Bitcoin declined 3% as the coronavirus spread in italy

[KarlKanKarl]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

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[putukin]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

This is a possible reason for the fall of the market, but I think that the reason is not only one. Some people may have sold their assets for self-saving against coronovirus, but I won’t believe that it’s as much as 3%

[GreatArkansas]

I don't think so it is because of the novel Corona Virus or COVID-19. Why when the Corona Virus (COVID-19) started to spread massively in China or in other countries around the first weeks of January, we don't see any dumps there while we are just able to pump above $10,000 before.
I really don't see any connection of Corona Virus (COVID-19) spreading in Italy on the recent Bitcoin dump of around 3%.

[hatshepsut93]

Can coronavirus spreading be the cause?

No, crypto journalists just have this habit of explaining Bitcoin's price movements with some totally unrelated world events, because that's what generates traffic for their sites - no one wants to hear how Bitcoin is volatile and goes up or down as the result of pure speculation, because that's so boring.

Just think about it, why would the coronavirus impact bitcoin's price? It has no effect on how the bitcoin network works, or how people might use Bitcoin. And the effect on mining farms in China is still very small.

[Kuffy]

I think it is pretty unlikely to be the direct cause. Gold and Silver are up in value, and Bitcoin should be up as well. The Corona Virus "black swan" is being used to bring down the fiat system, and a number of economies, and this will allow the central banks to accumulate assets to hold in preparation for the recovery, and the replacement monetary system. I believe that the price of Bitcoin is being kept artificially low to help them to create this new system.

I guess that the answer to your question is yes, but not for the usual reasons.

[Rodeo02]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Those two is not connected to each other.
What will be the reason why conrona virus will be the cause of decline price of the market?

This is just a normal correction and its not new 3%  lower is not that bad IMHO.

[FanatMonet]

If there is a relationship between these events, then in my opinion it is not very large. I would suggest that this is a simple correction, or this little decline was affected by some other news that would directly relate to cryptocurrencies.

[20kevin20]

I personally think the situation in Italy did affect the price a little bit because we're still going through a mixture of feelings regarding whether owning BTC is a good or a bad idea during these scenarios.

I don't think the price change was entirely caused by the virus though. I'm starting to see these articles more like personal thoughts of the writers to be honest.

Any event that takes place nowadays is "a significant Bitcoin price influence" if we were to take all these articles seriously...

[ekeh]

The news spread about Corona virus has nothing to do with bitcoin prince, because bitcoin is a digital currency and is trading across the nation which can not be predicted with the price movement, hence it always go to opposite side, because bitcoin is a digital asset, not physical, which can help to protect people life not to transfer virus with a physical cash.

[NeuroticFish]

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

No. I'll tell you the real reason, but please only put this into newspapers if you mention my name.
It's because Trump was snoring last night.

[Linkkoin]

It is more of a coincidence. Italy is not a centre of cryptocurrency mining being suddenly halted due to the virus.

What is and surely will be affected is the global economy in general. Due to the coronavirus, the demand-supply chain is already damaged. Components and elements produced in China are less available now (factories are either not operating, or just with partial capacity), therefore assembling or selling products from China is slowly becoming a minor issue for the economy of the 1st world. For buying vehicles/electric devices and whole industries being the final producers.
This could be one of the last nails in the coffin named global financial crisis. If this would turn to be true when seeing the global GPD slowdown (even negative territories) presented in official reports (like statements, that industrial production in Q1 2020 was -20% in comparison to the previous quarter), the stocks are going to turn really red, fuelled by panic - and we could see another ATH rush for BTC, and of course for precious metals as well.

[finaleshot2016]

Market's whales are from China where the nCov started but even there's a state of emergency on some region of China, Bitcoin's growth last January is unstoppable.

So I don't really think it's because of coronavirus spreading in Italy. There are many possible factors to be considered on downfalls. When whales move a little, it has a great effect on the market. Coronavirus in Italy wasn't the thing, actually, there's a lot of countries in the west that's affected by coronavirus last month, but still achieved 9000$.

[jossiel]

Let us not think that when there are crisis like this, there's always an attachment to the bitcoin market. And if I remember it last time, when the possible triggering of US and Iran war.

The price of bitcoin pushes up.

Which made everyone thought that there's also a connection to it.

[hd49728]

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

nCov-19 outbreak occured in late of 2019, bitcoin fell down. Wuhang was strictly restricted by the Chinese government, bitcoin skyrocketed to the moon, over $10000. Now, SARS-Cov-2 spred over Italy and maybe over the Europe, bitcoin has fallen down again.

Do you really think that the rises or decreases of Bitcoin relate to SARS-Cov-2 and Covid-19?
Are there strong correlations between them you can find yet?

Personally, I would say "Don't try to connect bitcoin price and SARS-Cov-2, please"

If you spend your time and search the history of bitcoin price and news on SEC, you will see the same fake correlation. People simply tried to connect them together but they are wrong.

[traderethereum]

I don't think that it is because of coronavirus. Maybe it is because the other things that we don't know but yes, bitcoin price still at the lower price. We are at the end of this month so we can expect to see bitcoin price will increase again in the next month. We can hope that this week, there are significant moves from bitcoin because yesterday, bitcoin price can get strong, although, after that, the price is down again today.

There are many possibilities for bitcoin prices to go down and up again, and we don't know what the real reason is.

[casperBGD]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

This is a possible reason for the fall of the market, but I think that the reason is not only one. Some people may have sold their assets for self-saving against coronovirus, but I won’t believe that it’s as much as 3%

it is not in line with consideration that BTC is a store of value, Gold is going up, and i do not think that this is the reason for BTC to go down, it is a correction after fast rise since new year, coronavirus is probably slowdown the correction, that was inevitable, and it is part of the process to go up...

[buwaytress]

So who should feel bad? Digital gold proponents who should be expecting price bumps when traditional markets are suffering from panic?

In malaysia, stock markets crashed after the government essentially crumbled last night, that could be sending jitters throughout as one of the region's most stable country destabilises...

But the 3% happening because of that is as likely as it happening because I sneezed...

[Ridwan Fauzi]

When corona virus came to china snd many people there were infected but the price of bitcoin was increasing even most altcoins price were increasing as well, have you remember it?

So, the decresing price right now it is just because virus corona I guess. Maybe there is something else who made bitcoin and most altcoin prices are decrearing, but I just guessed that decreasing price is because Warren Buffet againt.

[FlightyPouch]

It might be the reason, or maybe not. It may not be that far but Italy is one of the 10 countries that use bitcoin. 15.3 percent, well it might be lower or higher now, of bitcoin-accepting stores are in Italy.

https://coinidol.com/top-10-countries-using-bitcoin/

Though I agree that someone might just sell their bitcoins, another thing is that we all know the volatility of it. Bitcoin's price increases when the epidemic rises, I think it is just the same as that.

[fiulpro]

It's not one particular nation , it is just , Corona virus is spreading so fast that the epidemic is getting converted to pandemic .
It is making situations worse for the people who are living in such infected areas , ofc the holders would be trying to get the money from any place that they could so that they can deal with this .
If people decides to cash out their bitcoins because let's be honest , nothing is more important than your health at the top of it it's a disease where the prognosis is very worse therefore it's completely understandable , if BTC declines with the spread of Corona Virus.

[coolcoinz]

It might be the reason, or maybe not. It may not be that far but Italy is one of the 10 countries that use bitcoin. 15.3 percent, well it might be lower or higher now, of bitcoin-accepting stores are in Italy.

https://coinidol.com/top-10-countries-using-bitcoin/

Though I agree that someone might just sell their bitcoins, another thing is that we all know the volatility of it. Bitcoin's price increases when the epidemic rises, I think it is just the same as that.

I see no correlation.
1. Only a very small part of the population is affected. There's no widespread panic in Italy and stors are not closing just because a few people in nation of 60 million got sick. The lethality of this virus is estimated at 2% so there's really no need to worry, even if you get sick.
So far there are 7 confirmed deaths in Italy. 7 people out of 60 million...

2. The revenue from bitcoin accepting stores is actually very small when compared to the exchange volume. The truth is that Bitcoin is mainly used as an investment and a tradable asset. Then it's used for moving money between countries and buying stuff via gift cards. Then probably for gambling. Saying that Bitcoin price was affected by physical stores being closed sounds to me like a far fetched speculation.

