Virus Bear Market?

[Artemis3]

What about central banks printing more money? Wont that de-value cash further? 

So if people can pay for things like groceries with bitcoin with central banks printing more money inflation then would bitcoin crash like it did with the virus?

It will devalue cash over the long term. Inflation is up 20% since the last QE party began in 2008. That will continue.

You can already pay for groceries with BTC. It's easy to buy gift cards to Amazon (Primenow, Prime Pantry), Whole Foods, other supermarkets. You can also use apps like Spedn at physical stores.

The problem is the market doesn't trust BTC to hold its value. It's considered a high risk asset. Merchants and vendors don't want to hold it. In bear markets, investors don't want to hold it.

If BTC were the global medium of exchange everyone used, it wouldn't crash like it did, but that entails a lot more than being able to buy groceries with it.

So this Virus bear market will end when governments announce vaccine?

No idea, but it would sure be a start!

I don't think people lost trust in bitcoin, some holders simply decided to cash to buy things for the virus while others rode the global economy going recession due to production and commerce worldwide shutting down.

Now China is starting back up, and they will find themselves in a world where nobody else is producing anything (but can't buy either) until every country either controls the virus or waits until everyone gets infected, a process that could easily take 3 months if we take China itself as example.

very_452001: It IS doom & gloom, consider returning back to sands for the next months or half a year? If far away from humans, even better!
Indeed once the World Health Organization officially recognized the global Pandemic, and the outbreak getting out of hand in Europe and the US, things took a turn for the worse. At first the naysayers were laughing at it like "just another conspiracy, yadda" but the numbers didn't lie and most countries did not anticipate or assessed the danger properly. Now its obvious, but its too late, exactly the way a hyperinflation hits.

Unfortunately vaccines and cures are taking longer than the virus to spread around, even with countries bypassing normal medical trials and rushing; its still taking too long. If you survive, by next year there probably will be a vaccine. Survivors will probably develop defenses in their bodies for the slight mutations of the virus and probably won't need them except for the usual risk group (just like the flu).

[very_452001]

Covid-19 virus recently caused the crash of btc over a week ago?

I'm sure the panic around the corona virus played a role. There were a couple additional factors that intensified the crash:

• Bitmex mass liquidations and related spot selling algorithms
• The PlusToken wallet scammers were dumping coins

Will Btc halving this May coming will get us out of this virus bear market?

If the stock market keeps bleeding 5-10% a day, then look out below. The halving won't mean shit and the panic will eventually spread to BTC again.

BTCUSD has already made an amazing recovery, bouncing 81% from the bottom. To keep that recovery intact, we need global markets to not capitulate like 2008.

Whats covid-19 virus got to do with Bitcoin? Its not a computer or blockchain virus that attacks btc so why Btc crash?

Why did stocks crash? Why gold, oil? Everything crashed or at least lost considerable value.

In global recessions/depressions/global economic meltdowns people turn to gold/silver and digital gold such as bitcoin so why bitcoin crash and gold market not crashing in times like these?

What makes you think they turn to "digital gold?" They are most likely to turn to cash.

PlusToken is a altcoin? Whats it gotta do with btc?

What about food commodities agriculture markets? Where panic buying increased grocery prices. These markets are in the green yeah?

Bitcoin 30% drop was not due to corana virus but in correlation with the stock market that has been in a parabolic rise since 2008, corana virus was only the trigger and it can never be the fundamental cause of both stocks and cryptocurrency markets.
After weeks, the stock is still dumping while on the other hand Bitcoin is doing well i guess it has already decoupled from stock after Institutional pulled out and came back seeking safe haven to store their wealth.

Does it really take a virus trigger to bring the stock market to correction after its been over inflated? I thought in markets when something goes up it must come down like a roller coaster naturally like gravity without a need for the virus to do this.

[moderator's note: consecutive posts merged]

[exstasie]

PlusToken is a altcoin? Whats it gotta do with btc?

