin is down and now there is an economic crisis due to panic
to buy basic necessities. Because the spread of the virus is so fast, making some countries do a lockdown. This is the beginning of the cause
the price of bitcoin dropped dramatically.

Well, I think it is really inevitable for some people to sell their btcs because of the pandemic despite the fact that it will not directly affect the price of the market. Just look at how the price are now, the price is affected by those scammers of PlusToken sending their scammed btcs to mixers. People would be selling their btcs from panic not just because they don't know what will happen but also because they might need fiat in this lockdown.

Selling bitcoin in this time of crisis is the best thing to do in order to survive. For me it is the best decision because our lives are matter, we can still make investment after this crisis. For those who sell their bitcoins because they do not have money anymore, good job because you manage to do it. Even though you sell it to the low prices, there are still a lot of opportunities that will come here in the cryptocurrency market.

Not exactly, the coronavirus is the reason why investors are panicking, and because of this, there are other changes

It is true that the wide spread of the Coronavirus pandemic has become one of the contributing factor why the price of Bitcoin as well as the other cryptocurrencies went down recently because of the panic that gets along with the people because of this threat on the health care of the people. Many have decided to convert their cryptocurrencies into fiat despite of the good run the market have beem showing since the start of this year 2020, and the reason that I see is for them to provide their necessities that can only be purchased by fiat money to be able to survive and keep themselves safe from the spreading of this virus. Due to this cut down, the prices have fallen all of a sudden which is already not surprising because cryptocurrency is not just the one being affected by this virus but also the other sectors most specially the economic state of the world.

Yeah! Btc's price fall down few months ago but that's what I'm not feeling right this very moment. How ironic that our world is currently in the middle of pandemic resulting to economic crisis in different parts of the globe but still the crypto sphere seems so alive. I mean, try to look on the price chart, bitcoin rise by .16% (at the moment) despite of the happenings. We are so blessed :).

What can we do if it is really necessary to convert bitcoin to fiat when you lack of resources during this quarantine? It is how you manage your assets, you will not sell all of your btc, you will just get some amount that will serve as your budget to survive this quarantine. We don't have any idea when this Covid-19 pandemic will end so it can't be that we let ourselves starve for the sake of crypto. Converting some amount will do, but still you will hold your btc because you know htat the price of bitcoin will still recover from $6500 to $10000 or up. Bitcoin is volatile and we also have no idea when this bitcoin will increase its price again so it is better to be prepared in this pandemic than to wait for something that is not certain or unsure.

This COVID-19 is the reason why investors pull out there money, which results of going down of bitcoin or other cryptocurrency so basically this virus is responsible on what is really happening on the market, from 13,900 which is the highest value reached by the bitcoin down to 3,900, 10,000 USD ia the difference between two, which is really big, there are so many users of bitcoin who afraid of thinking that bitcoin may be dead because of what happened but always remembered that we had already experienced this thinga but still we are here, bitcoin still remains.
The next time it happens do not be so afraid, just hold your assets and wait until the orice of the different cryptocurrency turn back again.

Yes it is,Panicking happens because of the spread so the thing is the Virus take effect why people responds like that.
i know that we can't blame the virus but it pushes people to withdraw their money so market turns Red that particular time and also until now the effect is here.

Panic will make us cannot see the truth, and sometimes we can be blind of what is happens in around us. When the pandemic happens, many people spread fear in social media which make some people who don't know the truth become scared, and they give a warning to their family. One person can affect many people, and that is why we need to ask the government or ask them to explain the real thing that is happening. That can reduce the panicking that occurs in public.

We cannot blame the Covid-19 because if we don't take care of our health, we can be infected too. The virus reminds us to keep healthy and always get health.

Isn't it necessary to sell bitcoin if you have nothing left just to survive this quarantine due to Covid-19? Sometimes you just need to sacrifice something, even your coins if you lack of resources as this lockdown is continuously active in our country. You can recover from your losses but it is hard to recover on what this virus can bring and do to your body. Yet we have no information about the cure to this virus and it takes time for it to discover so we have no idea when this pandemic will end. Whales dumped their bitcoin because they see how this virus affect our stock market most especially investors who also experienced downfall in their investment. But I believe that after this virus, everything will go back to its normal state and the price of bitcoin will soon grow again from $7000 to $9000 and above.

Yeah it happened really fast because at the time of the crash there are many countries who impose a total lockdown in their area and this might be the reason why the market crashes pretty bad. Preparing for the total lockdown is kind difficult if you have no enough savings that is why other investors were forced to sell their assets in order to prepare for the lockdown.

Foods and medical equipments are what we need to this pandemic in order to stay out from the virus and also a good knowledge on how to stay away from it. But right now the market is slowly recovering and let's just hope that this pandemic will be finish so we can see a better future of crypto by this year 2020.

How sure are you that it was the Corona Virus that Influenced the initial hype. People are really in need of finances so they couldn't just run into their crypto account for rescue. So much sudden and wasteful sell will be made at this time. I guess after this period price Should be better. Now many will understand that not all sell is panic selling but due to urgent call to meet up with certain needs

How sure are you about what you are saying. The price of bitcoin was going up, yes, but it still got affected by the pandemic, although I do know that the pandemic wasn’t the only thing that affected the price of Bitcoin and the cryptocurrency market as a whole.

There are other things that could have affected the price of Bitcoin and not just the pandemic, a lot of things happened and that includes the oil price war that we have seen recently which seems to be having no end yet. And like that’s not enough, the PlusToken scam took place. So, all these things out together are what affected the price of Bitcoin to go low. I know there are other things as well and not just this.

