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Author Topic: Cryptocurrency price is coming back.  (Read 530 times)
Assface16678 (OP)
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March 21, 2020, 03:54:02 AM
 #1

From the previous weeks until today we have a huge problem and this is the outbreak that is the Coronavirus or the NCov19 this pandemic plague are worldwide spreading and this is the one by the market price of the fiat and the cryptocurrency fall down. Now we are focusing to the cryptocurrency when the virus started the market price of the bitcoin in just 24 hours are immediately fall down and this is not good news to the people who made a lot of investment when the market is too high and the thing they must need to do is holding their coins and it takes again a lot of days or months to bring back the market price of the bitcoin to be good. But here is the good news from the previous weeks of a downtrend the market price of the cryptocurrency again becomes profitable because from the 24 hours of being stable of the market price the bitcoin and the altcoin price immediately increase for over $24 Billion rapidly and this is a good sign that the market price of the coin becomes profitable again.

From the price of the coin from $5000 from the previous weeks the market price of the coin rapidly increase and now it is already $6.2 and this is a huge change within this hours only the same with the altcoins they are rapidly increasing and this is a good sign of having a good market again, after the fighting to the spreading of the virus and it becomes fine again.

Reference:https://www.cnbc.com/2020/03/20/bitcoin-btc-cryptocurrency-prices-rise-as-stocks-remain-volatile.html

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March 21, 2020, 04:25:18 AM
 #2

You forgot to mentioned that yesterday is went as high as $6600-$6700 and then goes below $6k, and bounce back today at $6200, so that's crypto's volatility. Probably retail as just buying in this dip and then selling it just to get decent profit, specially day traders.

So yes, we have somewhat bounce back from the ncovid-19 scare, but we are still not out of the woods yet. We're still not into the bullish trend, some divergence might be forming and we may see the price on the $6500 levels.

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March 21, 2020, 04:44:10 AM
 #3

People are done with panic buying toilet papers and alcohols I guess? Or that they don't have bitcoins to sell anymore.

~
Probably retail as just buying in this dip and then selling it just to get decent profit, specially day traders.
I wouldn't be surprise if I see some comments about "whale manipulations" later.
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March 21, 2020, 04:56:08 AM
 #4

In CoinDesk, they had put up a theory that the flash crash was caused as a result of PlusToken scammers liquidating $120 million worth of cryptocurrency, rather than as a result of the COVID 19 outbreak. If that is true, it will explain the recent behavior of the cryptocurrency market. The prices dropped as a result of the dump, and once all those coins were removed from the market by trading, the prices started recovering.
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March 21, 2020, 05:22:21 AM
Merited by qory (5)
 #5

After crash more than 40% cryptocurrency is coming back to higher price although not recovery how bitcoin and altcoin price before, but I trust with bitcoin and altcoin could back to higher price again because few months later will going on with bitcoin halving time and giving impact to make price pump.
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March 21, 2020, 05:28:08 AM
 #6

You forgot to mentioned that yesterday is went as high as $6600-$6700 and then goes below $6k, and bounce back today at $6200, so that's crypto's volatility. Probably retail as just buying in this dip and then selling it just to get decent profit, specially day traders.

So yes, we have somewhat bounce back from the ncovid-19 scare, but we are still not out of the woods yet. We're still not into the bullish trend, some divergence might be forming and we may see the price on the $6500 levels.

At the moment it is being traded between the price range of $6000 to $6200. Which quite normal considering the price spike of yesterday. Hopefully by the end of this month it should be above the price of $7000. Considering the global economy situation and the coronavirus outbreak this is a good signal for the crypto market.

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March 21, 2020, 05:28:21 AM
 #7

The market still volatile, and we don't know when the price will go up or down. Yesterday, the price increase and touch $6,900 for the highest price, but then in the next few hours, the price is back to the lower price, and its touches below than $6,000 but today, the price can be strong again, and the price is back to more than $6,100 according to Poloniex and Bittrex. The market of bitcoin will be volatile than now, and we hope that in the next week, the price can break the highest price so we can back to make a profit from what we bought yesterday and today.

