Can the Outbreak of CORONA Virus lead to Increase .....

[el kaka22]

This has been talked about probably a million times already, the topic has been opened about this a million times as well on top of that and the topic never really changes. Let me explain it this way, today when you go home, open your television, open the news channels at the prime time and try to see what the news are showing. Count how many economic related news there will be, count how many health related there will be, count how many politic related it will be, and then try to see if there is anything about corona at all.

You will see that there is either one news about corona or maybe even zero probably at this stage, whereas all other topics are going to be talked about for hours and hours. Which could show you that, people do not care about it as much as you think they do.

[jossiel]

~

Or maybe it's simply part of the natural course of the Bitcoin market, when it's the end of the bears, and the dawn of a bulls again.

Most likely yeah it was like that. The simple pattern that we used to be living with as we enter to crypto, it's like that.

Or in other words, the cycle that bitcoin has been attached to.

[whyrqa]

The fact is that many cryptocurrency users were afraid of the negative consequences of the coronavirus in the cryptocurrency market.  The fact is that almost 80% of all miners are located in China and therefore it can be considered that a significant part of Bitcoin owners are also located in China.  Given the fact that people will use all the money to save their lives, it is likely that a large amount of bitcoin will enter the market, and with the increase in bitcoin supply, the price of this coin may decrease.

[Reid]

Why not just because there will be a halving that will come? 
I think that is all the main reason of this increase.

Think of yourself as a buyer. Something like an investor and want to profit easily with just buying bitcoin.
Will you buy at a price that you cannot afford it anymore or gaining smaller number of bitcoin?
That may be the reason into why it is increasing in demand. People are buying for future profits.

[criza]

Possibly, if we could look on the angle where a lot of miners are base in china, suspending the miners to do their job to get Bitcoin supplies. This would in fact, would probably lessen the supply of Bitcoin circulating altroughout the world.

This would be a tough guess because, if you would look only between the relation of corona virus and Bitcoin there is really no connection but, for the people or subjects it would affect is where the possibility lies.

[Latviand]

How many times I have seen topic correlating NCoV and Bitcoin price. Same thing with other events such as valentine's day. I think it all started when the price increased when the tension between Iran and U.S. arose which affected the market price of Bitcoin. And when the tension cooled down, the price fell in a sudden. But people should really cut such thing, also without supporting data.

Possibly, if we could look on the angle where a lot of miners are base in china, suspending the miners to do their job to get Bitcoin supplies. This would in fact, would probably lessen the supply of Bitcoin circulating altroughout the world.

This would be a tough guess because, if you would look only between the relation of corona virus and Bitcoin there is really no connection but, for the people or subjects it would affect is where the possibility lies.

But still it has no effect with the price, that it the bottomline right? Maybe it would have in the future, but let us be positive that the issue will soon be contained.

But I'm not going to be thinking like the bitcoin growth was caused by the corona virus. The reason is, the virus has nothing to do with finance to say that people are now converting their money into bitcoin which can be a good reason for the increase so far. Corona virus is killing people and reducing the world's population and that isn't the reason that bitcoin should increase, this is my view.

Some people assume that there is a relationship between the price and the issue because majority of the miners are based in China. Since they are highly affected, it may reflect to the price. In which I do want to have supporting claims.

[thisnewcoin]

Maybe it's true that the outbreak of coronavirus leads the bitcoin price increase, but we shouldn't speculate with it, man! More than 1400 people already dead in that virus, and we are celebrating the Bitcoin price increase and saying it's because of coronavirus? How pathetic! We should stop it right now, celebrate the Bitcoin price, that's okay but keep praying for the victim of Coronavirus, send help to them.

[Harlot]

What crash? Are you talking about this one?

As you can see in the daily chart of BTC/USD you'll see that there was no effect on the price movement of Bitcoin this 2020. The US-Iran conflict happened literally just in the first week of 2020 but as you can see in price movement above Bitcoin shows no any signs that it was affected negatively by the two countries having a conflict, from what I even remembered some local crypto exchange in Iran have Bitcoin priced above it's current fair market value.

But speaking about the Coronavirus as a different situation compared to the US-Iran conflict. I can say that it might have some kind of direct effect in the price of Bitcoin. Last week we have seen news relating a Bitcoin farm in China closing their operations due to the government forcing them to stop their operations because of the Coronavirus. If things worsenes and other Bitcoin farms in China will shutdown the direct hit we will have is the decrease in hashrate. Last time our hashrate drop significantly it directly brought Bitcoin's price down together with it.

[Paashaas]

*snip*

Lock-down meaning that people in few certain cities aren't allowed to leave the city. Not necessarily that they aren't allowed to leave their homes. And of course people are still able to leave China through planes. It's not the whole country that's locked-down, just a few cities like I said. Calm your ass down.

And yes, I know 2 people; and I barely use social media(besides Reddit).

400m quarantined, 700m under lock down and a lot people with bio-hazard suits.

You guys are missing a lot of stuff.

[Spaffin]

I very much hope that the situation with the epidemic in China will not affect the cryptocurrency market, although each of us understands how important Chinese miners are for pricing Bitcoin.  The other day I watched available videos about the situation in China, then this is really very serious, which I could not even suspect.  Based on this, we must be prepared for bad consequences, while not losing our optimism.