[stompix]

Can coronavirus spreading be the cause?

Can coronavirus cause stupidity? Maybe!
Can it cause 100 stupid topics on bitcointalk? Definitely!
Should we quarantine some of those that spread this! Yes!

If bitcoin goes up, it's the virus, if bitcoin goes down, is the virus, if the price is linear, is the virus.
Same for the rocket crisis, same for the hong kong protest, same for the bushfires same for every damn event in the last year.

So, the decresing price right now it is just because virus corona I guess. Maybe there is something else who made bitcoin and most altcoin prices are decrearing, but I just guessed that decreasing price is because Warren Buffet againt.

Yeh, let's go fully nuts!

So who should feel bad? Digital gold proponents who should be expecting price bumps when traditional markets are suffering from panic?

Well, the ones that should feel bad are the ones that see every disaster on this planet, every tragedy as a reason bitcoin prices should go up.
Lately, I've observed a pack of hyenas around here that jump up and down from joy once something bad happens as they see it as a trigger for people to go into BTC and those buys would help the price....for them to dump at a profit , of course,

[pakhitheboss]

I don't think so it is because of the novel Corona Virus or COVID-19. Why when the Corona Virus (COVID-19) started to spread massively in China or in other countries around the first weeks of January, we don't see any dumps there while we are just able to pump above $10,000 before.
I really don't see any connection of Corona Virus (COVID-19) spreading in Italy on the recent Bitcoin dump of around 3%.

Why not?

The latest death toll is 2700 and the number of suspected cases has increased to 80000. Do not forget South Korea is another country that has been hit majorly by this virus. In Europe Italy has the largest number of suspected case and deaths. Things are slowly going out of control and you still think Bitcoin market will rally   .

Live update - https://edition.cnn.com/asia/live-news/coronavirus-outbreak-02-25-20-hnk-intl/index.html

[7788bitcoin]

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Are you implying that Italy is a huge market and the spread made a huge difference in the market, i not sure what made the market correct now but there was a huge auction in the past week and how much it affected the market is also puzzles me, what ever be the case the market was not able to break the resistance above $10k and hence we are seeing a slowdown and it is not necessarily because of the Virus outbreak.

[rdbase]

I was thinking about this the other day and wanted to put my 2 cents in.
The coronavirus is affecting the global markets with the dow jones and the tsx taking massive losses ever since the second week of the virus has affected production of resources exported from china with their death toll reaching 2663 today.
https://www.nbcnews.com/news/world/coronavirus-updates-pandemic-risk-grows-if-countries-don-t-cooperate-n1142301
The only thing which seems to be making a big rally are the precious metals which can be seen in gold pumping up in price.
While posting this I am watching BTC taking a tumble down for some other reason than the cornovirus.

[buwaytress]

Well, the ones that should feel bad are the ones that see every disaster on this planet, every tragedy as a reason bitcoin prices should go up.
Lately, I've observed a pack of hyenas around here that jump up and down from joy once something bad happens as they see it as a trigger for people to go into BTC and those buys would help the price....for them to dump at a profit , of course,

I mean yeah, we've seen it before yeah? But at least the hyenas were jumping up and down then at somewhat plausible events. Like okay, sure, I get it, Bakkt still resonated a lot with of people so anything remotely related to institutional interest got us all hot and heavy, heck me too for a while. But it got way ridiculous with Iran bombings and now a healthscare that seriously can only have the vaguest of links. The closest link I read was blockchain events getting cancelled. Well so what? Less people taking selfies together at events.

Can't believe I actually sort of defended hyenas in the past heh...

[tomahawk9]

If there is a relationship between these events

There isn't. But Cointelegraph uses clickbait-y headlines like these to attract attention and generate ad revenue.

We've seen bigger price swings this month and none have been connected to this virus or any other event. We see this sort of price movements in the because that's what happens on a daily basis in a highly volatile market.

[pixie85]

OP should really read the statistics. Most coronavirus victims and probably all who died in Italy were old and sick people who already had health problems.

This virus is very much like a normal flu and you should know that flu is not being treated by antibiotics or anything like that. When you get the common flu you are usually sick for a week and have high fever and muscle pains. All you have to do is drink a lot of water, lie in bed and keep the fever low by taking ibuprofen or other common painkillers.

7 people died from coronavirus. Car accidents claim over 3000 lives per year in Italy. Should we dump our BTC because of that?

[stompix]

~

I mean yeah, we've seen it before yeah? But at least the hyenas were jumping up and down then at somewhat plausible events. Like okay, sure, I get it, Bakkt still resonated a lot with of people so anything remotely related to institutional interest got us all hot and heavy, heck me too for a while. But it got way ridiculous with Iran bombings and now a healthscare that seriously can only have the vaguest of links. The closest link I read was blockchain events getting cancelled. Well so what? Less people taking selfies together at events.

Can't believe I actually sort of defended hyenas in the past heh...

What pisses me off in these situations which have started to become more and more frequent on this forum is that if you try to be reasonable in the discussions when everyone is hyped by some random event and you are trying to bring them down to earth you start to look like a bear or a bitcoin negativist.
I'm trying to be objective but with so much unreasonable hype I end up criticizing 90% of the news which is damn frustrating....

And even more frustrating is that I want to avoid those topics, knowing that 99% of the guys that I reply to will not bother to read it but I simply can't stop myself when I see discussions in which something that wrong is being paraded as true. 

[buwaytress]

What pisses me off in these situations which have started to become more and more frequent on this forum is that if you try to be reasonable in the discussions when everyone is hyped by some random event and you are trying to bring them down to earth you start to look like a bear or a bitcoin negativist.
I'm trying to be objective but with so much unreasonable hype I end up criticizing 90% of the news which is damn frustrating....

And even more frustrating is that I want to avoid those topics, knowing that 99% of the guys that I reply to will not bother to read it but I simply can't stop myself when I see discussions in which something that wrong is being paraded as true. 

Yeah, I get you. I'm trying to take it easy myself. Used to actually be a lot easier before, and while it's more successful here on this forum, I find myself drawn deeper more frequently elsewhere in some other damned chat. I'm not even sure why, but maybe I got more and more skin in Bitcoin as they say...

But yeah, leaving the news alone is one way. Objectively, a lot of the news is just reporting what they see and hear, and we can't help if they see and hear what's louder!

Also might help to understand that many of these guys are sock puppets. As in, literally, they're not even real people!

[Distinctin]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

it could possible that the local market is affected by this COVID-19 issue but not be the reason for Bitcoin's fall. And even in our country, we also suffer such a declining market growth knowing that the community is now acquiring their safety assurance from being infected and so they don't go to the crowded place. And I think that Bitcoin is out from that because we can make use of this even we are in our home and do purchases online.
The declining that you've said, I believe it wasn't because of this but it matter only on the market demand.

[btc_angela]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Really hard to say if indeed this is the cause, but all markets are down as well. Nasdaq, S&P, Dow Jones by an average of -3%.

Maybe investors are affected by the negative news, specially that it was reported in Yahoo finance that US might be hit by the corona virus.

https://finance.yahoo.com/m/ca8e2a8c-f10e-3983-aec6-656a2f4e536e/the-dow-is-down-900-points.html?.tsrc=rss

But on the bright side, this could be a buying opportunity!.

[Docnaster]

Even so I do not think that the coronavirus might have been a direct causation of the BTC. Fair enough people are worried for their lives but there's still haven't been that many reports and no evidence of the trend falling for other reasons such as normal fluctuations.

Pls stop spreading on this forum these mindless opinions based on someone else's vague opinions, and discouraging new people on here that every little thing affects BTC. I'm not saying the market isn't volatile, in fact its very much so but these can't solely be driven by news such as this.

[Taskford]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Really hard to say if indeed this is the cause, but all markets are down as well. Nasdaq, S&P, Dow Jones by an average of -3%.

Maybe investors are affected by the negative news, specially that it was reported in Yahoo finance that US might be hit by the corona virus.

https://finance.yahoo.com/m/ca8e2a8c-f10e-3983-aec6-656a2f4e536e/the-dow-is-down-900-points.html?.tsrc=rss

But on the bright side, this could be a buying opportunity!.