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March 21, 2020, 05:33:08 AM
 #8

I'm also glad to see the bitcoin price on the rise.
In the middle of the current discouraging panorama of Covid19, the ideal is that the countries of the world can control the pandemic with cases of virus 0. And thus we can see the behavior of the market with a more encouraging forecast. I also share the idea that we are at the perfect time for cryptocurrencies to gain ground as a means of payment.
Bitcoin and all coins could give a positive response in this public health crisis.

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March 21, 2020, 06:02:38 AM
 #9

Luckily it has. Panic has most likely subsided after a few days of being quarantined I guess. So far, no big news have been brought out recently, which is probably an additional cause. Not to mention that vaccines are already being tested and is currently in its first phase of testing. Guess all of these factors brought about the decision for a few traders to come back and invest, especially now since the price of Crypto is pretty low. Still, it's moving quite erratically right now with huge ups and huge downs, so I guess investors aren't really back in it, but rather just traders looking for profit amidst the low price it currently has. They still are trying to get as much as they can everyday, just in case for when a calamity comes because of the virus.

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March 21, 2020, 06:03:29 AM
 #10

The price of Bitcoin was significantly moving up today (started 48 hours ago) was not immediately have a clear reason. But I saw on @whale_alert Twitter post that there is 5k Bitcoin that has been transferred from the Bitfinex exchange platform to the unknown wallet. It will be interesting to see if demand continues to increase over the days to come, I hope so.


https://twitter.com/whale_alert/status/1240748908743208961

But this is not something new in Bitcoin price but I appreciated even behind the economic crisis happen, Bitcoin price was showing resistance that might give hope to holders. I think we are heading up to $10k price.

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March 21, 2020, 06:11:55 AM
 #11

I wouldn't be surprise if I see some comments about "whale manipulations" later.
haha, it is whale accumulation now that panic sell is over and price recovery is starting to show its face.

The price of Bitcoin was significantly moving up today (started 48 hours ago) was not immediately have a clear reason.
the reason is what i call "reverse bubble", they are just like bubbles but in the opposite direction meaning price goes below the intrinsic value instead of above it and since that is unrealistic value it becomes unstable and hard to maintain. similar to bubbles, the reverse bubble also bursts but in opposite direction which is a sharp rise.

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March 21, 2020, 06:16:09 AM
 #12

Luckily it has. Panic has most likely subsided after a few days of being quarantined I guess. So far, no big news have been brought out recently, which is probably an additional cause.
More news will come but we dont know either it can be good for market and its price. The main course that awaits everyone is the bitcoin halving which we sure can be of great effect to the price for good or for bad. Halving can cause and drag the price down too but some anticipated a huge return or bullish on this.

But this is not something new in Bitcoin price but I appreciated even behind the economic crisis happen, Bitcoin price was showing resistance that might give hope to holders. I think we are heading up to $10k price.
I also wishes to see a slow increased on the price. But isnt it too early to assume the 10k price? Right now we are on the 6k level but the stability for this isnt good as showing a big sideways again going down to 5.6k.
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March 21, 2020, 06:26:06 AM
 #13

I hope that it is really true, but as of now I don't think so, the highest bitcoin price as of now since the price dumping happens is 6,700$ but now it bounce back to 6,200$ so we still cannot say that bitcoin is coming because it only ranges around 6,000$, this virus really affect the price of the bitcoin so, I hope someday when this virus gone, the price of the bitcoin will go back up to 10,000$ as before.

