What is happening ?

[AlexSimion]

So Bitcoin just crashed to 6200 $ , around 1000 $ 1 hour , around 15 % in 1 h   , what is going on ? 

[1714658900]

1714658900

[The Sceptical Chymist]

Crazy, isn't it?

I would point out that it isn't just bitcoin that's getting pounded--other asset classes are as well, and I think there's a big fear that the global economy is going to be feeling a lot of pain as a result of all the precautions that are being taken to prevent the spread of coronavirus.  As I've said before, I think everyone is seriously overreacting but what I think won't change a damn thing. 

When there's a lot of fear, people stop investing their money in risky assets and/or pull their money out and start holding cash--and this is one of those times.  I don't know when this fear is going to blow over, but we could be in for more of a drop than we've already seen.  I sure as hell didn't think bitcoin would drop below $7k this year, and yet it has.  Anyway, that's what I think is happening.  I haven't heard any better explanations thus far.

[philipma1957]

Donald Trump has paniced the entire world over corona-v


The Dow Jones is set to drop over 1000 points.


My personal opinion is China lied about corona-v numbers and Italy is telling the truth.

This disease  is an ass kicker.


https://coronavirus-map.com/


Italy is 827 dead  out of 12,462

Stock  markets are crashing and burning

[moonstruck]

Well should the logical reaction not be that assets like gold and bitcoin go up?

[AlexSimion]

Crazy, isn't it?

I would point out that it isn't just bitcoin that's getting pounded--other asset classes are as well, and I think there's a big fear that the global economy is going to be feeling a lot of pain as a result of all the precautions that are being taken to prevent the spread of coronavirus.  As I've said before, I think everyone is seriously overreacting but what I think won't change a damn thing. 

When there's a lot of fear, people stop investing their money in risky assets and/or pull their money out and start holding cash--and this is one of those times.  I don't know when this fear is going to blow over, but we could be in for more of a drop than we've already seen.  I sure as hell didn't think bitcoin would drop below $7k this year, and yet it has.  Anyway, that's what I think is happening.  I haven't heard any better explanations thus far.

Yeah , crazy that we don't have a nice fiat amount to buy into it now .  it would be some very easy profits to buy now and sell in a few days.

[rexxarofmoknathal]

Honestly, there is so much going on in the market that, I think every little tweak leads to market price change 
Like for instance, the stock market has dropped by a significant amount, and while this should not cause any crypto market changes, it may have some effect.

In addition, the volatility between stable coins like USDT and the non-stable coins is also huge and every time one shifts in one direction, the other moves in the opposite direction - a negative inverse relationship

[btcltcdigger]

2 weeks ago:
- man, i wish bitcoin price was lower so i could buy more

today, same person:
- everything is crashing, sell sell sell, save what you can, f**k bitcoin, fiat <3

[mk4]

Volatility. Volatility happened. It only takes one good look at bitcoin's price chart to realize how volatile it is throughout the years.

Well should the logical reaction not be that assets like gold and bitcoin go up?

Markets in general are frequently irrational.

[absy]

2 weeks ago:
- man, i wish bitcoin price was lower so i could buy more

today, same person:
- everything is crashing, sell sell sell, save what you can, f**k bitcoin, fiat <3

Lol exactly , I wish I had more fiat to buy the crypto right now but none the less I will buy how-much-ever I can.

Well should the logical reaction not be that assets like gold and bitcoin go up?

It should , in fact here Gold prices have gone up compared to last month . The bitcoin isn't going up because of panic sellers who doesn't know that this is an opportunity to buy and they should just be calm at this moment . Anyway cheaper crypto for us.

[LeGaulois]

Donald Trump has paniced the entire world over corona-v


The Dow Jones is set to drop over 1000 points.


My personal opinion is China lied about corona-v numbers and Italy is telling the truth.

This disease  is an ass kicker.


https://coronavirus-map.com/


Italy is 827 dead  out of 12,462

Stock  markets are crashing and burning

I knew if Trump started to talk about the virus the things would be worst. Yes, the stock markets are crashing but it's a very good opportunity to buy currently. Buy low>sell high, the period is perfect, it's like Black Friday. The Paris Stock Exchange has the biggest fall in its history today

[LTU_btc]

You don't have to expert to understand what's going on now. And mainly we should blame Corona virus for it mainly. Just look what's going on in stock markets right now. Offcourse it also affect crypto markets. If things are going to developp in current way, I'm afraid that we are going to end in huge financial crisis, maybe even bigger than in 2008.

2 weeks ago:
- man, i wish bitcoin price was lower so i could buy more

today, same person:
- everything is crashing, sell sell sell, save what you can, f**k bitcoin, fiat <3

Well, unfortunately fiat also doesn't looks good, seing what happened in stock markets today...

[iv4n]

From today Italy is total quarantine, except drug stores and food stores nothing else will work! Can you imagine that everything will stop!? It's same in other countries, people with business are in panic, everything is being canceled, many don't earn these days, they are just loosing, you need to pay bills!
Everything is dropping these days, and people in panic sell what they have, that affect crypto too. This will pass, like everything else, always have in mind that in these times some people lose a lot, while some others are stashing and accumulating, because this is just one big game that we see from time in time. I think we in crypto have experience in that more than other people, so for us this huge crash is just a good buying opportunity, nothing more.

[consar]

it's called "halving"

[mrquackquack]

I think I feel compelled to raise the price of my BTCE Tokens to 5,000 USD or equivalent in crypto per coin.

[mrquackquack]

I'm sure some people don't find it to be very comical especially on the Stock Market side of things, The Dow Jones has dropped around 9,000 points in the matter of a month. Can you imagine how many people have been ruined so far by these massive drops? Its even worse because it might discourage future investors in investing because of such instability.

[Arcas]

I think bitcoin and altcoin price dump more than 30% because corona virus effect, many countries have stop their people traveling around to the world because many countries get corona effect, I think why make bitcoin dump right now.

[Pseudo-Random]

What happens is Crypto is Internet Tech.

It has become Wall St, and will rise & fall according to what the stock markets do.

Ever since ETF's, hedge funds & "institutional investor entities" got in a few years ago, that was it. It was no longer able to be something that goes up when the traditional finance markets go down.

Peter Schiff & Andreas Antonopoulos are correct. Bitcoin is a risk-on asset, for a long while now.

In fact even gold/silver struggle to really be risk-off, "honey badger" -type assets. Too much all-infiltrating financialization by Wall St.

Weapons, ammo, tools, vehicles, land, food, water, seeds, humans, animals, skills.

^Those are the true risk-off assets.

[tabas]

I was sleeping when everything happened. As per CMC, through percentage it is negative 32%.
We don't know what exactly is happening but this is a domino effect of the pandemic that we are facing. $4,100 is the bottom and we can't just be sure about it.

[inanilujimi]

that happened so briefly people panicked selling, either bitcoin or other top altcoin lost value.
To be honest, this is unexpected to many people.
for sure don't let anyone go crazy or commit suicide because of this kind of thing. 

[jhonjhon]

This is what we call reality, bitcoin isn’t always rainbows and butterflies as many people would think. Bitcoin can do wonders and give surprises but it can also be stressful if you aren’t 100% mentally prepared of the risk. In any investment there is always risk and as for bitcoin, it’s volatility. Bitcoin is very unpredictable and we don’t know what would be the price next let’s just hope it’ll be green this time.