There are certain particulars that they are upset since imagine how big the market brought by Chinese it could flip up the positive vibes for certain person who thinks about good futur and with this news coming that virus are knocking not only in Italy but aswell globally investors must be worried on what we are heading in future.

But hopefully not all people thinks negative unto this and believe the same as your though that this is a buying opportunity.

[Artemis3]

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

No this is completely unrelated, if anything, coronavirus might slow down the economy which might actually fuel bitcoin purchase (usually its just precious metals, but some traders also buy bitcoin).

Price is acting very nice, its moving slowly, the slower the better, It suddenly bumped into 10k and now its gradually returning, until who knows where. Remember, halving is coming...

[YOSHIE]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

By chance, this is the factor that is affecting the current price of Bitcoin. The reason why the Corona virus is spreading to Italy, I don't think it's open, don't believe the news in the media, it's not all right and wrong.

Corona attacks China first, but the price of Bitcoin is still stable, which I know is the biggest Bitcoin user in the world, not Italy, I don't think it's true that bitcoin is currently down because Corona is attacking Italy.

If you look at March 2019, the price of bitcoin has touched at the level of $ 6000, at that time there was no corona and landed up to the current price level, At least people think that the price of Bitcoin is down, not affected by a virus or something, tends to be more influential than buying and selling.

[airdnasxela]

How could you say that this is really the reason why Bitcoin declined 3%? Yes it's possible but we cannot be so sure about that. Corona virus has been an issue here when this virus start spreading. And I still can't think of it as a major effect of Bitcoin price. It does affect the economy of a country affected but not totally Bitcoin. There's a possibility that it affects Bitcoin but not totally a major cause of Bitcoin decline. For sure there's another reason aside from Corona virus.

[Google+]

How could you say that this is really the reason why Bitcoin declined 3%? Yes it's possible but we cannot be so sure about that. Corona virus has been an issue here when this virus start spreading. And I still can't think of it as a major effect of Bitcoin price. It does affect the economy of a country affected but not totally Bitcoin. There's a possibility that it affects Bitcoin but not totally a major cause of Bitcoin decline. For sure there's another reason aside from Corona virus.

I think a lot of people in that country are panicked because the corona virus is spreading quickly and this virus can make people die so it's natural that many people panic and choose to secure their assets by selling their coins and exchanging them for local currencies and making withdrawals.

imagine if this virus spreads in your city I think you will do something similar because if you die and your assets are still in the form of cryptocurrency maybe your family does not understand how to withdraw assets into local currency.

[LUCKMCFLY]

~snip~

The coronavirus effect has been affecting the Stock Market a lot, the Bitcoin market has only had a small drop in the price, but it is not so significant, and knowing that the Bitcoin and crypto market is volatile and obeys emotions many times , one could expect a rapid recovery, as Bitcoin and gold are usually seen at this time by many as a refuge from value.

[ufaiz50]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I don't think so, there is a lot of speculation about the impact of the economic market with the Corona Virus and just now I also read about increasing the value of bitcoin when the Corona Virus first became a warning in wu han China. fundamentally this could be the reason for the rise or fall of crypto values because if I see, that corona-v could have been seen from a different perspective in the speculation that is happening.

[Vishnu.Reang]

The decline had more to do with the theft of $45 million worth of BCH and BTC from wallets controlled by Chinese cryptocurrency whale Zhoujianfu. The thieves are dumping both the coins in exchanges and as a result both Bitcoin and Bitcoin Cash have gone down. The other cryptocurrencies haven't dropped by that much. It will take a few days for the market to recover to the previous levels.

[Reatim]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

i don't think it is the corona virus who made the prices fall again because looking at the graph?it is continuously downing even the issue passed over a days.

what i believe is this is the correction we are all waiting ,the last before the halving of bitcoin happen?

if not then does anyone here can at least Gives us some good reason for what is happening right now?

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

No this is completely unrelated, if anything, coronavirus might slow down the economy which might actually fuel bitcoin purchase (usually its just precious metals, but some traders also buy bitcoin).

Price is acting very nice, its moving slowly, the slower the better, It suddenly bumped into 10k and now its gradually returning, until who knows where. Remember, halving is coming...

i had same thoughts here and yeah bitcoin market cannot be affected by this virus instead we will benefits from this since Online payments is much safer than oldschool fiat paying.

[hd49728]

i don't think it is the corona virus who made the prices fall again because looking at the graph?it is continuously downing even the issue passed over a days.

what i believe is this is the correction we are all waiting ,the last before the halving of bitcoin happen?

It is correction. We all need corrections to see price moving upwards much higher. Covid-19 or anything (potential conflicts between the USA. and North Korea, or USA. and Iran) are only contributors of fall or rises. Sometimes, those things don't have any effect to help price rising (if we are in bearish period) but whenever we see price rising and then the news of conflicts, we instantly jump to conclude that price rises are consequence of conflicts or Covid-19. It is not right.

Halving and bitcoin price. Over bitcoin history, it has never touched its previous all time highs (don't think further of setting up new all time high before or after around the halving days). But who knows this year, this halving, bitcoin will change its boring pattern. I don neither know nor believe it will happen.

[isaac_clarke22]

It is a no if it is only for Italy. Some people claimed the same for China, since everyone seems to panic due to the virus spreading. There could be just a whale exiting for the mean time in the market.
If there's gonna be effect from the virus spreading, it should also bring price surge because people could probably have invested their money into crypto so that they'll be able to pass it to someone.

[camito]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

The writer of the article is a crypto zealot, finance writer, and steady swing trader. The site says that he is passionate about the spread of bitcoin and blockchain's capacity to transform commerce and cities. As seen in the article, I think it was fairly written not to deliver traffic but to educate us. It was clearly said that there was a 3% decline on the market due to COVID-19 because investors and businesses had to mitigate the situation where there is an  interruption in the supply of chains and a concomitant business slowdown worldwide.

Actually, if we are to put ourselves in the shoes of Italian investors or even businessmen, if we are to hear about a virus spreading fear and destroying life as well as economy, i think we will first think of a possible solution for the money or the cryptocurrency we have.

[FlamingFingers]

I'm still not understanding why people are relating the corona virus to either the pump or dumping of bitcoin,  it has no correlation for goodness sake,  I could remember vividly when bitcoin pumped to around $10k+ this month, a lot of people were relating it to the spread of corona virus in China,  and now the dump is being related to the spread of the virus in Italy,  quite funny if you ask me

[migws]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

It sounds like a rumor. I do not believe that the disease could affect the markets, especially when it happened in Europe (Italy) and not in China

[Zicadis]

I highly doubt there's any relationship between the spread of the coronavirus and Bitcoin's decline.

Usually, when something significant happens that threatens to damage the traditional economy, then people often switch to assets that don't rely on the traditional economy to maintain value.

e.g. gold, commodities and other precious metals.

Because of this, cryptocurrencies like bitcoin should be surging if the coronavirus were affecting the economy.

[Oceat]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

It sounds like a rumor. I do not believe that the disease could affect the markets, especially when it happened in Europe (Italy) and not in China

Because it is a rumor since crypto journalist in are fan of doing it to gather more curious readers. The virus itself had nothing to do with the crypto economy and what we have experienced today is just the traders normal movement. I agree that the virus is spreading like a wildfire in some other countries but it wouldn't affect that much to the crypto price.

[Pulpen]

Crypto journalists only have the habit of explaining the price movements of Bitcoin with some totally unrelated world events, because that is what generates traffic for their site - no one wants to hear how Bitcoin easily changes and rises or falls as a result of pure speculation, because it's very boring. This has no effect on how the bitcoin network works, or how people might use Bitcoin. Gold and Silver values ​​go up, and Bitcoin must also go up. The Corona «black swan» virus is being used to bring down the fiat system, and a number of economies, and this will allow the central bank to accumulate assets in preparation for the recovery, and replacement of the monetary system.
I believe that the price of Bitcoin is kept low to help them create this new system.

[Vishnu.Reang]

We don't need to be worry about the current situation, trust the system that it could recover much better that what it has been fallen. This is also a great opportunity for everybody to accumulate their holdings, since many people dumped their asset, then it's now time to buy instead of ranting.

