Does the Coronavirus (Covid-19) make BTC to rise?

[Latviand]

DEFINITELY NOT.
Stop correlating Bitcoin's market value to the spreading disease because that has totally no relation to whether the market price would increase or not. I have seen many topics alike to this, if you are really into seeking for an answer, you should have read those topics by simply searching 'corona virus' in this forum. I hope you did not created this topic just for merit.

     IMPORTANT RESISTANCE: $ 9200

Just a week ago, analysts are stating that the resistance is $10,500 or something near it.
So it changed quickly because of the Virus?

There are lot of speculations about this because of the stocks also diving and people are starting to decide to put the blame into something else.
It looks manipulative for me.
Ain't there any other explanation for this rather than the virus? People suddenly withdrawing because of it? What does that mean? End of the world?

It is not because of the virus. Just observe the behavior of the market price upon the rise of the virus. Nothing has changes unlike when there is a tension between U.S. and the counter part, and the moment the tension cooled down, which somewhat reflected to the market price of Bitcoin.
To be honest there could be an effect someday IF the situation regarding to this virus would be worse, but that would be socio-economic factor and not directly to crypto industry. And if ever that day would come, you won't be even having thoughts of minding your crypto holdings. If you know what I mean.

[gentlemand]

There are zero positive signs for the world economy and in no scenario do I see any jolliness rubbing off onto BTC. It's going to get a kicking alongside everything else. When the only thing its ever known - a smooth ascent upwards from rekt - breaks then it's time to forget comparing it to previous behaviour and expect the unexpected.

We can be sure that by the time it's played out conventional monetary policy will be more deranged than ever and BTC will look more logical than ever. It could be a rocky ride in the meantime. No doubt governments and banks will go all out to combat it so all kinds of strangeness could happen.

[Reid]

Looks to me like the FUD worked.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.

What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.

[pooya87]

Looks to me like the FUD worked.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.

What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.

it is not the virus it is all the other markets that are crashing hard these days, it is causing a lot of panic among newbish weak hands in bitcoin who are panic selling for no reason except reading the bullshit media that is trying to scare them, and they are causing an avalanche effect bringing the price down like this.

otherwise there is absolutely no reason for bitcoin price to be affected by anything that is going on in the world.
on the contrary the crash in other markets (eg. stocks) makes perfect sense as for example the companies in stock market are currently losing a ton of money because of the virus, for example they say Amazon lost $14 billion last month so that makes perfect sense that Amazon stock went down ~15% over the last month too.

but bitcoin doesn't care about any of that. the network is still the same, miners are the same, merchants are the same, adoption is the same (and increasing),.... if anything digital way of payment should be more attractive these days that everyone is in quarantine!
add to that all the bullish news such as a couple of countries in Europe and elsewhere recognizing bitcoin as a legal currency then you see that non only this drop is not logical but it starts looking like pure manipulation.

[exstasie]

otherwise there is absolutely no reason for bitcoin price to be affected by anything that is going on in the world.
on the contrary the crash in other markets (eg. stocks) makes perfect sense as for example the companies in stock market are currently losing a ton of money because of the virus, for example they say Amazon lost $14 billion last month so that makes perfect sense that Amazon stock went down ~15% over the last month too.

but bitcoin doesn't care about any of that. the network is still the same, miners are the same, merchants are the same, adoption is the same (and increasing),.... if anything digital way of payment should be more attractive these days that everyone is in quarantine!

Consider a hypothetical situation where the corona virus causes an economic slowdown, which causes a recession. Recessions usually mean high job losses, unemployment, and declining business growth. That directly affects BTC investors, some of whom will lose their jobs or see their businesses fail during this period. Not only will those people have less disposable capital to invest in BTC but they will be pressured to sell their BTC stash to cover bills and put food on the table. That's why a recession is bearish for BTC even though the two are not directly tied together.

