Bitcoin during pandemics

[Ridwan Fauzi]

I support for those who says that the situation of bitcoin now is really different with the privious pandemic. Have you consider that Chinese's people give a lot of effect for bitcoin price? And now when the corona virus came maybe they were intend to sold their bitcoin because need money to buy some stuff to meet their daily live. So as the price of bitcoin felt and make many user panic and sold their bitcoin as well. Yeah Chinese's people has been overcome bitcoin mining, I saw in a lot of news who stated that chinese have more then half bitcoin miner on this world.

[Assface16678]

I support for those who says that the situation of bitcoin now is really different with the privious pandemic. Have you consider that Chinese's people give a lot of effect for bitcoin price? And now when the corona virus came maybe they were intend to sold their bitcoin because need money to buy some stuff to meet their daily live. So as the price of bitcoin felt and make many user panic and sold their bitcoin as well. Yeah Chinese's people has been overcome bitcoin mining, I saw in a lot of news who stated that chinese have more then half bitcoin miner on this world.

From the previous week there are a lot of things happen related into our world there are a lot of unexpected happening and even and one of this is the pandemic outbreak happening because of the coronavirus of the ncov-19 this virus is coming from Wuhan, China and it came from eating an exotic foods came from insects, bats and more and we cannot blame because it is a tradition of them. By this, the stock market to falls down because of the problem we have today still we are looking forward to make more earnings after this kind of downfall. Some of the people holding their bitcoin is rapidly selling on it and a huge impact to the world market and this is not quite good because the market price of the bitcoin came from 8k dollars immediately fall down in 5k dollars also we are hoping the market price will bring back and becomes profitable soon also halving is coming.

[Twentyonepaylots]

There is no real sample size for your dataset to come to conclusion, the first two are mostly a regional thing and I do not think it has any effect on global market, surprise you did not put SAR Virus in it, which seems to have more casualties than the first two on your list.

Because as far as information goes the SARS epidemic happened in 2003. 6 years before bitcoin was even born. I believe that though pandemics and cryptocurrency  prices aren't directly correlated, diseases and world-wide epidemics like the COVID-19 can still affect people's thinking and would then cause them to dump out their investments. This is just my inference but I see strong evidences supporting it. And as I have mentioned, despite SARS claiming more lives than COVID-19 or MERS-CoV had claimed during their duration, it was the fact that the issue blew up 6 years before the dependent variable have even existed.

[pawanjain]

The effects of pandemic on bitcoin is directly related to how severely it affected the global economy.
In case of Covid-19, it affected the global economy really bad crashed the market. This created a huge impact on bitcoin as well and declined it's price by half.
It's not necessary that every pandemic situation will impact the market in the same way.

[Reid]

Is it really connected or is it just that it happens at the same time the virus gets viral.
I understand though that people will need money to spend for their necessities and it will be a lot if it will take a month to stay at home.

But here is the thing. Bitcoin became a store of value. Which means it is just like saving something.
Don't they have an easy way to make money rather than selling their bitcoins?
They could just withdraw their money from their respective banks and it will be easier.
Why such efforts into selling bitcoin in an exchange and then going thru banks to make it cash.

I am still in doubt if people really sold their bitcoins or it just happens to be bitcoin is being dump while the virus came viral.
Some may have sold it but not that much of them.

[rdbase]

it is not COVID-19 that has affected bitcoin price, it has never been because there simply is no relationship between the two. it is literary every other market that has been dumping and the fear that the weak hands had thinking there should be a dump in bitcoin too so they jumped the ship. with whale manipulation accumulation on top, we've got ourselves a big crash

There is no relationship between these two but thing is people behave based on what the situation outside. As what you have said people are simply panicking, fearing and having a weak hands so basically this is because of the pandemic. This isn't just a coincidence that's for sure.

Yet the hashrate of what holds the blockchain together does.

They could of caused the dump since on Feb 15th was when it started to shift of these miners calling for a combined sell off all at one time.

[dothebeats]

It is anic that mainly drove the prices of everything down. With the way the governments of the world are responding to this pandemic, it's not surprising that people would react frantically to everything as of this moment. Add to the fact that almost every essential supply is being hoarded, so it's possible that investors and traders sold their stocks/coins in the mean time for fast cash to utilize during the outbreak. No one expected such a full-blown pandemic in 2020 and here we are.