I don't worry about Bitcoin, but I do worry about the health of global economy. With the epidemic spreading to more countries such as Japan, Italy and Iran, the economic losses are mounting. Many of the affected countries have closed down offices/schools and implemented lock-downs. Now this is a very expensive solution and if this goes on for a few weeks, then the economy will be in a very bad state.

[charlesmichel1]

No, coronavirus outbreak doesn't have an effect on Bitcoin price. Stop explaining Bitcoin's price movements with unrelated world events.

[whyrqa]

I believe that it is not necessary to tie some event in the world to the cryptocurrency market and To the price of the cryptocurrency.  In fact, coronavirus has already been detected not only in Italy, but also in France and Germany, as well as in many other countries of the world.  Recently, coronavirus has been recorded even in Belarus.  Nevertheless, I believe that there are still no prerequisites for this virus to have an impact on the cryptocurrency market. Moreover, if someone does not know, then specialists from the United States have developed a vaccine against coronavirus, and Chinese pharmacological companies have already bought  license for its production.  soon the problem will disappear by itself.

[FaithInCrypto]

I'm still not understanding why people are relating the corona virus to either the pump or dumping of bitcoin,  it has no correlation for goodness sake,  I could remember vividly when bitcoin pumped to around $10k+ this month, a lot of people were relating it to the spread of corona virus in China,  and now the dump is being related to the spread of the virus in Italy,  quite funny if you ask me

I'm on the same boat. I don't really see any relation between the two unless investors are infected, thinking they won't be able to survive the virus and should liquidate all their assets to fiat so their relatives could use the money or something.

I am sure there are other reasons why crypto is on a downtrend right now and it is nothing new if you've been on the crypto industry for years.

[hahay]

At first I wasn't sure that coronavirus could have a bad effect on the crypto market because it didn't have a correlation, but when this virus has spread to other countries then the influence or bad effects will be there, the virus will be very worrying if it cannot be overcome more quickly because after all there will always be adverse effects in many sectors of the economy and it should be a more serious consideration to overcome this problem.

[Artemis3]

i don't think it is the corona virus who made the prices fall again because looking at the graph?it is continuously downing even the issue passed over a days.

what i believe is this is the correction we are all waiting ,the last before the halving of bitcoin happen?

It is correction. We all need corrections to see price moving upwards much higher. Covid-19 or anything (potential conflicts between the USA. and North Korea, or USA. and Iran) are only contributors of fall or rises. Sometimes, those things don't have any effect to help price rising (if we are in bearish period) but whenever we see price rising and then the news of conflicts, we instantly jump to conclude that price rises are consequence of conflicts or Covid-19. It is not right.

Halving and bitcoin price. Over bitcoin history, it has never touched its previous all time highs (don't think further of setting up new all time high before or after around the halving days). But who knows this year, this halving, bitcoin will change its boring pattern. I don neither know nor believe it will happen.

I believe this to be the case. Some people forget that bitcoin has been at 7.5k price for quite long, and it suddenly went up to 10k, it is a correction but they want to blame it to "something" external like the virus. If anything, the virus is making the global economy into a recession, and its the old sell stocks for precious metals until the worst passes thing as always. It so predictable its boring. just add to the mix that there is also Bitcoin and a few people will buy that too.

Due to the virus, i don't see many chances of major conflicts anywhere, if they had something planned they will postpone it. I think the Iran crisis has long been defused, North Korea is meh, nothing ever happens beyond empty threats by both sides. Oh and there are elections in the US...

[7788bitcoin]

Due to the virus, i don't see many chances of major conflicts anywhere, if they had something planned they will postpone it. I think the Iran crisis has long been defused, North Korea is meh, nothing ever happens beyond empty threats by both sides. Oh and there are elections in the US...

There might be a combination of things that affected the bitcoin market but the virus outbreak is a major concern that has affected the stock markets and hence i wont be surprised if the price slide has anything to do with it, either way the outbreak is serious as it is spreading outside of Asia which is really alarming and i am sure it must have some impact in the market, if you take the other theory we can even say that the price was not able to sustain the resistance and hence we are having a correction .

[avikz]

How on earth Corona Virus can have an effect on bitcoin's price? I mean what is the logic behind it?

I am disappointed to see that Cointelegraph is running out of subjects and spreading such useless and baseless information! This is utter nonsense!

[kryptqnick]

Can coronavirus spreading be the cause?

No, crypto journalists just have this habit of explaining Bitcoin's price movements with some totally unrelated world events, because that's what generates traffic for their sites - no one wants to hear how Bitcoin is volatile and goes up or down as the result of pure speculation, because that's so boring.

Just think about it, why would the coronavirus impact bitcoin's price? It has no effect on how the bitcoin network works, or how people might use Bitcoin. And the effect on mining farms in China is still very small.

I largely agree with you and believe that such articles by crypto journalists are provocative and aim to get traffic. However, let's also not forget that the world economy is undoubtedly deeply affected by this coronavirus. And it's not just business that is focused on public spaces (cinema industry, for instance) that's taking a hit. It's also something more abstract but the stock market and wealth of the richest people on Earth. So eventually it can affect Bitcoin, even though it doesn't require physical contact. People might simply panic that everything else is going down and feel like Bitcoin is the next, thus triggering panic selling, for example. So yeah, it's not direct impact but it's something that could be avoided if there were no spread of the disease.

[Mulann2]

The Corona virus is affecting the economy of the affected country and since btc also plays an important role in the economy I guess this is the why btc market is down, even the stock market are not left out,
Although I still don't know if this really have a direct affect on btc on not because I really don't see the strong connection except btc is also part of the economy growth.

[ProjectFTS]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I mean; Indirectly. People are sensing tough times and great instability due to factory closures in China and other effects the virus may have, so the idea of any long term investment isn't attractive to normal investors. Stocks fell drastically for similar reasons I believe.

[philipma1957]

Okay Dow Jones  dropped from  29,551 on feb 12 to 25,409 on feb 28  this is a -14.016 % drop

Btc was 10,163 on feb 13  to 8,548 on Mar 1 this is a 15.8% drop.


So yeah corona-v is kicking ass.


Issues are how bad is it really.

I have correlated numbers based on various reports.

Rate of infection worst number found was on the ship off the coast of Japan   600 of 5000 = 12% rate of infection

Rate of death  worst number found was in Iran  the death rate in Iran of infected people is over 10%  some say 16%.

Project this out to the whole world  you get 12% x 8 billion = 960 million infected

16% x 960 million = 153.6 million dead.

Simply insane bad numbers if they came true.



Best numbers are  62million were shut down in China around 5 to 6 cities  and 77,000  are sick  this is only   0.12%   infection rate which is 100x better then the rate on the ship

it would mean  only 9.6 million world wide get sick  


best death rate number is 2%   2% of 9.6 million is 192,000 dead worldwide.


So with a best case of 192,000 dead

and worst case of  153,000,000 dead  


 yeah markets are going to freak out.

[Vishnu.Reang]

It is very difficult to claim that these price movements are a result of the Coronavirus. If that was the case, then the price of assets which we use as store of value could have risen. But that is not the case. The gold prices have declined by more than 10% during the past 2-3 days (after an initial sharp rise). The stock market crash can be attributed to Corona, but I am finding it difficult to link the epidemic with the declining BTC prices.

[Destroyeroff98]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Of course, the outbreak of coronavirus has an impact on the price of Bitcoin, because it has an impact on the economy.

[Latviand]

The rise of Corona Virus did not affected crypto industry that much so I doubt that the instance when cases were reported in Italy with regards to the same issue, is the reason why the market value fell recently. The market value before this scenario is alrealy playing up and down at a particular point of market value so I think it is just a part of the market volatility without relation to NCoV.

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I mean; Indirectly. People are sensing tough times and great instability due to factory closures in China and other effects the virus may have, so the idea of any long term investment isn't attractive to normal investors. Stocks fell drastically for similar reasons I believe.

If it is in stock market, there is no doubt that NCoV is really the main reason of the downfall but I just don't think that this time, it is still the main reason for the dumps in the market price of crypto especially Bitcoin. This have been discussed on different threads lately and there are already stats posted that showed no correlation between the market price and the said issue .