[imstillthebest]

i think yes its because when the virus started the btc price rise imediately  but it didnt only affect btc but it affect the whole crypto market too for good  . there are speculations saying people now avoid transacting physically or outside and they are now starting to transact online and they could be using btc and cryptos with it   . that is the reason behind the increase and not the virus directly    .  there are even some that burned thier fiats because they think its now expose exept from the new ones and also the one that came from bank  .  this is a plus point to for cryptos 

[Spaffin]

It seems to me that before talking about the dependence of Bitcoin prices on the situation with the coronavirus, you first need to compare the statistical data, which consists of the size of the community of cryptocurrency users and those people who are trying to protect themselves from the coronavirus.  Based on this, I believe that other people, and not all bitcoin owners, are at greater risk.

Bitcoin owners may not be affected directly but it has an effect somehow. The Coronavirus outbreak affected not only China but many countries already thus, transactions internationally are struggling because of the threat of the virus and with that it will greatly hit a countries economy and when the economy struggles bitcoin can also be affected. Let’s just pray this outbreak will be addressed as soon as possible as to the safety of many people and be back to normal.

The situation with the epidemic is really very serious And it affects almost the whole world.  I do not argue that coronavirus affects not only the social processes in each country, but also affects the economic and financial aspects of the whole world.  You can even give examples with large companies such as google, Apple or Tesla, which work in China and today have closed their activities because of the coronavirus.  Based on this, I believe that coronavirus affects globally the global economy, but minimally on the cryptocurrency market.  Although many businessmen can invest in cryptocurrency to minimize the risks of loss.  This situation can also be of great help in this matter.

[tbterryboy]

Considering there was a talk from WHO that said that heat is something that can solve this I feel like we have very few moments left with this virus.

I am not entirely sure if it will be true or not but if that is true anything over 25 Celsius in the world will mean that corona will be gone, we already know that there has been no known deaths of anyone at 0-10 age group neither so what we have right now is a virus that kills people who live in cold areas and are old and have already hard time breathing.

So, that means with less and less old people during summer and higher heats, that will destroy the virus forever and will no longer have any infected neither. Bitcoin will survive this and with halving we will see an increase that will not be attributed to virus at all.

[wxxyrqa]

if the government bans paper money, I think Bitcoin will show its fangs !, if paper currency is no longer valid because of a virus, bitcoin can take over that position from paper money! but the problem is that not everyone knows how it works,

The government will never agree to refuse paper money, because it is their monopoly, thanks to which they create inflation in their countries by printing new volumes of notes.  Bitcoin will be able to knock out hard ground under the feet of bad officials when it is legalized, but nevertheless paper money will be in use not only thanks to state support, but also because most older people prefer to use paper money, because  ease of use and because of unwillingness to learn something new, such as cryptocurrency.

[Questat]

Now we know the answer, it does not.

BTC dump and the whole market dump as well, that's solely because of the corova virus that are spreading fast, people panic, this happens.
From March 1 since this thread was created, there's already a big loss, btc fall below $5000, that's the biggest fall this year, even compared to last year.

[jhonjhon]

Looks to me like the FUD worked.
Using the virus as the reason for the down price of stock market and then connecting it to bitcoin.

What the heck is happening?
Is this dip really from that virus or we are the virus who spread a bad news all over the world specially in social media.
We may be the reason to make it fall down in just a little amount of time.

The actual virus is one threat and it is one of the reasons that we are experiencing the dump and we also are contributors to it because some people panicked do what they think is right when it is not really the right thing to do. With the virus still at large economies are failing and whether we like it or not the market will also fail. Therefore, with the market struggling we should help stabilize it somehow by not panicking because if we panic then it will only make things worst.

[Blackdeath]

Currently the price of bitcoin is down to almost $5,000, and I think the corona virus or COVID-19 has some effect to it because since there are a lot of lockdowns in other countries a lot of people might be selling their cryptocurrencies for them to buy the things that they need inside their home. This virus has a huge effect in financial crisis, so cryptocurrency can also be affected.