How Coronavirus affects Bitcoin and when it will end

[kawetsriyanto]

Look at all cryptocurrency prices right now it's dump by 20%+ today so I think coronavirus is affecting very much~~

What's is the proof that the severe dump today caused by coronavirus? Honestly, I'm not really sure that the dump happened because of coronavirus. I think it may be caused by other things such as overbought or dumped by whales. These reasons seem more sense than coronavirus. In addition, I doubt if some people want to take advantage of spreading the issue of coronavirus impacts.    

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[minersday]

According to the Reuters, China is successfully fighting Coronavirus and they reported that more people are cured from the virus than died.

It is safe to say now that coronavirus was behind the markets crash, stock, oil as well as Bitcoin.

Considering the patterns in the market value of the stock market and the crypto market, we can strongly concluded that coronavirus has some kinda influence in this changes.  This coronavirus problem has not just affected the stock market and the crypto market. It has affected the entire economy of China and some part of the European countries.  From the look of things, the entire markets will be up again when the coronavirus is no long a problem. For now, the crypto market might continue to drop. It is advisable to hodl your crypto rather than selling them cheap.

[Velkro]

since the outbreak of the virus bitcoin value has reduced drastically.

Im a little suprised tho, its better and easier to store than gold.
You can't buy toilet paper with it easily enough probably, that is reason of current bitcoin crash... toilet paper.

Semi-joke aside, people need food stockpile for bad times, toilet paper most of all and that need cash, not Bitcoin.

[Alanin]

the more countries that will follow the "lockdown" solution, the more pension fonds/investment fonds/governments will have to sell out their assets to be ensure having fiat enough for the troubles it brings(pension payouts, medical payout, etc).
Even though every market dropped a f-ton over the last few days, the infection rate is lowering. and when the infection rate is on its way down, we will see very flourishing market.

this is another mass effect caused by the media and mass panicsales and general gossip. And worldwide media can have a HUGE effect on crypto, as its total value is very low compared to stock, and resources, etc.

i can tell you this. I regret not selling as soon as i i saw how easily the flue spread throughout the world. yet im not gonna sell now as i know this will pass and then every market will rebounce closely to their usual state. factoring the block halving this will be very hard to predict. but i expect that the market will be back on track in (hopefully) less than 3-4 weeks from now

[airdnasxela]

We can't be too sure when will this pandemic end. As long as there's no cure, it will continue to spread. And this affect the price of Bitcoin probably because this virus is also affecting every economy of countries that are affected by this virus. There's already a lot of countries affected and sad to say that their cases are continuously growing and it's totally affecting every economy. And when most countries economy are affected, stock markets and even crypto market is affected. Let's hope and pray that sooner scientist can find solutions for this virus.

[OrangeII]

I quite hope that the problem of the economic downturn is completed in June, however, the effect of this on the crypto world is really huge. even if it is calculated since the price of bitcoin is still $ 10k, this has gone down by 50%, and there is still the possibility to decrease again. the thing that most makes people panic is, it happens less than 1 week. Even though it's a matter of patience, I think people have started to sell their assets.
I think this is indeed happening because there are so many boycotts in each country that limit exports and imports that make economic losses.

[gundala]

I quite hope that the problem of the economic downturn is completed in June, however, the effect of this on the crypto world is really huge. even if it is calculated since the price of bitcoin is still $ 10k, this has gone down by 50%, and there is still the possibility to decrease again. the thing that most makes people panic is, it happens less than 1 week. Even though it's a matter of patience, I think people have started to sell their assets.
I think this is indeed happening because there are so many boycotts in each country that limit exports and imports that make economic losses.

And in a day the decline is above 30%, this is ironic and certainly makes a panic because recovery must take quite a long time, considering the Covid 19 antivirus has not been found, so it is uncertain when this will subside. Moreover, the number of cases that occur is increasing, this has an impact on all performance of different asset classes. One of the best steps is to get out of the chaos and do not force yourself to enter the market, price changes are very extreme, moreover crypto is a very volatile asset compared to other commodities.

[demonica]

There is no definite date when will this corona virus will end. As you can observe, more and more are getting infected thus making this market to crashed down. Other also said that it may go down to $2k level, we never know about that. I do hope we can pass through this pandemic soon. I just wish one thing to stop this, the treatment and cure. Hoping that they can formulate medicine to kill the virus.