It was a Ponzi scheme. They collected money from investors in the form of BTC and ETH. When they exit scammed last year, they started selling off their BTC holdings. This increased market supply and has been pressuring the price down. Read this article: PlusToken Scammers Didn’t Just Steal $2+ Billion Worth of Cryptocurrency. They May Also Be Driving Down the Price of Bitcoin.

Does it really take a virus trigger to bring the stock market to correction after its been over inflated? I thought in markets when something goes up it must come down like a roller coaster naturally like gravity without a need for the virus to do this.

Bad news can trigger crashes. It's not required but it certainly helps things along. The pandemic has ushered in grim economic numbers (GDP contraction estimates, unemployment estimates).....what would you expect to happen?

[awik p]

Bitcoin 30% drop was not due to corana virus but in correlation with the stock market that has been in a parabolic rise since 2008, corana virus was only the trigger and it can never be the fundamental cause of both stocks and cryptocurrency markets.
After weeks, the stock is still dumping while on the other hand Bitcoin is doing well i guess it has already decoupled from stock after Institutional pulled out and came back seeking safe haven to store their wealth.

Does it really take a virus trigger to bring the stock market to correction after its been over inflated? I thought in markets when something goes up it must come down like a roller coaster naturally like gravity without a need for the virus to do this.

but the decline and increase of course there is a reason, and because of this virus outbreak, it makes negative news that brings the market down sharply. almost all sectors experienced a decline, until some shares were temporarily closed so as not to get worse.

[el kaka22]

Where the hell could you have been that you didn't know about the virus and the bear market. I mean I can understand why people may not know there is a crisis going on if they are rich enough, or maybe live in a rural place and all. However, nations are closing borders and giving orders to stay at home, what the hell have you been doing all this time that you didn't hear a single news?

All newspapers, all articles online, all online chat channels, all televisions, all basically even games that you play online have talks about corona, you need to be stuck in a room with absolutely no connection to outside world, you have to be in a coma to not know this.

In the end there is a big crisis going on and it is almost recovered in bitcoin because we are amazing, but you should check the news now and learn a lot more about it and not just read here.

[imstillthebest]

Wew . That was a lot of questions you got there but I try to answer a few based on what I think of . Gold isnt dropping because it was a stable asset but I don't think that gold aren't affected with the situation that is happenings right now .

Not just gold but all asset and that include digital assets are all affected even if you say that the virus isn't digital but once people got affected it affects thier ability to invest . I was praying for the speed up recovery of all  .

[thesmallgod]

The drill is that when there are pandemic diseases or anything that affects the globe, it creates fear which results in panic sell. Also, this is not something that affects bitcoin alone but other traditional assets and resources. Gold, Silver, Diamond everything is affected. Look at the stock market, all is affected. even the global market for crude oil is affected. Hopefully, before MAY, there might have been substantial vaccines that proved effective for this disease and probably the market will recover

[FanatMonet]

The drill is that when there are pandemic diseases or anything that affects the globe, it creates fear which results in panic sell. Also, this is not something that affects bitcoin alone but other traditional assets and resources. Gold, Silver, Diamond everything is affected. Look at the stock market, all is affected. even the global market for crude oil is affected. Hopefully, before MAY, there might have been substantial vaccines that proved effective for this disease and probably the market will recover

But still, gold from all the listed assets has lost less, which once again confirms its status as the main asset in the event of various similar situations. But cryptocurrencies, unfortunately, showed themselves rather poorly. I counted on their greater stability.

[TrevorS]

You ask the right questions, but I doubt that anyone here can answer you with the degree of objectivity with which you would like.
The crypto market is being manipulated by whales. they will never lose their own gain.

So, when there is any movement in the market, you need to take into account that one of the whales can seize the moment and somehow benefit by playing their cards.
I do not think that the virus is a full-fledged reason, but it gave them a good opportunity to earn money and create panic in the crypto market.