[The Sceptical Chymist]

No, crypto journalists just have this habit of explaining Bitcoin's price movements with some totally unrelated world events, because that's what generates traffic for their sites

I'm cynical and I happen to agree with you--but the more I'm seeing the fear surrounding this virus, the more I'm starting to believe that it really is affecting world markets.  And I have to tell you, I think this is all completely irrational.  This strain of corona virus is nowhere near as deadly as a lot of other things that can kill you, but people are reacting to it as if it were that movie Contagion from 2011.  Crazy.

And you know what?  This is probably a fantastic time to be buying stocks that have taken a beating, and also bitcoin.  I'm starting to believe that this virus freakout actually did cause bitcoin to sink from above $10k--but I also think that's a temporary situation, and getting in (or getting more) at $8500 or less is a bargain.  Wish I had some disposable income. 

[Zicadis]

Bitcoin's price action should be completely unrelated to the spread of the coronavirus.

After all, only traditional infrastructure is affected by sick people. Bitcoin runs on a decentralized network that does not suffer if any one of the thousands of nodes goes offline.

If anything, Bitcoin should be climbing due to the coronavirus outbreak. But realistically, I don't even think COVID-19 is effecting even traditional financial spheres, since it's barely even endemic in China yet, and certainly not pandemic or epidemic.

We need to stop wasting our breath speaking about it, just isolate the infected and let's stop it becoming worse than it is.

[pixie85]

At first I wasn't sure that coronavirus could have a bad effect on the crypto market because it didn't have a correlation, but when this virus has spread to other countries then the influence or bad effects will be there, the virus will be very worrying if it cannot be overcome more quickly because after all there will always be adverse effects in many sectors of the economy and it should be a more serious consideration to overcome this problem.

The virus shouldn't worry you because it's nothing but a stronger flu.

Does it make sense that the virus attacks in February/March when flu often attacks every year? To me it does.

Does it make sense that although the virus was engineered and spread near a laboratory in Wuhan China and the media are not making a big deal out of it but instead try to scare people into making supplies at home and buying face masks? To me it doesn't

[finaleshot2016]

At first I wasn't sure that coronavirus could have a bad effect on the crypto market because it didn't have a correlation, but when this virus has spread to other countries then the influence or bad effects will be there, the virus will be very worrying if it cannot be overcome more quickly because after all there will always be adverse effects in many sectors of the economy and it should be a more serious consideration to overcome this problem.

The virus shouldn't worry you because it's nothing but a stronger flu.

Does it make sense that the virus attacks in February/March when flu often attacks every year? To me it does.

Does it make sense that although the virus was engineered and spread near a laboratory in Wuhan China and the media are not making a big deal out of it but instead try to scare people into making supplies at home and buying face masks? To me it doesn't

Agree, if you have a stronger immune system, you shouldn't worry about it.

If you're infected or get in contact with a carrier of nCov then go to the hospital fastly.
Probably, bio war is coming so definitely it's their fault for making that kind of virus.

[HatakeKakashi]

Bitcoin drops not because they have people who are positive in Novrl Coronavrirus I do not know why the other people always realted that problems maybe they have connected but only fee effects and not big effects. There is no exact reason why the bitcoin decreasing but don't worry about that because it will pump again but time is needed to recover again.

[philipma1957]

No, crypto journalists just have this habit of explaining Bitcoin's price movements with some totally unrelated world events, because that's what generates traffic for their sites

I'm cynical and I happen to agree with you--but the more I'm seeing the fear surrounding this virus, the more I'm starting to believe that it really is affecting world markets.  And I have to tell you, I think this is all completely irrational.  This strain of corona virus is nowhere near as deadly as a lot of other things that can kill you, but people are reacting to it as if it were that movie Contagion from 2011.  Crazy.

And you know what?  This is probably a fantastic time to be buying stocks that have taken a beating, and also bitcoin.  I'm starting to believe that this virus freakout actually did cause bitcoin to sink from above $10k--but I also think that's a temporary situation, and getting in (or getting more) at $8500 or less is a bargain.  Wish I had some disposable income.  [b/]

buy the dip people

[kezinaur14]

Can coronavirus spreading be the cause?

No, crypto journalists just have this habit of explaining Bitcoin's price movements with some totally unrelated world events, because that's what generates traffic for their sites - no one wants to hear how Bitcoin is volatile and goes up or down as the result of pure speculation, because that's so boring.

Just think about it, why would the coronavirus impact bitcoin's price? It has no effect on how the bitcoin network works, or how people might use Bitcoin. And the effect on mining farms in China is still very small.

It's classic causation vs correlation, some people seem unable to see the difference between them, not sure if innocence or malice. I also don't think china's pull on bitcoin is that strong that coronavirus would mean bitcoin's doom or whatever. It could be that some users are just selling off their savings to be able to afford care / preventive measures.

[LUCKMCFLY]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

These types of events in some Jesse Livermore books are called "Fundamentals" and of course they affect every speculative market, in fact gold fell by 7%, this means that people's emotions are already reaching high levels of panic, what It is better to wait. Because it may happen that it creates much more instability in the market, the imminent recovery will come sometime.

[hd49728]

I'm cynical and I happen to agree with you--but the more I'm seeing the fear surrounding this virus, the more I'm starting to believe that it really is affecting world markets.  And I have to tell you, I think this is all completely irrational.  This strain of corona virus is nowhere near as deadly as a lot of other things that can kill you, but people are reacting to it as if it were that movie Contagion from 2011.  Crazy.

And you know what?  This is probably a fantastic time to be buying stocks that have taken a beating, and also bitcoin.  I'm starting to believe that this virus freakout actually did cause bitcoin to sink from above $10k--but I also think that's a temporary situation, and getting in (or getting more) at $8500 or less is a bargain.  Wish I had some disposable income.  

Which are causes of the paranoic globally?
Fake news are everywhere, and the lack of transparent communication from governments in many nations (or all?) cause more paranoid. People mostly think of the Covid-19 as a deadly one but in fact it is not. The population from 50 ages and above, especially 60 and above are most vulnerable to the disease. For the rest, most of infected are only mild and fine (recover well later).

They are mostly affected by the disease, to severe, critical conditions or even to death. I don't say the younger population should be careless because they can play as healthy disease cariers and spread the virus to older ones, who will potnetially face serious health issues later. Take care but don't be paranoid.

Another serious thing is the Covid-19's total infected people that certainly result in huge burdens on local health system and health facilities, that negatively affect proportion of fully treated and recovered cases among infected.

I agree we have faced with a serious health problem, but to say it is a dead one I disagree.

Chances for stocks, and crypto. Yes we have it now. Why people waited hopelessly to buy stocks when the stock market rose continuously but now when cheap price is available, they hesitate and feel fera. Crazy.

When hotter season comes in nations which have a winter season now, we will see a turning point for the pandemic, then price will skyrocket. We have not been too far from it, it's already March. Please bring knowledgeable and stay positively, investors.

[panganib999]

I wonder if the price of Bitcoin starts rising up would we see something like this?
Would they create a similar thing like Bitcoin price starts to increase 3% as the corona virus spread in italy?

Well it does just noticeable that coincides with the corona virus on the scene now coz everything outside the virtual affects it like the said disease. So if there is significant change on the prices it is either there coming or there is happening outside ( like the virus ), inside ( high speculation). Actually the 3% down is not that much as I already expected it when the virus spread out in China which is the highly populated country in the world, on top of that is the major businesses in China that is related to crypto.

[BrewMaster]

I wonder if the price of Bitcoin starts rising up would we see something like this?
Would they create a similar thing like Bitcoin price starts to increase 3% as the corona virus spread in italy?

they have already done that! just search the keyword (bitcoin price rise + coronavirus) and you will find the articles that were linking the rise right before this drop to the spread of this virus around the world.

[Linkkoin]

I wonder if the price of Bitcoin starts rising up would we see something like this?
Would they create a similar thing like Bitcoin price starts to increase 3% as the corona virus spread in italy?

they have already done that! just search the keyword (bitcoin price rise + coronavirus) and you will find the articles that were linking the rise right before this drop to the spread of this virus around the world.

This is how greed and panic are artificially fuelled by the news in regards to BTC to make whales job easier. We have seen that the most clearly in pumping seen in December 2020 by mass media including TV as well as regarding "nuclear crypto winter" in 2018. But if you are not caught by these baits and decide to go the opposite way, you can make a nice profit out of it.