I've heard that China and Korea have cases were patients had recovered and discharged from the hospital. It's a good sign but I don't know in Italy because I keep on seeing in news article that they are one of the country with most number of affected. I also saw that you just need a good immune system so your body can fight the virus inside you. Maybe when doctors find medicine to kill the virus inside the body, it will end.

[Wexnident]

Its a possibility, and a low one if I may say. It said if other countries followed the aggressive containment of what China did, then they could pretty much end it in June. But what if it spread too much by then? Just like the current state of affairs, when initially, if they have quarantined infected areas before already, it wouldn't have spread to the scale of it is today. It's like, they apply the fix way too late, much so that others must sacrifice something as well to fix it. There's also the fact that a vaccine has yet to be found, and that is even with countless countries working together to find it.

There's really no way to kill the virus in the end, after all, so without a vaccine that could help us stay immune from it, even if some cases has been cured of it, others would only continue to get infected, and in the end, instead of decreasing the number of patients, it instead increased the number of it.

[FaithInCrypto]

Look at all cryptocurrency prices right now it's dump by 20%+ today so I think coronavirus is affecting very much we might see a huge fall this time maybe it will go bellow 3000$ this time and this my opinion only.

If the coronavirus keeps spreading and there would be plenty of people dying, this rate is very possible. As far as I know, it went below $4.5k as its lowest in the last few days (correct me if I'm wrong). But hopefully, with countries implementing lockdown, community quarantine, and travel bans the spread of coronavirus will be minimized.

If the prediction as stated by OP that this issue ends in June, I guess let's be patient and not panic as panicking won't get us anywhere. We should keep ourselves healthy and buy as much as we can afford before the price skyrockets again after this problem is over.

[plvbob0070]

The coronavirus affects people . People affect the crypto. It's simple.

That virus not only affects the cryptocurrency but also every market that we have and it even affects the country's economy. Due to the rapid increase of affected individuals, some of the countries are now in quarantine (some of them are in lockdown) and because of this, it can cause panic buying. It's so disturbing to see how this virus affects the current price of bitcoin and I know many people already converted their cryptocurrency into fiat since they need to buy the important things especially the foods and other necessities.

Even they already announce this crisis will end in June still, there's no assurance that it will happen or basically we can totally defeat the virus. Always remember don't forget to take vitamins and do proper hygiene.

It's all about patience. What Bitcoin is priced today won't be at the same price come the same time next year.

You got it! We just need to be patient because the market will recover soon, and I guess the recovery of people and the market will happen at the same time. I'm sure after we overcome this crisis the price of bitcoin will really go to the moon again.

painful watching it keep going down free fall

Same here! it totally painful to watch and I already turn off some notification on my phone because I always see the Bitcoin is down 4.13% (something like that) and I don't wanna see it falling down again.

[Sanugarid]

The global pandemic contributes massively on bitcoin's current situation knowing that it is a global phenomane responsible on producing fear and panic all throughout the countries affected. Lots of people ends up buying too much stock with the fear of going outside since the virus spreads into anyone quickly and stays on different things for long. With these things happening, the investors are being forced to convert their bitcoin into fiat to buy all their necessities. Transactions would become less often as everyone focuses on how they would survive this crisis happening in the world right now.

[jumail]

~~

What's is the proof that the severe dump today caused by coronavirus? Honestly, I'm not really sure that the dump happened because of coronavirus. I think it may be caused by other things such as overbought or dumped by whales. These reasons seem more sense than coronavirus. In addition, I doubt if some people want to take advantage of spreading the issue of coronavirus impacts.    

Although not a major factor, the covid 19 pandemic is quite influential on the market, not only crypto but also stocks, oil, and other commodities. This article https://cointelegraph.com/news/bitcoin-drop-due-to-13k-btc-plustoken-scam-not-coronavirus-analysts/amp explains the possibility of a large influence from the massive sell-off of the pyramid scheme in PlusTOken. However Corona is quite worrying, it is enough to influence economic activities and markets, whether it is the main or supporting factor, which certainly has a big effect. Even public activities are restricted, school activities are off, as recommended by WHO. We are fighting this, hopefully, things will improve soon.

