I realise Coronavirus is not a reason why

[Lizzylove1]

Of course people panic sold their asset because of the unprecedented wave of the impact of the Covid-19. No one expected this to happen. My country is planning on nation wide lock-down because we have poor health care system and the government are scared of a devastating outbreak. Well, I have been working from home though bounting has not been sustaining.

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[davis196]

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.

The Bitcoin price dropped,can we just stop talking and writing about it?
The coronavirus didn't "favor cryptomarkets first".Nobody was expecting that the virus will turn into pandemic and get outside China,causing massive lockdowns.
Your explanation about why the Bitcoin price went down is partially true,the small crypto traders sold some coins,in order to get some fiat money.However,margin calls and automatic stop loss orders executed by trading bots also had a big influence over the price drop.

[yazher]

I don't get your post but I somehow understand you're talking about the sudden fall of the price of BTC. Well, we cannot blame those holders who we're suspended on their job because of the Covid-19. if they don't convert their BTC into fiat, they don't have something to buy their everyday needs, especially food and medicine. If you don't act fast, you would run out of things to buy. as you can see on the internet today groceries are scarce of supplies and most of the daily needs are sold out. If they don't convert their cryptocurrencies into fiat faster, they will go to grocery stores with nothing to buy there.

[posi]

Although some people are panic while some change their holding to stablecoin in other to keep their investment intact  but we still have to consider the coronavirus issue as the cause of the downtrend in crypto market because if the virus issue didnt come into picture the market ought to be experiencing some slightly pump in price before halving effect take over the market.
Saying that because i myself sold and stablecoin some of my holding.

[LEON331300]

You are right.

I personally believe coronavirus has a very big part to play in the fall..

Bitcoin was a peak before the global outbreak of this virus,  then boooom! a drastic fall. You wouldn't think it's a coincidence would you?

It's basically due to fear among holders,  and the urgent need for their invested money in cryptocurrency to sustain their family in this period of global quarantine.
Even some holders are tested positive,  don't even know if they'll survive hence,  no point buying and holding cryptocurrency

[LEON331300]

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.

That's supposed to make the post catchy and attractive. It's a writing skill.

[kayvie]

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.

As you have said, when the virus spreads, people start to panic.
It should be clear to you that it is the main reason, not exactly the virus but its effect on the economic status of every country and also to every individual. People are losing their jobs or stop going to their work, etc.

[Mulann2]

It is always people's reaction that affect the market both in positive or negative way, of course,  at the earlier stage of the virus the market was still doing fine, by then there was no tension in the midst of the people, but when the news keep coming about the widespread of the virus, many people start making plans for the future,
In this case, once the virus is maintained to the lowest level maybe the market will regain it's full strength.

[maxreish]

Investors tend to sell their btc they have to buy their own necessities because of this crisis caused by corona virus. So, basically it is still the reason (the pandemic crisis) why majority of them sold their btc even at low rate. But it seems that bitcoin is going up now. Panic sellers were lessen now. And you can't blame them. Most of them really need something to stock with, something to eat to survive in this cruel situation we are facing.

[Ridwan Fauzi]

At that time coronavirus hasn't been spreading only in wuhan which the virus came from.

But when the virus spreaded in some countries like South Korea, Japan, Singapore and other countries bitcoin price was starting to decline slowly.

I guess and I believe that corona virus in one of the reason why bitcoin and crypto currencies fell in price. The investors have known that the situation will be interfered economic situation and they were right.

[Meowth05]

There are other factors that play whenyou are considering the plummet of bitcoin but I think that some factors are rooted with the pandemic, we can't blame the people who are selling their holdings at this time. Maybe they are in dire need for necessities which we all should understand.

[isaac_clarke22]

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.

Well in terms of investment both are kinda similar so it is not that surprising that Bitcoin will go down along the fall of stock market. We shouldn't panic though as it is just a normal thing to happen and pretty much after this issue, we're all gonna see the green in the charts pretty much soon, but right now we should resist and just hodl. If people have the buying power to buy BTC right now, it would be great for them after this crash recovered.

[so98nn]

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.

Exactly. I am not sure how this thing is going to be in the future. All the countries have shut off their business doors, borders and to the level of colonies everything is stopped.

Its just about the time when healthcare industries will be suffered too and thus the corona virus will overload the whole world.

I am dam sure about one thing, Bitcoin wont matter at that time and thus its gonna go down a lot as people will have to save for their doomsday!

So bitcoin is really secondary thing and no one has predicted the future of Corona Virus. It can seriously disturb the whole Humanity.

[LEON331300]

True,  Bitcoin has really fallen,  along with other stable coin. The COVID-19 pandemic cannot fully account for it, but has key role to play. Coin holders are scared and loosing trust in cryptocurrency

[alexsandria]

We can't deny the fact that the Coronavirus ir the covid19 was the main reason why the bitcoin and the market suddenly dumps but maybe it is one of the reason why.
The point or the thing the I want to point out is it is also because of the reason that the bitcoin halving is coming and that's why the bitcoin and the market is currently down or dumping. Remember that the Bitcoin Halving is near so we should think about yhis reason or case too.

[kryptqnick]

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.

It's not the virus in the sense that the virus does not infect Bitcoin and cannot spread when Bitcoin transactions are made. However, it is the virus media coverage. Even though you're right that the COVID-19 thing has been going on for a while before the price went drastically down, there was a very clear event that was closely followed by the fall of the prices: WHO announcing COVID-19 is a pandemic. Moreover, the situation has been changing a lot in various countries with new restrictions appearing every day, and the virus seriously affecting the lives of at least hundreds of millions of people.

[Questat]

We can't deny the fact that the Coronavirus ir the covid19 was the main reason why the bitcoin and the market suddenly dumps but maybe it is one of the reason why.

I think it was the plus token scam bitcoins dump initiated the panic, with that big dump it's normal that the market will be shaken and the whales played their role to create more panic and bitcoin dump as low as below $5,000.. but after days of waiting, bitcoin pump and brought the price to $6000+ now, which I believe it should not recover if people are panic on the corona virus.

[Slow death]

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

coronavirus did not favor bitcoin. what happened in my opinion was that with the attack that the US made when it killed the iranian general people thought there would be a war and that caused the bitcoin price to start to increase a lot

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.

and add to the fact that many people are worried about fighting to survive this disease which makes them not think about buying bitcoin to hold

[hatshepsut93]

I think it was the plus token scam bitcoins dump initiated the panic, with that big dump it's normal that the market will be shaken and the whales played their role to create more panic and bitcoin dump as low as below $5,000.. but after days of waiting, bitcoin pump and brought the price to $6000+ now, which I believe it should not recover if people are panic on the corona virus.

There were reports about plus token dumping during the previous market declines, but none of them were as severe as this recent one. There's no way plus token is solely responsible for it, it was clearly a reaction to the stock market crash. Investors were pulling their money out of everything, and with how unstable Bitcoin is, it's logical that it got hit very hard with this wide panic. Similarly, altcoins declined ever harder, because they are even more riskier than Bitcoin.

[Soldierswitlittlefaith]

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.

"....bitcoin has been bouncing back from $5000-$6500 or more....."

for sure.