Bitcoin declined 3% as the coronavirus spread in italy

[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.