[pixie85]

since the outbreak of the virus bitcoin value has reduced drastically.

Im a little suprised tho, its better and easier to store than gold.
You can't buy toilet paper with it easily enough probably, that is reason of current bitcoin crash... toilet paper.

Semi-joke aside, people need food stockpile for bad times, toilet paper most of all and that need cash, not Bitcoin.

It is but gold markets are much more stable and trusted than Bitcoin markets.

People might think twice if you asked them if they trust more in physical gold or Bitcoin but if you asked them if they trust gold or Conbase, Binance and Bitfinex most would choose gold. That's what people are choosing now. They aren't selling their Bitcoin holdings but running from leverage trades and centralized exchanges that can go bankrupt and disappear with their money.

Exchanges are more affected by the situation than Bitcoin itself!

[ballerin and giroud]

Coronavirus is the first problem when the market crash event that is not for cryptocurrency market only but all of the market like stock, oil and even gold right now has fallen. This is recession mean I guess, we were talking about recession long time ago and we have considered that bitcoin and altcoin were the save place to store our money and it was failed. Market cryptocurrency have fallen too like another place, just a gold price who show that it is deserve to call as a safe haven place. Many people there have saved their money into gold and sold them for it.

[denzkilim]

Due to Quarantine , people are supposedly buying a lot of groceries and food products , people due to excessive buying are causing a shortage of toilet papers in many parts of the world .

People are taking out all their investments so that they can cope up with this panic buying therefore I do think Corona Virus is causing the Bitcoin price to decrease and not just bitcoins it's many stocks .

There is a possibility that people are doing that but I don't think that the virus that is spreading is the only reason why the market fell more than 40% due to the panic buying of daily necessities of life. I do hope that the market will recover as soon as possible from its recent crash.

[slashz9]

So you mean there won't be an increase until June?
I think some people will take advantage of this situation to make price spikes, though not high enough to at least make the market go up and down as usual, and will not be stable because of the effects of this virus.

[camito]

According to the Reuters, China is successfully fighting Coronavirus and they reported that more people are cured from the virus than died.

It is safe to say now that coronavirus was behind the markets crash, stock, oil as well as Bitcoin.

So how does this affect the markets?

If it's to be trusted, China says the pandemic should end around June: https://www.reuters.com/article/us-health-coronavirus/trump-stops-europe-flights-china-says-coronavirus-could-end-by-june-idUSKBN20Z0DY

Until then, you can count on prices dropping. When you look back at it, prices started dropping around the same time coronavirus was introduced by the media and fear started spreading.

If we are to expect the fear continues into June, prices should keep falling until June.

Be patient until June and then buy.

https://edition.cnn.com/2020/03/09/economy/global-recession-coronavirus/index.html stated a very relevant fact that every Bitcoin users and investors should  know. We are currently experiencing this downfall and we have seen how the lockdown in countries have affected them. Let's be realistic and mature. We can never be sure of its end because firstly, we are not experts and we can only rely on the trust we give to the medical and research field. The economy is affected, big time. The currencies are also affected. They are not stable as we know it and who knows when will it make a come back? It is safe to say for now that a user must think of the situation wisely and rationally. It is not the time to spread panic but instead awareness.

[White Christmas]

The virus has a big effect to the bitcoin specially to their value and price of the coins and tokensas you can see the market was dumped and very down right now and maybe because it is in the virus that is spreading and manipulating the market right now i pretty assume that it will just and maybe sooner so that the market will able to recover again and the script to holders will be able to recover again their losses specially right now that the major dump was occurring in the market.

[FanatMonet]

The virus has a big effect to the bitcoin specially to their value and price of the coins and tokensas you can see the market was dumped and very down right now and maybe because it is in the virus that is spreading and manipulating the market right now i pretty assume that it will just and maybe sooner so that the market will able to recover again and the script to holders will be able to recover again their losses specially right now that the major dump was occurring in the market.

Some people who opened positions at a price of $ 4,500 and, possibly, even lower, could already make good money at this dump.

Personally, I will assume that before halving, we will need to keep the price at $ 5000-5500 for bitcoins. The cryptocurrency market has shown too much collapse, and now it needs to restore confidence.