[hahay]

Not sure also in May about halving will make the bull run market because a situation like this will certainly make things more complicated and also, the correlation of every event that occurs will at least always be there directly or not because indeed, at first all prices collapsed but as time goes by the price begins to recover slowly so that the correlation does indeed exist, because with the correlation there is at least the price can recover along with the situation which will slowly improve as expected.

[Ridwan Fauzi]

Are there an information that gold was fall as well?

A few days ago, I took my saving gold to gold shop I have intention to sold them and I will buy a land.

But you know what, the gold price was fall as well and I decided to discouraged to sold them, which is mean the recession will heat every economic instrument.

Other than that, this situation has made me aware that bitcoin is not a safe haven place, we have considered it before this crash came and we were considering that bitcoin is safe haven place. Bitcoin is more like stock, that you still have a fretfulness when holding it.

[boyptc]

People who mostly hold bitcoin got panic which made them sold at the same time and that made the market of bitcoin to crash. If the chart says about new lows, I think we've met the all-time low for this year.

And if it's likely to stay for another year, we're safe from it and you only have to do is either buy or hold.

[very_452001]

Whats the absolute bottom BTC will hit this year that you guys predict and when you guys think WHO will announce a vaccine?

Are there an information that gold was fall as well?

A few days ago, I took my saving gold to gold shop I have intention to sold them and I will buy a land.

But you know what, the gold price was fall as well and I decided to discouraged to sold them, which is mean the recession will heat every economic instrument.

Other than that, this situation has made me aware that bitcoin is not a safe haven place, we have considered it before this crash came and we were considering that bitcoin is safe haven place. Bitcoin is more like stock, that you still have a fretfulness when holding it.

Wasn't Bitcoin born from the 2008 recession economic crash invented by the Japanese mathematician Satoshi to save us from economic crashes like these so why you think BTC is not a safe haven place?

Gold will always be a winner in any economic calamity?   

[moderator's note: consecutive posts merged]

[exstasie]

Wasn't Bitcoin born from the 2008 recession economic crash invented by the Japanese mathematician Satoshi to save us from economic crashes like these so why you think BTC is not a safe haven place?

It may have been a response to the 2008 bailouts, but that doesn't automatically make it a safe haven. It's still mostly a niche currency.

Gold will always be a winner in any economic calamity?   

In 2008 gold crashed 34% vs. 58% in the S&P 500 index. It recovered sooner and didn't fall as hard, but it was still brutal.

Interesting happenings in the gold market lately. COMEX is unable to fulfill physical gold obligations and there is a considerable premium developing in the physical spot market over futures. I suspect this is a temporary condition, but gold bugs are foaming at the mouth, thinking this is the apocalyptic event that renders paper gold worthless and physical gold invaluable.
https://twitter.com/roysebag/status/1242577788957339651

[Reatim]

Hello, late to all this doom & gloom news, had my head stuck in the sand for a while been busy. Just got out of it and hear this corona virus thing causing markets worldwide to crash even oil markets. Questions:

first where have you been?when people are dying but you are busy for something?sad that you are not aware of the sudden market collapse.

Covid-19 virus recently caused the crash of btc over a week ago?

almost like that because peopel are afraid of the continues drop so they sell our and the effect?this bear market.

Government saying this virus hype can last till next year, meaning Btc crash will be sustained to new lows this year similar to a virus bear market till next year when the virus fear hype is over?

nothing is certain,Governments are just giving estimated time but the truth nothing knows when are how this will be beaten.

Will Btc halving this May coming will get us out of this virus bear market?

again nothing is certain so lets wait till it happens just continue holding.

Whats covid-19 virus got to do with Bitcoin? Its not a computer or blockchain virus that attacks btc so why Btc crash?

because the whole world economy is crashing so what can you expect?like you when the country you residing dont accept bitcoin for transaction wouldn't you withdraw your Crypto converting to fiat?so there are money to spend in this crisis?