[hatshepsut93]

I'm cynical and I happen to agree with you--but the more I'm seeing the fear surrounding this virus, the more I'm starting to believe that it really is affecting world markets.  And I have to tell you, I think this is all completely irrational.  This strain of corona virus is nowhere near as deadly as a lot of other things that can kill you, but people are reacting to it as if it were that movie Contagion from 2011.  Crazy.

I was talking about crypto alone, because it's obvious that this epidemic is affecting economies around the world, especially with China being in the epicenter. And the virus is pretty serious, it's highly contagious and very dangerous to the elderly and people with weak immune system. But Bitcoin doesn't depend on any supply chains that are affect by the virus, it doesn't need the Chinese industry, so there's no good reason to dump Bitcoin because of the coronavirus.

And you know what?  This is probably a fantastic time to be buying stocks that have taken a beating, and also bitcoin.  I'm starting to believe that this virus freakout actually did cause bitcoin to sink from above $10k--but I also think that's a temporary situation, and getting in (or getting more) at $8500 or less is a bargain.  Wish I had some disposable income. 

The stocks were/are in a long bull run, it's quite risky to buy them now, the correction/crash will come sooner or later.

[bearexin]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I think this Corona virus has affected bitcoin in some ways, though I can’t really tell what they all are exactly, but I know for sure that it has been affecting the mining of bitcoin in China. Saw a news that the government ordered the police to shut down some mining farms, there was a farm that was shut down recently.

In one way or the other this must have affected bitcoin price since China mines more than 60% of the bitcoin network, so for sure it’s going to affect bitcoin price. There might be other ways that it could be affecting that I don’t know yet. Almost every market was affected by this Corona virus, if not all, though I expected bitcoin to act as a safe haven, but I was disappointed.

[akeda]

China's economy has declined due to Corona viruses. And with the Corona virus provides a huge impact especially for the American economy. The American economy has increased significantly.

But I do not think if the presence of Corona viruses can affect the movement of crypto prices, especially for Bitcoin. In Italy, cases were infected with the increased Corona virus but did not affect the decline in Bitcoin. And I think the decline of Bitcoin because there is the little correction.

[rambogoham1]

It definitely could be a possibility but Goldman Sachs also suspects the FED to decrease Federal Funds rate by 100 basis points as of Friday. Their is a lot of noise to tie the current market situations unfolding.

[rodskee]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

actually not only in italy that day because even Korea and Germany has been declared as one of the most affected countries now of this Corona Virus.
but Indeed that we are experiencing declined as the Virus continues to be aired as spreading the world now.
though today there is a good movement market shows bringing greens in most top ranked crypto?i think this is enough for now to consider that the Virus is fading effect in our market here.

[BlackFor3st]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I am very interested whether this coronavirus outbreak will really cause a bad effect to the crypto market or it is only an imagination to the investors who are worried in every dip of prices. There is a big possibility that it is only a coincidence as if you will closely check the market, in every increase of price there is always a setback of it before it will continue to increase again.

The outbreak has been spreading already in different countries and not in Italy only so let's just remove the this reason why the bitcoin declined it's price.

[Kakmakr]

Now why would the spread of the COVID-19 virus to Italy, have such a impact on the Bitcoin price? China is currently one of the largest economies in the world and when the Corona virus was first announced, the Bitcoin price went up. 

People are looking for answers for the latest drop in the price, but the price fluctuation cannot be explained with the behavior of the historic events, because it is not reacting in the same way it did, when this announcement was made in China.

Large investors will look for safe havens and I doubt if they are moving funds towards Crypto investments, because the price volatility is scaring them away. 

[Pamadar]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I am very interested whether this coronavirus outbreak will really cause a bad effect to the crypto market or it is only an imagination to the investors who are worried in every dip of prices. There is a big possibility that it is only a coincidence as if you will closely check the market, in every increase of price there is always a setback of it before it will continue to increase again.

The outbreak has been spreading already in different countries and not in Italy only so let's just remove the this reason why the bitcoin declined it's price.

Indeed, we all knew that corrections  take place after some good runs those investors who already gained decent are liquidating their assets. It will repeat itself as scalpers and day traders are keeps tracking their opportunities. In regards to Corona virus, there's slight effects knowing that investors from China  might need money to finance the situation, not only Italy but there's also affected countries who also known for crypto supports.

[hd49728]

Now why would the spread of the COVID-19 virus to Italy, have such a impact on the Bitcoin price? China is currently one of the largest economies in the world and when the Corona virus was first announced, the Bitcoin price went up.  

People only need reasons of rises or falls so they always receive news relate to reasons. But most of times reasons are not real ones, just are dilivered to satisfy reason-hunters.

If you look at SEC, it is the same as Covid-19.

People are looking for answers for the latest drop in the price, but the price fluctuation cannot be explained with the behavior of the historic events, because it is not reacting in the same way it did, when this announcement was made in China.

Large investors will look for safe havens and I doubt if they are moving funds towards Crypto investments, because the price volatility is scaring them away.  

But now the pandemic is coming and people have feared of another global crisis.
They forgot the Covid-19 is a kind of flu, which mostly reduces or dissapear in summer.

[mike_spr]

In times of fear like these, investors/speculators exit riskier and also more liquid assets, like Bitcoin is nowadays. With time I believe it will be seen as less and less riskier but now it is still seen as a riskier asset.

[Mulann2]

even if it declines by 3% it will still recover in no time, it always does, maybe the spread of virus has a way of affecting btc or not, but one thing i do know is btc has always experience rise and falls since the beginning and will continue to do so because it was not design as a stable coin,
we can not say for sure the virus is the major reason for the decline or it is just a normal market correction as usual.

[kooboat]

The Coronavirus disease has affected a lot of economic activities across the globe but I don't think it is the cause of the recent decline in the price of bitcoin. Obviously for most people or traders who deal in bitcoin, it is largely online basis so I don't see how Coronavirus comes into the picture here.

[pixie85]

The Coronavirus disease has affected a lot of economic activities across the globe but I don't think it is the cause of the recent decline in the price of bitcoin. Obviously for most people or traders who deal in bitcoin, it is largely online basis so I don't see how Coronavirus comes into the picture here.

It's the cause of the stock market crash and could indirectly contribute to the decline in the price of Bitcoin.

I don't know if it did but we cannot be sure. The corona panic is the most important theme in the media these days. If a stupid tweet by Jamie Dimon and China FUD could influence the price why not this?

[fortunecrypto]

The Coronavirus disease has affected a lot of economic activities across the globe but I don't think it is the cause of the recent decline in the price of bitcoin. Obviously for most people or traders who deal in bitcoin, it is largely online basis so I don't see how Coronavirus comes into the picture here.

And some people thought that Corona can push the price higher because it can be adopted for cashless transaction right now Bitcoin has a huge drop and can even go in the $7900 level and surprisingly we are only two months away from the halving.

[kemoglo]

The Coronavirus disease has affected a lot of economic activities across the globe but I don't think it is the cause of the recent decline in the price of bitcoin. Obviously for most people or traders who deal in bitcoin, it is largely online basis so I don't see how Coronavirus comes into the picture here.

And some people thought that Corona can push the price higher because it can be adopted for cashless transaction right now Bitcoin has a huge drop and can even go in the $7900 level and surprisingly we are only two months away from the halving.

Man people think the wildest things, Corona (the beer) stocks took a dip thanks to the name of the virus, also people generally avoiding asians, these people are not total outsiders, some of them are even in crypto, they'll buy into whatever might fit their narrative no matter how crazy it sounds, I personally think we can dip even lower, but once the halving actually happens and the corona virus thing gets fixed then price might soar even higher. But maybe that's just wishful thinking on my side (that coronavirus will soon get fixed)

[boltz]

Bitcoin keeps going down and I'm not so sure if corona has something to do with this and I think this is just another drop in price before halv and another chance for accumulation to begin... . Sure there is a small percent who influenced the price of bitcoin to be dropped due to corona outspread but I won't major it this big. I do hope everything comes to normal , both with Bitcoin price and with the situation on a global scale.

