ARMAGEDDON On the Markets

[The Sceptical Chymist]

Now, I'm convinced that the current dump has something to do with the corona virus.

Oh yeah, definitely.  I had my doubts at first as well, but right now it's pretty obvious there's panic in a lot of markets and it isn't just bitcoin that's gotten hammered.  People want to have cash instead of stocks, bitcoin, or other investments.  That might be smart if the virus was deadlier, but I still think people are going irrationally ballistic over this.  Most people don't know much about science in general and even fewer about microbiology or infectious disease in particular, so sadly this doesn't surprise me.

It may have something to do with the impending virus apocalypse. 

Ah, let it come on.  I've been waiting for the end of the world for years, and it's sure taking its time.  lol

[Yogee]

Do not underestimate the effect of panic buying in all markets due to COVID-19. Since Bitcoin isn't the preferred currency of most stores around the world yet, Bitcoiners would sell for fiat and buy whatever they need. Whales could also be taking advantage of the situation to dump and buy at a cheaper price.

[inanilujimi]

actually there is some good news on crypto about legality in some countries but this is inversely proportional to what happens to a market that continues to plunge.
honestly in my opinion the solution to secure assets when the corono outbreak hit is crypto.

[Gabrielexas]

I am not convinced that the Corona virus can have such a dramatic affect on the Bitcoin price. This virus have been around for months now and the Bitcoin price was stable. We even had two huge positive announcements, with both India and South Korea accepting Bitcoin as a commodity/currency.  

This is looking more like price manipulation prior to the Halving, because the whales know the Halving will have a further positive impact on the price and they want to scare the "weak hands" into selling their coins to make a bigger profit.  

                                                    There is nothing negative driving this huge price drop.

Spot on. I know some whales as "normally whales know each other" so the whale group applies.

Yes will tell a little secret here now that the herd is scared off. Their are waiting for the 5K to kick in then you will see the long green bars going up on your tradeview screens. You know people with money who are willing to invest like to buy at premium price. 9k 8k even 7k is not interesting that is for the herd to bite in. So if you still have some to invest and are waiting for the best time be alert as soon as the 5.5k mark start to show again, but be aware some whales are a bit more greedy then others Happy tradings.

[thirdprize]

I don’t see why stocks, assets, crypto nose dives because of this virus. Seriously why would anybody sell, I don’t see the correlation. This virus will go in a few months & everything will recover so why sell?

Lets see ... you tell an airline, shop, stadium, whatever it has to close for a month or two to stop infection.  They don't have that much spare capital in their back pockets so they will make big losses and maybe go bust.  At best their shares will go down.  Anyone who has invested in those firms will make a loss as well, unless they sell off while they can. 

[rdluffy]

You guys could agree or not, but Coronavirus is affecting the entire world, everyone is in panic, included BTC and cryptos
No one knows what's going to happen in the future, could be good, could be bad, maybe some industries will suffer from lack of supplies, maybe the financial system will take months to recover, so everyone is worried about future

[Artemis3]

You need to have an open large heart in other to stay at peace with yourself when things like this are happening, cryptocurrency is for strong men, otherwise we would have been seeing many old timers collapsing or landing in the clinic for shock resulting from the dumping market. If one has good money, this may be a good opportunity to beat the Whales to their game and retire early when all these trouble waters would have settled.

Bitcoin can withstand a world economy collapse, i have said it before. Compare what stocks and everything else (altcoins, forex) have lost next to Bitcoin. It was literally made for this.

Essentially everyone is being ordered to remain home, obviously the economy is stopping. If the world had paid attention in January, and stopped ALL transit for a month, the problem would have solved itself.

But this world is unprepared for real biological threats. And this wasn't a threat, but a logical mutation resulting from excessive cohabitation of humans and animals. Not unlike Previous Avian flu, Swine flu, Camel, etc...

Weren't the politicians always saying they were "prepared"? Look at the United States and Europe. Now imagine how it is in the poor countries with dysfunctional or non existent health care...

Yes the world needs to shutdown, and stay home for a month.

[fabiorem]

I am not convinced that the Corona virus can have such a dramatic affect on the Bitcoin price. This virus have been around for months now and the Bitcoin price was stable.

It can have. It would not happen in the first months, but after some time, people would be buying bitcoin to avoid paper money, which would cause the price to skyrocket. This, of course, if the pandemic was real.

Since the price of bitcoin have fallen, it is proven, once more, that the pandemic is fake. Coronavirus is fear porn to scare the masses into obedience.

[kryptqnick]

I am not convinced that the Corona virus can have such a dramatic affect on the Bitcoin price. This virus have been around for months now and the Bitcoin price was stable. We even had two huge positive announcements, with both India and South Korea accepting Bitcoin as a commodity/currency.  

This is looking more like price manipulation prior to the Halving, because the whales know the Halving will have a further positive impact on the price and they want to scare the "weak hands" into selling their coins to make a bigger profit.  

                                                    There is nothing negative driving this huge price drop.