[Raflesia]

Not sure also in May about halving will make the bull run market because a situation like this will certainly make things more complicated and also, the correlation of every event that occurs will at least always be there directly or not because indeed, at first all prices collapsed but as time goes by the price begins to recover slowly so that the correlation does indeed exist, because with the correlation there is at least the price can recover along with the situation which will slowly improve as expected.

That can not be determined at the time of this pandemic happening all over the world whether this halving in May will bring real bullrun? There are still many who doubt it because of poor economic conditions so many do not believe that bitcoin will experience recovery in May.
But I see that bitcoin is rising slightly, meaning that it is not in the opposite direction because bitcoin will continue to advance according to what is requested in the market.
Some crypto was used at the time of this pandemic.

[Initscri]

Not sure also in May about halving will make the bull run market because a situation like this will certainly make things more complicated and also, the correlation of every event that occurs will at least always be there directly or not because indeed, at first all prices collapsed but as time goes by the price begins to recover slowly so that the correlation does indeed exist, because with the correlation there is at least the price can recover along with the situation which will slowly improve as expected.

That can not be determined at the time of this pandemic happening all over the world whether this halving in May will bring real bullrun? There are still many who doubt it because of poor economic conditions so many do not believe that bitcoin will experience recovery in May.
But I see that bitcoin is rising slightly, meaning that it is not in the opposite direction because bitcoin will continue to advance according to what is requested in the market.
Some crypto was used at the time of this pandemic.

IMO, markets-wise, this is purely an emotional response, which resulted in complete over-selling. Yes, there is most definitely a market impact with this (especially considering how many businesses are shut down). The economy will definitely be impacted. But stocks are >40% down, + Bitcoin took a huge hit.

I honestly don't think that the damage is enough to substantiate the losses. I think that once some good news comes along; and once recoveries are being made / the curve begins to flatten, you're going to see Bitcoin and the stock market recover.

Just my $0.02

[very_452001]

Wasn't Bitcoin born from the 2008 recession economic crash invented by the Japanese mathematician Satoshi to save us from economic crashes like these so why you think BTC is not a safe haven place?

It may have been a response to the 2008 bailouts, but that doesn't automatically make it a safe haven. It's still mostly a niche currency.

Gold will always be a winner in any economic calamity?   

In 2008 gold crashed 34% vs. 58% in the S&P 500 index. It recovered sooner and didn't fall as hard, but it was still brutal.

Interesting happenings in the gold market lately. COMEX is unable to fulfill physical gold obligations and there is a considerable premium developing in the physical spot market over futures. I suspect this is a temporary condition, but gold bugs are foaming at the mouth, thinking this is the apocalyptic event that renders paper gold worthless and physical gold invaluable.
https://twitter.com/roysebag/status/1242577788957339651

Is silver affected too by the deliveries?

[BuNga_cute]

It is true that the cause of the decline in the price of bitcoin last week to under $ 4000 was due to the corona virus. So is the cause of
the economic crisis experienced by all countries in the world due to corona virus too. Because the whole world is panicking with panic with
the spread of the corona virus so quickly.But bitcoin has now begun to recover, seen prices rise. And for halving that will happen in May
I don't think it will give too much effect on the price of bitcoin, the possibility of bitcoin prices will be pushed a little. Because all  people
are still focused on corona virus.

[very_452001]

Is the western governments planning to hype this virus pandemic for 3 months or 6 months or even into 2021 or when do you think the vaccine will be announced or will vaccine announcement will be too late now for the dying economy?

During those time periods above, what do you guys will predict the absolute support lows btc will hit this year and the resistance lines btc will need to break through to get out of this virus bear market?

Lastly the BTC halving in may 2020 means nothing now right?

Finally the chinese government reported 0 new cases for covid-19 and their economy has gotten out of the bear market and their country returning back to normal now, are the chinese still buying bitcoin now?