[thesmallgod]

I did not take note of the pandemic that occurred in 2009 but I am very much aware of the ebola virus. In fact, it affects also my country but non of the pandemic you have mentioned above seems to spread very fast like this coronavirus. During the time ebola, it only affected much of some of the African countries and most especially Liberia. From what I have read about the virus, It is not new but the recent one is a mutation of already existing one with nobody certain if there will be a cure. This is enough to make people panic and draw the world economy down.

[South Park]

While I appreciate the research of the OP bitcoin did not really became popular until 2017 so I do not see the point of trying to see how bitcoin behaved during the previous pandemic crises when almost no one was using bitcoin at the time, the reaction we are seeing now in bitcoin is natural, almost all the markets have taken a beating since no one wants to speculate with volatile assets when they are concentrated in more important stuff and I do not see why bitcoin should be any different.

[Sanugarid]

It is anic that mainly drove the prices of everything down.

So it means it is because of the pandemic right? Cause it is the one who caused the people to panic and sell out everything they have.

With the way the governments of the world are responding to this pandemic, it's not surprising that people would react frantically to everything as of this moment. Add to the fact that almost every essential supply is being hoarded, so it's possible that investors and traders sold their stocks/coins in the mean time for fast cash to utilize during the outbreak. No one expected such a full-blown pandemic in 2020 and here we are.

Well aside from we are not prepared with the ongoing situation people are acting like it is the apocalypse when they hoard and it sucks seeing people beg for food and other necessities right now like masks, alcohol, disinfectant and sanitizers. But for the market, I expected it to go down, actually beyond this. As pandemic is getting worse, the recovery we want might be hard for us to do so.

[kryptqnick]

OP, I think that the comparison with other outbreaks is not particularly accurate because as far as I know the main event that triggered the drop was the WHO announcing the pandemic of COVID-19, and the last time they announced a pandemic was back in 2009. Other outbreaks did not earn this status and coverage.

it is not COVID-19 that has affected bitcoin price, it has never been because there simply is no relationship between the two. it is literary every other market that has been dumping and the fear that the weak hands had thinking there should be a dump in bitcoin too so they jumped the ship. with whale manipulation accumulation on top, we've got ourselves a big crash

I agree that there's no direct link between the two, just like no link between Bitcoin and other diseases that used to be spreading before. However, I do think it's more or less accurate to say that the ultimate reason behind the current price drop is COVID-19 or, rather, the way it's been covered by media. You're saying it's because of other markets dumping, but they wouldn't have been if it weren't for COVID-19.

[wxxyrqa]

OP, I think that the comparison with other outbreaks is not particularly accurate because as far as I know the main event that triggered the drop was the WHO announcing the pandemic of COVID-19, and the last time they announced a pandemic was back in 2009. Other outbreaks did not earn this status and coverage.

it is not COVID-19 that has affected bitcoin price, it has never been because there simply is no relationship between the two. it is literary every other market that has been dumping and the fear that the weak hands had thinking there should be a dump in bitcoin too so they jumped the ship. with whale manipulation accumulation on top, we've got ourselves a big crash

I agree that there's no direct link between the two, just like no link between Bitcoin and other diseases that used to be spreading before. However, I do think it's more or less accurate to say that the ultimate reason behind the current price drop is COVID-19 or, rather, the way it's been covered by media. You're saying it's because of other markets dumping, but they wouldn't have been if it weren't for COVID-19.

I do not want to underestimate the degree of danger of any virus or disease, but nevertheless, even in this particular case it seems to me a lot of information is exaggerated.  Perhaps on a global scale, the government does not have any ability to cope with problems and therefore escalate the situation.  But one way or another, due to the quarantine rules introduced in large cities and practically because of the self-isolation of most countries of the world, large companies and Big Business are failing.  Many enterprises and factories do not work, and this already affects the financial condition of people.  In general, the situation negatively affects the economy of individual countries.  But what is happening today in the cryptocurrency market, It seems to me that this is primarily due to the fault of speculators who want to get some benefit from the current situation.

[fiulpro]

Bitcoins is not sky rocketing due to the pandemic but instead bitcoins is actually being used by the people a lot .
The people are using bitcoins for the transactions , for buying and selling , for sending the money overseas for their distant relatives , for earning , finally bitcoins is being used as normally as Fiat.
At this time the Fiat is crashing and the banks are selling their stocks to maintain the value for the respective Fiat therefore it is even getting worse for them .
The time is really critical but Bitcoins is supporting people now more than ever.

