How coronavirus can trigger a significant decline in the crypto market?

[Rengga Jati]

I have read many people saying that coronavirus is affecting the crypto market. Then, it makes the market experiencing a huge decline currently. But most of them cannot explain it in detail "how the coronavirus can trigger a significant decline in the crypto market". So, I try to speculate (making an opinion) about the correlation between coronavirus and current decline.

- Many investors are panicking with the coronavirus outbreak in their countries. They probably are not active in trading temporarily because focusing on thinking about their safety first. So, there is less demand in many exchanges.
 
- Many investors are selling their assets to prepare the funding needs in anticipation of the coronavirus. So, there is a huge (exaggerated) supply in the crypto market, while less demand at the same time.

- Some whales take advantage to dump the crypto prices and spread FUDs about coronavirus. So, many people feel worried and sell their assets in panic.

- There is a rumor of PlusToken scam that was moving 13,000 BTC (worth $118 Million) yesterday.
  Source: https://twitter.com/KevinSvenson_/status/1236672330073595904

*That's what I guess now. How about you, fellas? It will be very appreciated if you have another view (opinions). However, what I said above is just my assumptions.

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[Tripple O]

You need to check the rising on BTC volume on March 12 and March 13, 2020. It was clearly seen that there was a big rise in BTC volumes. It indicates more BTC holders sold their Bitcoins to the market than the usual. Remember about the basic principle! If it is more supply than demand, then the price will drop. That's what is happening right now.

[Bitbtc8]

You need to check the rising on BTC volume on March 12 and March 13, 2020. It was clearly seen that there was a big rise in BTC volumes. It indicates more BTC holders sold their Bitcoins to the market than the usual. Remember about the basic principle! If it is more supply than demand, then the price will drop. That's what is happening right now.

On major exchanges there are more buy orders than sell orders, it's Bitcoin we are talking about here, many are already buying because they sees this as big opportunity

[Yaunfitda]

Well everyone is into panic mode, triggering a massive sell-off not only in crypto but in the whole traditional markets around the globe. So for me this is the main reason, prior to the downfall, we have the plus token moving tons of their btc so that's the first catalyst.

And then triggered by the news of the covid-19 virus affecting everyone, not just ordinary people, but even those on the higher echelon in the society, like hollywood actors/actresses and sports personalities. So that alone, did chance the mindset of average joe and thinking they needed to have funds at hand to buy basic commodities in worst case scenarios.

[jacafbiz]

This is simple, when people are not going to work, they will need another source of income or take out of their investment, the selling pressure was what triggers the chain selling pressure, most people have their stop loss setup and was triggered.

Another thing is that Crypto market is not in isolation from the whole market space and when there is a panic like this people start factoring it in

[TheICE007]

The Corona virus out break has indeed affected the crypto community,not just the crypto community but also the the oil sector and even the stock sector, in a time like this people want to sell off their asset and hold fiat,that happens when panic sets in everyone is selling and as such it results to more dump and fall in price.

[Rengga Jati]

when people are not going to work, they will need another source of income or take out of their investment,

Yes, I agree. When people prefer to stay at home, they need funds to fulfill daily needs. If they have no cash or fiats anymore, then selling assets is one of the options. Of course, this will bring big impacts to crypto prices because most people around the world do the same ways.

[masterrex]

I have read many people saying that coronavirus is affecting the crypto market. Then, it makes the market experiencing a huge decline currently. But most of them cannot explain it in detail "how the coronavirus can trigger a significant decline in the crypto market". So, I try to speculate (making an opinion) about the correlation between coronavirus and current decline.

- Many investors are panicking with the coronavirus outbreak in their countries. They probably are not active in trading temporarily because focusing on thinking about their safety first. So, there is less demand in many exchanges.
 
- Many investors are selling their assets to prepare the funding needs in anticipation of the coronavirus. So, there is a huge (exaggerated) supply in the crypto market, while less demand at the same time.

- Some whales take advantage to dump the crypto prices and spread FUDs about coronavirus. So, many people feel worried and sell their assets in panic.

- There is a rumor of PlusToken scam that was moving 13,000 BTC (worth $118 Million) yesterday.
  Source: https://twitter.com/KevinSvenson_/status/1236672330073595904

*That's what I guess now. How about you, fellas? It will be very appreciated if you have another view (opinions). However, what I said above is just my assumptions.

I believe that all of your speculations is true that was the most common reason for the sudden decline of the cryptocurrency market today and its all pointed out to the covid-19 epidemic scare, but your speculation in Plus token scam and dumping bitcoin to the market was already done, even if it was a 13K BTC it will not affect the market like this so I think it is not related.

[Saisher]

I have read many people saying that coronavirus is affecting the crypto market. Then, it makes the market experiencing a huge decline currently. But most of them cannot explain it in detail "how the coronavirus can trigger a significant decline in the crypto market". So, I try to speculate (making an opinion) about the correlation between coronavirus and current decline.

- Many investors are panicking with the coronavirus outbreak in their countries. They probably are not active in trading temporarily because focusing on thinking about their safety first. So, there is less demand in many exchanges.
 
- Many investors are selling their assets to prepare the funding needs in anticipation of the coronavirus. So, there is a huge (exaggerated) supply in the crypto market, while less demand at the same time.

- Some whales take advantage to dump the crypto prices and spread FUDs about coronavirus. So, many people feel worried and sell their assets in panic.

