Bitcoin declined 3% as the coronavirus spread in italy

[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.