[stomachgrowls]

It is anic that mainly drove the prices of everything down. With the way the governments of the world are responding to this pandemic, it's not surprising that people would react frantically to everything as of this moment. Add to the fact that almost every essential supply is being hoarded, so it's possible that investors and traders sold their stocks/coins in the mean time for fast cash to utilize during the outbreak. No one expected such a full-blown pandemic in 2020 and here we are.

Well said! Everything would really be on domino effect when the whole world is on trouble plus the the panic it do cause.As a human being it cant really be a avoided that you would normally act and do appropriate things in means of survival.No matter how die hard hodler you are when you are already in the verge on such situation then cashing or converting your assets this time is on high chances.

we know that this unpredictable market can really be affected easily on news or sentiments which you cant totally say that this current dump doesnt have any connection on whats
happening now.

[crustycrab666]

--snip--

Well said! Everything would really be on domino effect when the whole world is on trouble plus the the panic it do cause.As a human being it cant really be a avoided that you would normally act and do appropriate things in means of survival.No matter how die hard hodler you are when you are already in the verge on such situation then cashing or converting your assets this time is on high chances.
we know that this unpredictable market can really be affected easily on news or sentiments which you cant totally say that this current dump doesnt have any connection on whats
happening now.

Right, this is a domino effect. Although many people assume that the downturn in the crypto market is not directly affected by the COVID 19 pandemic, the fact is that this is happening in almost all declining economic markets. It's just that the crypto market has a niche that is more unique and difficult to guess, and now the crypto market looks green, trend ups are happening everywhere.

[gundala]

--

The bitcoin seems unaffected by the first two pandemic at those time, while now the COVID-19 looks so impactful but why?
The relative increasing of price might be the root why such pandemic disease happen so rattling the crypto space.But then again we cannot assure these things.

It seems that this is due to the influence of COVID 19 which is greater than the previous virus, WHO also states this as a pandemic, many countries choose to do lockcown to break the spread of the virus. Beginning with the decline in the stock market, this eventually gave effect to the crypto market, some people panicked and chose to prepare their funds in a safe and survive place. And today we are beginning to see good movements in the crypto market, whereas there has been no significant change in the stock market, the crypto market is truly unique.

[davide72]

Many say that covid19 has nothing to do with bitcoin, but I think the opposite, unfortunately, the economic situation is not easy for anyone and bitcoin is suffering in part from the current situation of the economy. When the situation in the world improves bitcoin starts running again.

[South Park]

Many say that covid19 has nothing to do with bitcoin, but I think the opposite, unfortunately, the economic situation is not easy for anyone and bitcoin is suffering in part from the current situation of the economy. When the situation in the world improves bitcoin starts running again.

If the corona virus was able to affect markets that are several times bigger than the market of cryptocurrencies I do not know why anyone is surprised about what we are seeing in bitcoin right now, this market is not isolated from the world and if something as important as the corona virus appears it was obvious this market was going to be affected, what we need to see now is for how long the market will be affected and how long the recovery will take.

[skarais]

Many say that covid19 has nothing to do with bitcoin, but I think the opposite, unfortunately, the economic situation is not easy for anyone and bitcoin is suffering in part from the current situation of the economy. When the situation in the world improves bitcoin starts running again.

There are many reasons why bitcoin is traded lower and in my opinion the corona virus is also one of several other factors. I dont think the corona virus has paralyzed the bitcoin trade because we can conclude that the decline in the price of bitcoin in large amounts some time ago was a form of panic among traders and investors. I am sure there have been attempts by several popes to reduce the price of bitcoin by taking advantage of this tense situation, panic will soon emerge if negative information spreads among bitcoin traders and investors today.

Good decisions are for each of us and we must care about the pandemic and we must not ignore it. Bitcoin will still get a lot of interest in the market and now we are very close to halving of bitcoin.

[LUCKMCFLY]

I think that Pandemic is the first one that Bitcoin has passed, and the behavior it has triggered is normal, panic in all markets causes the price to drop quite a bit, however the price of Bitcoin has remained in a range between $ 5k- $ 6 k, compared to other markets the Fed has made very large injections of money to regain investor confidence, Bitcoin may eventually be seen as a temporary haven of value.