The WHO declaring COVID-19 situation a pandemic is a pretty big news. Moreover, the number of cases is rising and new and new measures are being introduced by the governments of different countries. People are starting to take this outbreak very seriously, and the world economy is taking a very big hit. Bitcoin could have stayed stable throughout the whole thing IMO, but we've all been around for long enough to see that it's mainly FUD that triggers major price drops rather than something serious Bitcoin-related actually happening. I had no idea the impact would be so big, but I do hope that people will wake up and let Bitcoin recover.

[Ozero]

Such a sharp drop in the price of the cryptocurrency market cannot be caused only by the spread of coronavirus. Regular markets can suffer greatly from this virus, but there is no cryptocurrency market that is integrated on the Internet and that can work even if people are in their homes and apartments. Apparently, someone else is working to lower the market. Events are interesting, we will have something to learn. Now we need patience and understanding that these negative events are temporary.

[Oasisman]

~snip~

I still refuse to buy the coronavirus thing. I mean how does coronavirus really affect bitcoin unlike stocks which have a backing from those corporate companies that can directly be affected if they are out of business due to restrictions.

I guess it just another normal day for bitcoin.

The stockmarket, yes. It's understandable why they would took a dive because the companies backing those stocks are also under attack by the virus, with the physical manifestation of their countries being unable to cope with the damages after all. What's confusing is why is BTC also taking a dive? It's an asset completely integrated on the internet and I see no reason for it to exactly be affected by the ongoing pandemic. Manipulation may be one thing, but it being able to drop BTC by $2k seems quite difficult imo, especially with how the other markets are right now.

Ok, I get your points guys. I know, Bitcoin has no direct relation with the covid-19, unlike stocks as everybody knows. I have been thinking about it lately and just realized how panic and FUD could affect any market. People would always choose fiat currency over Bitcoin to purchase necessary things to survive the pandemic, since Bitcoin isn't generally accepted in all stores or merchants. We are now facing a possible lock down to avoid the spread of corona virus, so it is expected that people would rather prioritize the needs to survive rather than the investment.
I have also mentioned above that this could also be an act of manipulation to ride the pandemic. So, I might say the corona virus is one of the reason for the dump.

[fabiorem]

I'm itching to buy, but I dont know if I should wait a bit more.

I believe we are going to see $3k soon.

[aurora]

i had to sell to buy toilet paper and purell

[fabiorem]

Just leaving this here: https://qz.com/1017805/the-world-bank-issued-425-million-in-pandemic-bonds-and-derivatives-designed-so-investors-pay-in-the-event-of-an-outbreak/

So, what do you think? Maybe those investors sold crypto to cover expenses for this obscure fund?

This article is from 2017. At that time, legacy investors started putting money into crypto through hedge funds.

And there is also this:

https://www.zerohedge.com/markets/south-korea-about-unleash-neutron-bomb-across-global-stock-markets

when the market drop is so precipitous that there is a step function lower in the value of the collateral, and local banks flood clients with margin calls, which in turn prompt a forced liquidation of more risk assets, triggering a feedback loop cascade where selling begets more selling, and not just of South Korean assets, but global, as most of the risk assets collateralizing the autocallables universe are not domestic to South Korea.

South Korea have one of the biggest bitcoin markets. Cascade effect could have happened there too.

[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.

[mediaBuzz]

That might be smart if the virus was deadlier, but I still think people are going irrationally ballistic over this.  Most people don't know much about science in general and even fewer about microbiology or infectious disease in particular, so sadly this doesn't surprise me.

This is the point. People do not even try to learn the issue. The virus is not like the viruses in zombie movies, it's sort of influenza virus.

[Free1bitco.in]

many issues say this happens because of viruses and also think so. but, this is not the end, however, the current price is down, but still has the potential to rise. other than that, I hope, a cure for this virus will soon be discovered so that activity can return to normal, and if that happens, then the market will be back to normal. You know, the lowest price of bitcoin in 2019 is $ 3k, currently, the price is still $ 5k, and this is still better than in 2019.

[Wilhelm]

Bitcoins ultimate purge of weak hands. This is a good thing.
The same weak hands that will be suckers on the way up 

[shoreno]

many issues say this happens because of viruses and also think so. but, this is not the end, however, the current price is down, but still has the potential to rise. other than that, I hope, a cure for this virus will soon be discovered so that activity can return to normal, and if that happens, then the market will be back to normal. You know, the lowest price of bitcoin in 2019 is $ 3k, currently, the price is still $ 5k, and this is still better than in 2019.

i read yesterday that there are now vaccines and capsules made by some country and are now wiling to donate some to others   . this is a good news for us . i hope this is the answer to stop the spread and to kill the existing virus remain  .  your right that the price last year was still bad compare to this year , this gives people an edge to not worry too much  . we see that every year btc still improves no matter how the problem it face  .  event like this can be an opener for people to enter because event like this are also rare   .  its been along time since bitcoin dump too much  

[Finestream]

Bitcoins ultimate purge of weak hands. This is a good thing.
The same weak hands that will be suckers on the way up 

That's what I saw the scenario would be in the future, when there's panic, the weak hands will dump, but when there is a FOMO, they are the same people who will start falling for the FOMO that's why there is a pump, in this market, only the smart will survive, the fools will regret.