What Exactly Caused The New Drop Of Crypto?

[MOProgress]

Just in few days now we have been experiencing unthinkable massive market drop, it seems something happened which I did not hear off. Please anyone here to tell me what exactly happened to the market?

Thanks.

[Kunnu]

Possibly there can be only one major reason the false and unnecessary news which created to much panic between cryptocurrency traders that's why the market crashed very fast it was really an unfortunate moment, but now it looks that market is recovering slowly hopefully the market situation will be positive soon.

[Mighty_crypt]

OP don't tell me you don't know about Coronavirus or never heard of it, even those who aren't into crypto knows that Coronavirus is causing panics everywhere and it's affecting stock markets and people are dumping their coins because of it

[TheICE007]

Incase of you haven't been following news recently, it's the same Corona virus that also changed the turn out of events during the Chinese New year,it's still on,and it has caused panic in major sectors of the economy, crypto community is just one of the few and that has led to price fall.

[jacafbiz]

Because there is economic turmoil in the traditional sector,this is the first time that some people will have this first hand knowledge of how global market. There is no way crypto market can live in isolation of the the traditional market, if this continue for a long time people need to be prepared

[Zandyoby]

OP don't tell me you don't know about Coronavirus or never heard of it, even those who aren't into crypto knows that Coronavirus is causing panics everywhere and it's affecting stock markets and people are dumping their coins because of it

You don't have to sound that way. It may be surprising but some people might not actually know there's a virus causing panic and fear in the world. It may be new to their ear.

For the poster, you need to stay updated with the happenings in the world so you get acquainted when things start going sideways in areas where you have interests or investment.

As I heard, seems people are beginning to embrace crypto to avoid physical cash exchanges that aids in the spread of the Corona Virus.

[Metroid]

This coronavirus panic is a just an excuse manipulators have to crash markets, the idea they have is, i will crash it then idiots will follow and sell too and then i will buy all back and then wait, rinse and repeat. About cryptocoins, they are doing a mistake and the best thing to happen is to happen the opposite they are betting on, I mean, idiots are expecting it to crash then it will be an extreme pump, remember, crypto is the opposite of how the market as we know is. So bitcoin supposed to be at 50k, not at 5k.

[Akiko]

Just in few days now we have been experiencing unthinkable massive market drop, it seems something happened which I did not hear off. Please anyone here to tell me what exactly happened to the market?

Thanks.

its the corona virus and add other negative news like what happen in plus tokens .
https://cryptoslate.com/chinese-scam-plustoken-is-moving-117m-in-bitcoin-research-firm/
This two affected the market badly withing this week. I dont know if what of that negative news is giving too much dump btc but that two is the reasons.

[thiscomm]

today I read a lot of posts about the great influence of the corona virus on the state of the crypto market. all these posts say that the market will bear due to the arrival of this corona virus. but I have another opinion about it, this corona virus is the same virus as other viruses of course it will be dangerous it's just that it will be trending when they first appear in the world. so do not make this virus as an obstacle to your work in crypto, because for work we don't need to leave the house right. so keep working because crypto lives from transactions, so we know the consequences if many crypto people leave it.

[Farma]

if you follow the news developments that occur, most of the price reduction occurs due to coronavirus. This virus does not only affect crypto, but also an economic decline in other countries. however, so far, I have seen a decline in the price of crypto is really very large. You can find out this news by searching on the internet, you can find lots of news about the decline caused by the coronavirus,

[The Cryptovator]

Most likely OP had not met with COVID-19 (Corona Virus). Due to panic of Corona so many people sold their cryptocurrency and trying to hold some real cash for their emergency needs. And I believe that's the real reason behind of current crypto crash. On the other hand due to huge sell holders become more panic and sell more, in a result we experienced another huge dump. I think this time will take longer to recover crypto markets again.

[Ebukaslim@outlook.com]

Several persons are of the opinion that the major cause of the drastic reduction in the value of cryptocurrencies is the corona virus epidemic. I understand that the virus has caused a great deal of panic and people would prefer to sell out and utilize the money for expenses which may arise in the cause of the pandemonium.

