Bitcoin declined 3% as the coronavirus spread in italy

[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.

[1714290671]

1714290671

[1714290671]

1714290671

[1714290671]

1714290671

[1714290671]

1714290671

[1714290671]

1714290671

[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.