But as of this bitcoin price, investing is really good right now, for sure we will earn from it, so do not say that it is really bad for those who invest because that is not really true, instead of thinking that way, we may use it to invest more.
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March 21, 2020, 10:56:41 AM
 #14

haha, it is whale accumulation now that panic sell is over and price recovery is starting to show its face.
~
Do you think so? Because to me it looks like the stocks are showing a false recovery together with commodities and crypto. I never liked fast price bumps after a pretty long bearish timeframe. Whenever I bought during these quick bumps, it turned into a quick loss. Smiley
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March 21, 2020, 11:09:39 AM
 #15

In CoinDesk, they had put up a theory that the flash crash was caused as a result of PlusToken scammers liquidating $120 million worth of cryptocurrency, rather than as a result of the COVID 19 outbreak. If that is true, it will explain the recent behavior of the cryptocurrency market. The prices dropped as a result of the dump, and once all those coins were removed from the market by trading, the prices started recovering.

Maybe plustoken piled in but I don't see how you get a global market meltdown and a totally immune Bitcoin. That would make no sense whatsoever.

This whole thing is still only just beginning so anyone saying 'it's over' strikes me as a bit deluded. Maybe boredom will overcome fear eventually but there's still a vast capacity for droopiness and flat out terror.
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March 21, 2020, 11:12:22 AM
 #16

The price recovery could be as a result of the need to avoid fiat contact because of the corona virus. The issue here now is the importance that has been attached to the use of digital currency to avoid the speedy spread of the virus, so I think demand is picking some momentum.

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March 21, 2020, 11:13:23 AM
 #17

I guess we will see now if the market is really holding strong, we are at $6000, a good price to hold due to the recovery, and seems there is no panic anymore. No pump and dump as of now, but let's just observe what would happen next, the global pandemic is still something we can consider as a big threat on what bitcoin will dump again, but maybe the $2000 dump is already big enough and there's no dump incoming, I just hope so.

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March 21, 2020, 11:23:06 AM
 #18

But here is the good news from the previous weeks of a downtrend the market price of the cryptocurrency again becomes profitable because from the 24 hours of being stable of the market price the bitcoin and the altcoin price immediately increase for over $24 Billion rapidly and this is a good sign that the market price of the coin becomes profitable again.
Bitcoin price on correction again today. It's become below $6K (coinbase rate, I have check just now). I am assuming that some investors want to take advantage of low price and that's why we encountered a bump yesterday. I have remembered bounce happened from $5.5K zone and almost $1.3K bumped within 24 hours. I think bitcoin will stable $5K zone if in case COVID-19 stay calm. Otherwise more dump expected till recover world economy. Alt coins just follow bitcoin trend and I think again altcoins following bitcoin during correction.

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March 21, 2020, 11:45:50 AM
 #19

But here is the good news from the previous weeks of a downtrend the market price of the cryptocurrency again becomes profitable because from the 24 hours of being stable of the market price the bitcoin and the altcoin price immediately increase for over $24 Billion rapidly and this is a good sign that the market price of the coin becomes profitable again.

Crypto is always profitable, it all depends on what angle you look at the situation. The 50% drop was a perfect gift for some people, because they were investing at the time, and had already made significant profits by selling close to $7000. Many prematurely concluded that the crisis is over, and that crypto is back on track - but if we look at the state of the world economy, we don't have too much reason to be optimistic.

The only positive news is that China is slowly recovering, but their economy will also need a few months to return to its former state, which will again depend on other markets, because if there is no demand, production only creates supplies that by themselves mean nothing if stored in warehouses.

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March 21, 2020, 11:49:51 AM
 #20

bitcoins hashrate dropped from over 100exa to just over 80exa which helps explain the ~$4k underlying cost right now for those 'efficient' miners
then yesterday and today the hashrate went up a bit causing some to think its a signal to a rise

at the moment the mining 'cost' is still below $5k. so all those people thinking $6K+ is norm/acceptable. needs to know its actually about 2k of speculation volatility. and we can still see the price go down.

so be patient until the hashrate goes back up to back the underlying value.
$6k+ is not a hard minimum. it can still go down a bit

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