[verita1]

I now see the coronavirus issue with deep concern because it can affect the world economy if a vaccine against the virus is not discovered in time. I am also concerned about the crypto market situation more than before due to this global public health problem. I hope that the market improves in the coming days because as we know all the currencies fall.

[BADecker]

As people in more and more countries need cash to buy masks, etc., for Coronavirus, they will sell Bitcoin. When there is nobody who will buy bitcoin for their cash... because everybody wants cash to buy masks, etc., the value of Bitcoin will go down as people will need to get something out of it.

However, will there be other, wealthier, Bitcoin buyers who have lots of cash, and who will buy up all Bitcoin wanting to be sold, maybe just to keep the price from going down too far?

Might be a really good time for trading Bitcoin for fiat and back again.

[FarhanAkhter]

The corona virus has a great impact in the crypto market. The market price of bitcoin and all other crypto currencies has collapsed a lot. Not only in Italy,bitcoin market price has declined a lot around the world. Bitcoin market price started really well this year,but the recent collapse was the lowest btc market price in this year.

[milesfull]

Bitcoin is declining for a weeks actually...

[coinfinger]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Market has crashed big as of recent and dropped to a low of $7,000 plus . I wasn’t even expecting the price to fall that much, I’m surprised it did. There are lots of possible reasons as to why the price has fallen to this extent and Coronavirus outbreak is one of the reasons that might have triggered the sudden huge decrease in price.

Another issue that might have caused the price of Bitcoin to drop this low is the activities of BTC miners who have been selling less than what they mine. Apart from that some experts have said the PlusToken scam is among the things that caused the fall in price. I also want to note that there have been a decline in the trade volume of Bitcoin.

[garyrowe]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I still maintain my position on that this  recent slide in price of Bitcoin is not as a result of the coronavirus outbreak but a simple manipulation by those holding huge sum of Bitcoin. If this information I  bumped into is correct then I think there is no need to worry as the market should be on the reverse mood anytime soon. The real reason for the recent deep is allegedly caused by Bitfinex selling off about 21,000 BTC (https://www.trendsmap.com/twitter/tweet/1237270740149268481). This has let to panic , thus making small others sell at a loss. My advice is to stay still and hold your positions.

[XCANA]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Basically, the traditional market differs from the virtual market so the relationship between the traditional market and virtual market cannot be related. The market has been in this form since its creation, we should never forget market volatility and put everything on Covid-19 as the caused of the market fall. This market fall has been in existence, cryptocurrency journalism shouldn't be a thing that will cause more panic than the real causes like in this case of coronavirus. The recent fall in Bitcoin price can be tag to the recent scam of $100m Worth of Bitcoin.

[FanatMonet]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I still maintain my position on that this  recent slide in price of Bitcoin is not as a result of the coronavirus outbreak but a simple manipulation by those holding huge sum of Bitcoin. If this information I  bumped into is correct then I think there is no need to worry as the market should be on the reverse mood anytime soon. The real reason for the recent deep is allegedly caused by Bitfinex selling off about 21,000 BTC (https://www.trendsmap.com/twitter/tweet/1237270740149268481). This has let to panic , thus making small others sell at a loss. My advice is to stay still and hold your positions.

Your theory has a right to life, but nevertheless, the strong drop in bitcoin coincided with the collapse of markets around the world after the failure of the negotiations on OPEC +, and even the coronavirus overlapping it. It is possible that investors withdraw assets simply from everything in a row.

[LEON331300]

This 3% fall rate I actually predicted, although not the correct figure . Italy basically is the number one country suffering from this current global pandemic outbreak the most,  we should expect that coin holders are scared and dumping their cryptocurrency in convert to a fiat fund then can easily acess for their survival.

[Pixyoxx]

Yeah Even I herd About This Thing Italy Is Going Through The Worse. And The Bitcoin Is Down But It Will Surely Get Back Again Because Of Corona The Bitcoin is Declined By 3% But Yeah It will grow Again After All this Is over.all this is because of this Corona Virus .

[SUMBI99]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, the bitcoin market has dropped 3% and also the traditional market including all the top-ranked cryptocurrencies. Can coronavirus spread be the cause?

I don't think so, other factor implied to that decline if you follow the market trends at the beginning of the outbreak situation favored Bitcoin, if the reason for the market is a coronavirus shake could be experienced very early.

More read here:: https://bitcointalk.org/index.php?topic=5234953.0

[Bitcoinislife09]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Italy is already having a hard time in this Coronavirus and daily a hundreds of people is dying, Surely the virus is affecting the movement of the bitcoin in their country also their economy is also affected.

In their country it is already all about survival, I think that sudden drop could be one of the reason but we could expect a big movement as the virus continue to spread around the globe. For sure the effects of the virus was not yet seen at this time for sure in the coming month the effects of the virus would be devastating to everybody.

[Twentyonepaylots]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Italy is already having a hard time in this Coronavirus and daily a hundreds of people is dying, Surely the virus is affecting the movement of the bitcoin in their country also their economy is also affected.

Not only affected but instead it is devastated. Italy is crumbling because of the coronavirus, they are listing a new all time high death rate every day that is surely making the others to panic in a small box.

In their country it is already all about survival, I think that sudden drop could be one of the reason but we could expect a big movement as the virus continue to spread around the globe. For sure the effects of the virus was not yet seen at this time for sure in the coming month the effects of the virus would be devastating to everybody.

I know we've been all fighting the pandemic but Italy has the most crucial one, I can't stand on my feet when reading news about them, it's not just their economy it is their lives that matters the most. We are not yet in the stage where we are going to see the effects of the pandemic, we are just getting started to crawl under a possible recession again. The only good thing I have heard today is the soaring price of bitcoin in 2 days.

[KingScorpio]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

thats 2 times bad, especially if you consider that in the corona panik many banksters are fraudering their financial trust with the money printing press.

[Questat]

The declined did happened, in fact big declared as bitcoin dump 50% but slowly it's already recovering.

If we blame the covid-19 on the dump, let us not just blame it to what happen in Italy as this is a global pandemic, most countries are affected so it's normal that crypto market will dump but it actually surprise me when it recovers right away, I think we are unto something good in the future.

[Janation]

I think we should not let ourselves be affected by this article.

The fact that Bitcoin kept on staying at $10K last month amidst the coronavirus means it is not related to it at all. We are talking about Bitcoin increasing amidst the price meaning it is affecting the price positivity and then when the price fell we will be talking about the pandemic affecting the price negatively, I mean, it is just a coincidence. It fell 45% last week and a 3% fall is the main thing? No, Bitcoin is just volatile because of this fall. They can just say that it fell because of what's happening in Italy. Oh yeah, the price fell after I posted this, I think it is affected by it.

[Tiews223]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

At a time where there is a pandemic, people have been reluctant in trading as they pull out their investments. People know that when manpower is moving less to not even moving at all, then there is little activity, when there is little activity, there is little income. I think it’s a domino effect as to why there is a great depreciation of value.

[TheGreatPython]

There’s something I really want to understand here – the price of BTC managed to get back up from as low as $3,850 to the current $6,600 and nobody said anything about. But, now that the price is down just a bit (3%) you’re already asking what could have lead to the decrease lol?

This is cryptocurrency and cryptocurrency is volatile, so you should be expecting price fluctuation at any moment. If you think that the price will keep going up all the time then you’re making a big mistake because that’s not how it works, there will always be ups and downs, the price can’t be stable. So we shouldn’t be talking about Covid-19 by now, yes it happened and it affected the market to this extent, but the market is already recovering. Stop tagging every little thing as Covid-19.

[Assface16678]

The coronavirus does not too much effect to the market price of the bitcoin because once you check the background is the graph is bitcoin it is worst from the previous year because on the year of 2019 the market price of the bitcoin on the exact date today is holding into almost 5k dollars and compare today that is already 6.6k dollars but it is slowly increasing day by day and many people say that the price is the bitcoin is low because of the corona because some of the people made a panic selling and buying a lot of food, mask and more just to protect themselves and family.

[Natalim]

The coronavirus does not too much effect to the market price of the bitcoin because once you check the background is the graph is bitcoin it is worst from the previous year because on the year of 2019 the market price of the bitcoin on the exact date today is holding into almost 5k dollars and compare today that is already 6.6k dollars but it is slowly increasing day by day and many people say that the price is the bitcoin is low because of the corona because some of the people made a panic selling and buying a lot of food, mask and more just to protect themselves and family.