- There is a rumor of PlusToken scam that was moving 13,000 BTC (worth $118 Million) yesterday.
  Source: https://twitter.com/KevinSvenson_/status/1236672330073595904

*That's what I guess now. How about you, fellas? It will be very appreciated if you have another view (opinions). However, what I said above is just my assumptions.

What happen is such a huge crash I have never seen that in my young years here in this community, it's kinda scary seeing the crash percentage is over 50% I'm glad that it's recovering but not yet safe, one of main cause which is the Corona Virus is still here, unless we find a cure it's still a hanging damocles in the market.

[ned.ryerson]

Well everyone is into panic mode, triggering a massive sell-off not only in crypto but in the whole traditional markets around the globe. So for me this is the main reason, prior to the downfall, we have the plus token moving tons of their btc so that's the first catalyst.

And then triggered by the news of the covid-19 virus affecting everyone, not just ordinary people, but even those on the higher echelon in the society, like hollywood actors/actresses and sports personalities. So that alone, did chance the mindset of average joe and thinking they needed to have funds at hand to buy basic commodities in worst case scenarios.

plus tokens have been selling their BTC through the past 7 months and that is why I think that this does not affect the current situation on the market. people just panic over what is happening in the world. oil dump / coronavirus / bans on moving around the world / state of emergency in the USA. therefore people sell and scared

[XCANA]

The Corona virus out break has indeed affected the crypto community,not just the crypto community but also the the oil sector and even the stock sector, in a time like this people want to sell off their asset and hold fiat,that happens when panic sets in everyone is selling and as such it results to more dump and fall in price.

You're  correct, the sellers are those who thought selling their assets in cryptocurrency can be a method to save for the raining day, meanwhile many that sold where those who aren't long-term holders and many that are just investors without believe in Bitcoin or cryptocurrency. We the bitcoiners contributed to the downfall of the current market by panic selling our cryptocurrency portfolios. We should stand with Bitcoin as a community to despair haters. 

[qazgroup]

If coronavirus was the reason of market crashes then i am quite positive that soon this pandemic will be over, there are already news of control from the originating China so i think it will be controlled all over the world in next 2 to 4 weeks. Businesses and markets will be back to normal soon as well so cheer up guys.

[Tiennou74]

If coronavirus was the reason of market crashes then i am quite positive that soon this pandemic will be over, there are already news of control from the originating China so i think it will be controlled all over the world in next 2 to 4 weeks. Businesses and markets will be back to normal soon as well so cheer up guys.

True, if it is all about corona-virus effects over bitcoin then maximum of 30th March they might get ride over such virus, and as soon as it will recover back to normal.

Thanks
 

[kindbtc]

Come on, i think we should now stop this coronavirus fud and panic by using such titles, just check the news and you will know that corona is already controlled in its originating country that is China and all other countries are also expected to control its spread soon because all have put travelling, shopping, outing, meeting and all other events at hold for few weeks and people are suggested to stay at home and if someone has similar symptoms he should isolate himself and within 2 weeks this virus will be over.

[Rengga Jati]

Come on, i think we should now stop this coronavirus fud and panic by using such titles,

Hi boy. I'm not spreading FUDs but I'm trying to define what currently happened. Read again what I wrote above! If you read it carefully, you must understand that I'm not spreading FUDs.  :-|

just check the news and you will know that corona is already controlled in its originating country that is China

It is controlled in China but spreading massively in other countries, is the problem solved already? I can say that coronavirus is still far from handled, it just begins to spread more. You know that in my country, coronavirus just began spreading in all places. We have no cures, people are in panic and prefer to stay at home. For your information, I regularly check the news every day. I think all the people did as well, so don't worry about it.

within 2 weeks this virus will be over.

Who can guarantee this statement? You? Even the experts never stated the exact date (time) for the recovery of this virus around the world.  

[Nalbo]

Could if we are not able to contain it within the next three months. As most of the countries are locking down to stop the spread, we would be able to control it manually within the next two months without the use of vaccine. China is effectively free of it and has started production. China is also the home for largest miners and crypto business. Taiwan and Singapore too have effectively prevented themselves from the virus.

[Mighty_crypt]

The worst has already happened, can still fall deeper but not for long, China and Singapore are already controlling the outbreak, it won't be long before Coronavirus becomes a history, I suggest you hold your coins instead of trading especially leveraging

[Fesatmas]

Because many big cities have locked their activities for fear of spreading outside, the government has imposed it, well maybe this could be the effect of this lockdown because they did nothing so they did not work for a long time while the need continues to be pressing I think with a decrease significant in the crypto market this could have affected because there are many lockdowns that have sold their crypto assets due to economic limitations and I think that is very much needed.

[tiang_tower]

The worst has already happened, can still fall deeper but not for long, China and Singapore are already controlling the outbreak, it won't be long before Coronavirus becomes a history, I suggest you hold your coins instead of trading especially leveraging

Yes, holding a good coin at this time is a very good choice, because in the future the market will recover after a fall in the past few days, and other countries will also control the virus outbreak that is happening at the moment, it's just that every country has treatment different for this outbreak.

[letyouearn]

Crypto market and BTC especially doesn't care about corona virus at all. All these useless news and events doesn't affect the market like the whales do. It's always funny to read all this analytics about how bitcoin got pumped or dumped because of this or that event. Yeah they can explain it easily. "Look, it's obvious! Btc is rising." And the opposite phenomenon too when it happens