[TWW]

Most likely OP had not met with COVID-19 (Corona Virus). Due to panic of Corona so many people sold their cryptocurrency and trying to hold some real cash for their emergency needs. And I believe that's the real reason behind of current crypto crash. On the other hand due to huge sell holders become more panic and sell more, in a result we experienced another huge dump. I think this time will take longer to recover crypto markets again.

because some people who have large companies now have difficulty making sales outside their country. of course there will be a decrease in the velocity of money that will occur in all markets. most countries have experienced their economic problems. so it is only natural that some people who have crypto assets withdraw their money in large quantities now. hopefully soon and the world economy can improve again.

[Banadony]

Are real in this world with us or you are posting from another planet. the world under attack by a deadly virus that have crashed retailers and business. Most business outlets are out of services. Offices has ordered there staffs to work from home( Not a big deal). Coronavirus is mess the universe up. Another issue at hand is the Oil trade war between Saudi and Russia.  we don't know how long this pandemic will last. China the epic center is making progress.

[CaVO32]

Are real in this world with us or you are posting from another planet. the world under attack by a deadly virus that have crashed retailers and business. Most business outlets are out of services. Offices has ordered there staffs to work from home( Not a big deal). Coronavirus is mess the universe up. Another issue at hand is the Oil trade war between Saudi and Russia.  we don't know how long this pandemic will last. China the epic center is making progress.

If there is panic buying among communities that are in lockdown, there is panic selling in crypto market. i guess there are a lot of crypto holders that are selling some of their coins to get their fiat currency in preparation for this long break from work or source of income. and a lot of whales are taking advantage of the situation. if you can afford to hold crypto in long term, I think this is a good opportunity. because sooner or later, the bitcoin price will bounce back. even reaching 8-10k again will give you a handsome profit in return.

[Pamadar]

if you follow the news developments that occur, most of the price reduction occurs due to coronavirus. This virus does not only affect crypto, but also an economic decline in other countries. however, so far, I have seen a decline in the price of crypto is really very large. You can find out this news by searching on the internet, you can find lots of news about the decline caused by the coronavirus,

The number one reason which many declines that ongoing from different sectors of financial industries is this corona virus that keeps spreading from different places. With panics that ongoing from the market, most of the traders and holders are also following the trends. Afraid of losing their money
they are doing the same. Make sure to read and watch the news and you'll be able to assess what are the best plans to consider during this season.

[kaya11]

Ive read some news about some facts that is happening all around the world, some says it was due to the drop of dow jones industrial average, others says it was some major geopolitical conflicts of such as the dispute of oil price between Saudi Arabia and Russia, but it never came to news more frequently because of the virus. People seems afraid and panicking, some says it was the main reason but in my opinion it was a mixture of those.

[pawanjain]

This coronavirus panic is a just an excuse manipulators have to crash markets, the idea they have is, i will crash it then idiots will follow and sell too and then i will buy all back and then wait, rinse and repeat. About cryptocoins, they are doing a mistake and the best thing to happen is to happen the opposite they are betting on, I mean, idiots are expecting it to crash then it will be an extreme pump, remember, crypto is the opposite of how the market as we know is. So bitcoin supposed to be at 50k, not at 5k.

Yes bitcoin was supposed to be at 50k and not 5k but whales have accumulated of the circulating supply of BTC which is why they are able to manipulate the market so easily. Bitcoin was supposed to be distributed among the people but few people are holding a majority chunk of it.
This is why they are the ones making money while the market is facing the losses.

[qazgroup]

I think it was due to a combo of factors but mainly it was due to the panic and fear caused by coronavirus which spread quickly all across the world and people were threatened for their lives so they tried to sort of cashout to arrange for emergency or simply use their money before they die but i think it was pure panic and market will soon recover also this crash and volatility was triggered by big whales and market speculators that took advantage of the fear in the market and end up buying more cheap btc from panic sellers.

[reallester]

Just in few days now we have been experiencing unthinkable massive market drop, it seems something happened which I did not hear off. Please anyone here to tell me what exactly happened to the market?

Thanks.

Well it is no more news that the Corona Virus effect caused the sharp drop of cryptocurrency.  However, the cryptocurrency is not only affected by this virus, other sectors as well such as crude oil, gold, forex and the world's market generally is largely affected by this virus. We hope for things to normalize in short time.