As of now, it's not only based on Italy but in the entire world, this global pandemic has destroyed our economy but not our crypto market.
I agree with you that the market looks strong now and it seems like we have a very promising future, bitcoin has slowly recovered and I like to believe that the next move will be uptrend, the thing is, people are still investing now and that's a great thing for us.

Who knows bitcoin might pump tomorrow, and I would not be surprise with that because I get used to it.

When people less expect the movement, it did happen, and I can only imagine the hype that would happen if indeed there is a pump.

[Vishnu.Reang]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Since the outbreak was confirmed a few months ago, the exchange rates have fallen by close to 40%. And this is comparable to the drop we had in similar markets such as equities. Even crude oil has lost more than 50% of its value. Until the situation is contained in major economies such as the United States and the European Union, we may not witness a recovery in the prices.

[kotajikikox]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

It Get worst as the march approached and the Biggest Dump happen in Bitcoin History in just almost 1 day.
how i wish that i did get that Virus effect so i have sold my Holdings before the 50% dump happens maybe i am double profiting as this moment and what more when Conora spread stops and the Halving brings us the Bull market again.
But things will never always favor us thats why we need to keep the Holding as long as we can specially in this crisis that we are all in financial problem.

[adzino]

Lol funny how this 3% then eventually turned out to be a more than 50% drop. People started to panic when they started to see the drops. They started to fear for their investment when they started to see the kind of news you have posted over here. Not only this, as the stock market and the economy also started to crash, the price of the bitcoin also started to fall as people thought crypto currencies were going to face the same fate as the stock market which actually ended up happening as more people started to sell. At least it started to recover and is above $6,000 USD.

[buwaytress]

Frankly, I'm disappointed. Super bad economy. Iran-US and China-US tensions. Joblessness. Hyperinflation everywhere. Negative interest rates. Zero reserve requirement. Stimulus package. Pandemic yet to peak.

And STILL Bitcoin bears only got us down to this price?

Bitcoin: come at me brah!

[de_ingenious]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I see no direct correlation between these two factors. In fact, why wouldn't the price go up cause of this situation? I don't quite see causal patterns here

[maskforbitcoin]

The virus probably will lead to a lot more money printing from fed & EU so likely will drive up price of btc.

[camito]

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

We already know that it might be one of the reason because with the pandemic destroying people's lives, even though there might be a lockdown, people are fearing for their lives so using Bitcoin right now is not a priority for them. We know Italy is facing many deaths everyday and the actual reason for this is because of the virus which has many reasons for someone to have. The virus caused the people to be wary of touching anything such as their phones or computers, and considering their population, that is the 3% we are talking about.

[Janation]

I think we should not let ourselves be affected by this article.

The fact that Bitcoin kept on staying at $10K last month amidst the coronavirus means it is not related to it at all. We are talking about Bitcoin increasing amidst the price meaning it is affecting the price positivity and then when the price fell we will be talking about the pandemic affecting the price negatively, I mean, it is just a coincidence. It fell 45% last week and a 3% fall is the main thing? No, Bitcoin is just volatile because of this fall. They can just say that it fell because of what's happening in Italy. Oh yeah, the price fell after I posted this, I think it is affected by it.

This volatile behaviors really affecting the market, negative news pays it impacts and we can't blames those who are afraid from losing money.
This decline is not because of the issue from italy but consider the major part of the world is really being infected and many people are trying
to survive from this pandemic virus.

And, no. I don't think the pandemic really affects the price of Bitcoin.

People are panicking, caged at their houses and just going out of their cages to buy essentials that could last until the pandemic stops or when the government says so. I can't even cash out some of Bitcoins right now since money remittances are jammed pack with people receiving money from their loved ones from other countries. Just read the PlusToken scammers that are putting their scammed Bitcoin into mixers, that is the real reason of that dump.

[elenag1142]

On the off chance that there's a connection between these occasions, at that time as i might see it is not exceptionally enormous. i might recommend this is often an easy amendment, or this tiny decrease was influenced by some different news that might legitimately identify with digital currencies.

[Reatim]

On the off chance that there's a connection between these occasions, at that time as i might see it is not exceptionally enormous. i might recommend this is often an easy amendment, or this tiny decrease was influenced by some different news that might legitimately identify with digital currencies.

lol the "Tiny Decrease" that you are saying is just the start because after few weeks the price of Bitcoin drops to more than negative 50% and until now the effect is indeed so don't just look at the topic but instead check the situation now.

The virus probably will lead to a lot more money printing from fed & EU so likely will drive up price of btc.

it is considered now,or i don't know if this already happen as US are planning to print more money to cover the economic fall.

[bitbunnny]

I think we should not let ourselves be affected by this article.

The fact that Bitcoin kept on staying at $10K last month amidst the coronavirus means it is not related to it at all. We are talking about Bitcoin increasing amidst the price meaning it is affecting the price positivity and then when the price fell we will be talking about the pandemic affecting the price negatively, I mean, it is just a coincidence. It fell 45% last week and a 3% fall is the main thing? No, Bitcoin is just volatile because of this fall. They can just say that it fell because of what's happening in Italy. Oh yeah, the price fell after I posted this, I think it is affected by it.

This volatile behaviors really affecting the market, negative news pays it impacts and we can't blames those who are afraid from losing money.
This decline is not because of the issue from italy but consider the major part of the world is really being infected and many people are trying
to survive from this pandemic virus.

And, no. I don't think the pandemic really affects the price of Bitcoin.

People are panicking, caged at their houses and just going out of their cages to buy essentials that could last until the pandemic stops or when the government says so. I can't even cash out some of Bitcoins right now since money remittances are jammed pack with people receiving money from their loved ones from other countries. Just read the PlusToken scammers that are putting their scammed Bitcoin into mixers, that is the real reason of that dump.

This situation with pandemic influence all parts of our lives because it has domino effect  on multiple areas. Probably in some way that affects cryptocurrencies market also but at this moment it's hard to tell exactly how and in what extend
Also, people are afraid many have lost their jobs and many will so it's understandable they need some kind of alternative for their finances. Some think Bitcoin can be solution but they are too unsecure to hold so they sell. On long term that might affect the price of Bitcoin too.

[Natalim]

it is considered now,or i don't know if this already happen as US are planning to print more money to cover the economic fall.

US have already print $2 trillion for the pandemic, and I'm not sure if they'll print again, but the amount they printed is a big amount of money.
based on the article, https://www.washingtonpost.com/business/2020/04/05/what-2-trillion-coronavirus-bailout-is-really-going-cost/

Americans will pay the price of the economic rescue package: Not in higher taxes to service the debt or higher inflation, but in a slide toward a boom-and-bust economy.

[wozzek23]

It’s obvious that Coronavirus led to the fall of Bitcoin market earlier this year. I have seen some people who keeps saying that Coronavirus is not the reason, but I am not going to believe all they say. I do know that there are other things that caused the decrease, but Covid-19 was part of it.

There are other things that contributed to the fall for sure, just like the oil war that I have seen some mention, and maybe the plus token scam. If you check, Bitcoin started falling when the pandemic got really serious, and same thing with other stocks in the market. So I don’t really get why anyone would say that the pandemic wasn’t the cause of the fall.

[Malam90]

Obviously Corona Virous has been putting negative impact on crytocurrency market. Most of the top coins also declined but has recovered slightly. Trade volume in every exchange also declined as an effect of corona because people are either silent for staying home or for losses they suffer. I hope this will will over.

[alizarosa1123]

I don't think so it's a results of the novel Corona Virus or COVID-19. Why when the Corona Virus (COVID-19) began to spread greatly in China or in several nations round the main long stretches of January, we do not perceive any dumps there while we are only able to siphon above $10,000 previously.

I truly don't perceive any association of Corona Virus (COVID-19) spreading in Italy on the continued Bitcoin dump of around 3%

[ttcsalam]

Initially it could be. However, this is not to be. The market may be a little down for any reason. However, people can not get out of the house now.Because of that, the price of bitcoin needs to rise. Because of this, everyone is sitting in a hurry to make a transaction.