I realise Coronavirus is not a reason why

[SUMBI99]

Bitcoin is Down

As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2020, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

[coupable]

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

Several facts occured simultaniously during the short period just before the crash in price; someone recovered an old wallet and moved 1000 btc to coinbase, plus the shut down of some known exchanges turning scam. Covid19 is an additional factor.

I think that we are in a period of fear from almost everything. So it's normal that the price drops for an extended time. Once people realise the benefits of bitcoin as a real crisis resistant, the price will get back to normal. The actual btc price is above 6000$.

[687_2]

People who were facing margin calls had to sell of their liquid assets (Bitcoin and Gold) to meet their obligations. Many of these people were "professional" investors.

Now, Bitcoin is artificially cheap, and real hodlers are loading up before the upcoming massive price pump.

[Bitcoin_Arena]

Your Title and body of the post are contradicting. All in All The CoronaVirus outbreak has a part to play in the recent Massive Bitcoin Price drop. If you try denying that, then you totally don't know the economical aspects of bitcoin and stock markets.

[Jating]

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

So with that logic, obviously the panic about the corona virus is one factor that cause a sharp decline on the price of BTC. Well, you can't take out that there could be whales who take advantage of the situation and play us.

Media did also play a part as well, as they reported the spread and probably blow out everything out of proportion. Nevertheless, bitcoin is very strong and resilient, as other markets are still in shock and have difficulty recovering, bitcoin has been bouncing back from $5000-$6500 or more.

[TheAndy500]

Bitcoin is Down

As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2019, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

There are different opinions on this topic.
If the economic crisis deepened and classic currencies lost their value, then the price of gold and Bitcoin would almost certainly go up. However, no one expected the virus to affect the economy so much and, above all, the existence of people. In my opinion, the price of Bitcoin will also fall until the spread of the virus is under control and people calm down. Unfortunately, we still don't know when it will happen, so people prefer to have cash in fiat money than electronic money.
Once the virus is under control, cryptocurrency prices will definitely go up quickly, because the crisis in global economies will definitely last much longer.

[BluePowder]

Everything has a life cycle and crypto has been stagnant for a while and failed to take off in 10 years, the only thing that took off is trading and scams and regulation and not many people are interested in that.

bitcoin is no different than the life cycle of anything else. stagnation leads to decay and decay eventually leads to invasion and end of life cycle.

price may go up again but at what cost, at each consolidation more and more is owned by institution so it is not much benefit to anyone but traders and the scabs that promote it. when you let go of the pipe dream that bitcoin is some saviour and the world will run on ethereum then you'd realize its nothing more than another market for people to play.

[Oceat]

Well, if there is a panic it is expected already that the market will eventually gonna go down and look where is it now? The pandemic crisis is one of the reason why the market suddenly drift back to break most support levels. Luckily, the $6,000 support level is quite strong to hold after a week of dump. It happens already before and is happening today, it seems like history always repeat itself.

[crustycrab666]

I read a few times, it looks like the topic and this thread is not appropriate, is this just my feeling?
In fact, this is a global pandemic, the economy and all markets are down. Panic sell. So this pandemic has a domino effect, although it does not directly affect the crypto market, it is affected when the world market is chaotic. Everyone chooses to hold fresh money to make ends meet, where most of the lockdown. Current priorities are health and living necessities, an investment can be thought of again when conditions are conducive.

[BluePowder]

I read a few times, it looks like the topic and this thread is not appropriate, is this just my feeling?
In fact, this is a global pandemic, the economy and all markets are down. Panic sell. So this pandemic has a domino effect, although it does not directly affect the crypto market, it is affected when the world market is chaotic. Everyone chooses to hold fresh money to make ends meet, where most of the lockdown. Current priorities are health and living necessities, an investment can be thought of again when conditions are conducive.

The fact is bitcoin or any other crypto is completely useless in a pandemic or any type of urgent situation. people need food and security and bitcoin sells none of that. its controlled by big institutions and traders and they're always going to sell before the public wakes up. the price run up was already because they knew china was exporting covid-19 and a crash was soon to come.

[DarkDays]

So you're saying the coronavirus is not the reason why Bitcoin crashed, when Bitcoin experienced the single worst sell-off in the last half a decade just hours after the World Health Organization (WHO) declared the Covid19 situation a global pandemic?

Yea, maybe you should stop giving advice on macroeconomics, because you clearly have no idea what you're talking about.

Every market tanked on the news, including Bitcoin and all other cryptos.

