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Author Topic: Bitcoin declined 3% as the coronavirus spread in italy  (Read 835 times)
KarlKanKarl (OP)
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February 25, 2020, 09:38:23 AM
 #1


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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February 25, 2020, 09:50:49 AM
 #2


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%
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February 25, 2020, 10:17:40 AM
 #3

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%.

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February 25, 2020, 10:19:50 AM
 #4

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.

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February 25, 2020, 10:21:22 AM
 #5

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.
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February 25, 2020, 10:28:48 AM
 #6


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.
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February 25, 2020, 10:32:55 AM
 #7

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.

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20kevin20
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February 25, 2020, 10:39:15 AM
 #8

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...
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February 25, 2020, 10:50:50 AM
 #9

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.
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February 25, 2020, 10:56:51 AM
 #10

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.

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February 25, 2020, 11:08:17 AM
 #11

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.

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February 25, 2020, 11:16:41 AM
 #12

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$.
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February 25, 2020, 11:34:12 AM
 #13

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.

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February 25, 2020, 11:37:03 AM
 #14

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.

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February 25, 2020, 11:44:30 AM
 #15

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.
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February 25, 2020, 11:53:48 AM
 #16


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...
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February 25, 2020, 12:00:24 PM
 #17

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...

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February 25, 2020, 12:01:41 PM
 #18

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.
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February 25, 2020, 12:12:24 PM
 #19

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.

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February 25, 2020, 12:22:55 PM
 #20

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.

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.BitcoinCleanUp.com.


















































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.     Debunking Bitcoin's Energy Use     .
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...#EndTheFUD...
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