BTCitcoin's price was affected by many things that are being discussed here, I remember when I saw that Coronavirus was declared a pandemic. My first thought was: "It is the last thing that was missing, we have been dealing with the market situation, the volatility of Bitcoin and now we have a serious problem what is affecting global health."
But amid the difficulties, opportunities arise, and Bitcoin could play an important role in providing solutions.

There are other reasons. There are always other reasons for the crypto market.

Not only bitcoin but most traditional investment have the same thing. Most of the traditional market decreased as well because they will consider that the economic recession will come. So as they will turn their asset to safe heaven place like gold and land. But I think it was just give a few change for bitcoin, like a day ago we can see the volatility of bitcoin price was happened again and its price has touched $7200 barrier again. That is not happened to another investment place, most of them only stay at the current price when their price decreased a lot. I hope this pandemic get it over with, seem like the halving event is ready to come and many people there have been waiting it.

corona virus doesnt have any effect on the price actually. Maybe a bit because of the mining

I think this really depends since why would you sell if you can provide and support your family and your selves in this pandemic or this ECQ. It is right though, people should really prioritize themselves than their investments. You can do your investments, trades, and bets in the future. Always remember that a dead person can't do that.

Coronavirus greatly influenced the price of bitcoin and other currencies, too, so the fact that its price did not immediately fall does not mean anything. Market reaction is not always instant.

The Coronavirus itself didn't affect the cryptomarket. It's all our panic around the disease.

We never know what each other situation, some were lacking of resources as their job were stop and might already lose or spend their  savings that they will need to cashout from their other investments. At times like this we need to secure cash as we never know until when the situation will be. But for sure the price of BTC will still go up as other were take this chance to buy more, lucky those who able to save a lot and can buy at this rate.

I don't quite understand what your point is. You say in the title that Coronavirus is not the reason but in the OP you mention that the price went down when people started to panic due to Corona.

Anyway, there would have been many factors as to why the price of bitcoin went down but we can see now that the situation is getting better daily.
The price of bitcoin has been recovering recently is at $7300 now. This is a good sign in such a bad condition throughout the world.

The virus is not the direct cause of the drop in prices. The real reason is the economic cuts and shutting down the borders buy the governments.

The world economy was hit greatly because most things are manufactured in China. If you cannot run production there are shortages and you could be facing bankruptcy. That's why people started selling stocks of companies they were afraid could go bankrupt and this made Bitcoin crash because people saw the stock market falling and sold all their investments without thinking.

When the whole world's economy is down, all the stocks markets are crashing, Gold, silver and oil are at their lowest rates, then how can bitcoin remain stable or move upwards. Bitcoin is also dumping because of all these world crisis, but I think the bitcoin dump is not as much severe as other markets and stocks.

I have feelings that it will still go lower than what we are seeing now.

The halving will soon take place.

Based on the movements, I think we will be starting the halving with a $6K price. The rose to $7.3K but it goes back to $6.8K now. It can go higher but I don't think it will ever leave the territory of $6K price mark. Since bitcoin is not directly affected by the pandemic, I think we should not be panicking about the price of bitcoin.

It is true that there are now some incidents that they are selling their bitcoins because of the lockdown. I saw a thread in this forum which he said that he is from new york and he need cash and it is the reason why he sold his bitcoin. There are some reasons why the price of the bitcoin goes down when the Coronavirus strikes in the wolrd economy. The trend is still in bearish and there will be a high chance that the price will become more cheaper due to the withdrawing of some investors.

I agree, and it's what I keep saying when people say, "Oh, I hope the world ends and the banks all die and economies crash because then Bitcoin would be worth $1 million". If all that bad shit happened, people would be buying food and essentials. Toilet paper maybe even, not hoarding even more bitcoin. Besides, if fiat truly collapses, then $1 million won't be worth squat.

the dollar crashing and central banks closing is myth and old news. BTC was myth/scam born out of 2008 financial crash and it made sense back then to use these selling points to get BTC on the map.  This is long debunked and over, most of you are so late on the info here as its pro BTC forum but if you do your research you'll find bitcoin is the central bank.

Bitcoin created a false hope that the dollar or central bank was going away or was due to crash and this would be the alternative, yeah lol that's a good one. If it does crash, the owners walk away with the world and you're left holding stale bread. But people here are stupid or invested and always claim otherwise.  I'm sure now with all the regulation you can see that BTC is not the saviour and never has been. Just as the war on terror wasn't meant to free to middle east from bad people.

By the way I know most of you here are dumb but has anyone been paying attention to U.S monetary ??  the fed has been sucked up by Donald and isn't even independent or jew run anymore. How does the BTC theory still fit ? It does't that's why only Asians are pumping now and a few western traders, or traitors if you will. The rest is owned by the same people who own or work or trade for the central system.

Good luck holding a global currency that's completely unsuable for anything other than buying drugs, trading or digging your own grave towards a more centralized cashless system.

here is something to think about.

9/11 inside job   <<<<<<<<< no planes internal explosion
2008 crash inside job   <<<<<<<<  not a natural crash, they sacrificed their own Lehman to start it.
bitcoin inside job   <<<<<<<<   no satoshi, it was developed by a team of computer scientists working for NSA / DARPA
covid19 inside job  <<<<<<<  no virus, inflated numbers of pneumonia and fake line ups at hospitals to start a crash and roll out a new liberal world order , find the doctors blowing the whistle on youtube and bitchute.

At the end of all these you find the same people. a globablist cabal building up and using nations to fight each other with the solution always promised by them.

I feel very sorry for your country but everything hopefully will be fine and some investors on Bitcoin in that part of the world will come and continue with their investments recover financially and healthy

Right, that's a very logical reason. This crisis caused difficulties in various aspects. Inevitably, some people sell assets to get fresh money, to sustain life during this pandemic. So it's not because of the loss of trust in cryptocurrency, this is just an attempt to survive in a difficult situation.