[KrisAlex18]

It seems like your topic is really different to its content, your topic is "You realise Coronavirus is not a reason why" but you also said that the reason is that the panic buying of many people. So logically speaking the, COVID-19 is still the reason because people gets panic buying because of the virus, buying some stuffs and goods just to survive from the crisis and that is also what some traders and investors did so the market gets affected by it, that results to bitcoin or other cryptocurrency to goes down.

Well, if there is a panic it is expected already that the market will eventually gonna go down and look where is it now? The pandemic crisis is one of the reason why the market suddenly drift back to break most support levels. Luckily, the $6,000 support level is quite strong to hold after a week of dump. It happens already before and is happening today, it seems like history always repeat itself.

Well said mate, the good thing is it still remains up to 6,000$ even the virus or this crisis is still in different country. but nothing is shocking about that because it already happens before, well, cryptocurrecy is volatile so we should expect that it would really happen.

[Little Mouse]

Pandemic like this will have affect in the economy and it is normal. But the price dump was not only because of the panic selling from Pandemic, whale used th moment and manipulated the price significantly. Both the pandemic and manipulation have influenced the price at once and result is such low price of BTC.

[hatshepsut93]

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

The amount of people who sell their coins to cover their needs is negligible, what happened is that whales/speculators dumped their coins because of the panic on the stock market. So, coronavirus is actually the reason, it's just not a direct reason. Instead of coronavirus -> Bitcoin we have coronavirus -> stocks -> Bitcoin. But this correlation isn't fixed, if the stock market falls a little then Bitcoin doesn't care - it's not repeating every single move.

[Ethereums]

Believe me when i enter this market a week ago..its hit my 2020 bottom. I am glad buy at the dip and now i want to sell it now since it comes to the range.
Many people go mad when asking is this for real, that bitcoin will goes down again? so far i just looking some opportunities, and it lies within bitcoin and gold.
So let see it will go rock again or just get dump again till it hit 4K again.

[meanwords]

Bitcoin is Down

As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2019, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

Nope, the main reason was the dump of 13,000 BTC that affected the market significantly then with the help of coronavirus fear, people really did dump their coins hard that time. As of now, we are still at a recovery phase and I say cryptocurrency is really doing good standing above $6,000.

[Wexnident]

A possible reason for the increase in price at the start of the month was actually because the only country to be quarantined by then was China. As time passed by, more and more infected were being found in different parts of the world, hence, various countries have started quarantine in their own and caused various disruptions towards the normal circulation of various goods. This caused the stocks to fall down badly and well, probably caused a side effect to the market of crypto, hence the drop. Most of it can be attributed to panic tbh, cause I fully believe that Bitcoin should've been fully unaffected by the current state of affairs. Sadly, the damage irl was too big so the market of crypto was also affected as a result.

[Asuspawer09]

Bitcoin is Down

As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2019, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

This obviously the effects of the Coronavirus or the COVID 19 virus a lot of people have no work or jobs that could sustain them in the quarantine or lockdown forcing a lot of people or investors to sell off their investment in the market. A lot of big companies stopped operating because of this virus in the firsts week of the spread of the coronavirus a lot of mining companies in China also needed to be stop to prevent the virus from spreading in their country.

Code:

https://www.nasdaq.com/market-activity/cryptocurrency/btc

Also at this time, this could also be manipulation by whales in the market since it would be easier at this time of crisis. Take note that this happened in just 24hours? Meaning there is a huge amount of bitcoin sell-off in the market, and a group of whales could easily do this manipulating the market price of bitcoin.

[pooya87]

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

no, that is not it. majority of those who have invested in bitcoin don't have an immediate need for the money they have put in bitcoin. not to mention that things haven't been that bad for that long for them to need money this badly to sell their bitcoins to cover the costs!
the ONLY reason why bitcoin price went down is because all other markets in the world crashed hard and people feared that bitcoin might do the same thanks to the FUD so they sold their coins to stay ahead of the dump. but as we can see now the dump was a manipulation which is now recovering and going back up again while other markets are still dumping.

[Argoo]

Bitcoin is Down

As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2019, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

In principle, yes, people urgently needed cash to buy food and basic necessities in order to prepare for quarantine caused by an outbreak of coronavirus. If the cryptocurrency had good liquidity and you could directly buy the necessary goods for it, and not first exchange it first on the exchange, then it would not fall in price, or its fall would not be so significant if there are reasons for the fall, as suggested , there were several.
Someday in the future, such disasters will not have to affect the cryptocurrency market decline.