I realise Coronavirus is not a reason why

[peter0425]

Yes it is,Panicking happens because of the spread so the thing is the Virus take effect why people responds like that.
i know that we can't blame the virus but it pushes people to withdraw their money so market turns Red that particular time and also until now the effect is here.

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[michellee]

The next time it happens do not be so afraid, just hold your assets and wait until the orice of the different cryptocurrency turn back again.

Panic will make us cannot see the truth, and sometimes we can be blind of what is happens in around us. When the pandemic happens, many people spread fear in social media which make some people who don't know the truth become scared, and they give a warning to their family. One person can affect many people, and that is why we need to ask the government or ask them to explain the real thing that is happening. That can reduce the panicking that occurs in public.

We cannot blame the Covid-19 because if we don't take care of our health, we can be infected too. The virus reminds us to keep healthy and always get health.

[AniviaBtc]

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.

Isn't it necessary to sell bitcoin if you have nothing left just to survive this quarantine due to Covid-19? Sometimes you just need to sacrifice something, even your coins if you lack of resources as this lockdown is continuously active in our country. You can recover from your losses but it is hard to recover on what this virus can bring and do to your body. Yet we have no information about the cure to this virus and it takes time for it to discover so we have no idea when this pandemic will end. Whales dumped their bitcoin because they see how this virus affect our stock market most especially investors who also experienced downfall in their investment. But I believe that after this virus, everything will go back to its normal state and the price of bitcoin will soon grow again from $7000 to $9000 and above.

[BlackFor3st]

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.

Yeah it happened really fast because at the time of the crash there are many countries who impose a total lockdown in their area and this might be the reason why the market crashes pretty bad. Preparing for the total lockdown is kind difficult if you have no enough savings that is why other investors were forced to sell their assets in order to prepare for the lockdown.

Foods and medical equipments are what we need to this pandemic in order to stay out from the virus and also a good knowledge on how to stay away from it. But right now the market is slowly recovering and let's just hope that this pandemic will be finish so we can see a better future of crypto by this year 2020.

[TIDOVEE]

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.

How sure are you that it was the Corona Virus that Influenced the initial hype. People are really in need of finances so they couldn't just run into their crypto account for rescue. So much sudden and wasteful sell will be made at this time. I guess after this period price Should be better. Now many will understand that not all sell is panic selling but due to urgent call to meet up with certain needs

[redsun114]

How sure are you about what you are saying. The price of bitcoin was going up, yes, but it still got affected by the pandemic, although I do know that the pandemic wasn’t the only thing that affected the price of Bitcoin and the cryptocurrency market as a whole.

There are other things that could have affected the price of Bitcoin and not just the pandemic, a lot of things happened and that includes the oil price war that we have seen recently which seems to be having no end yet. And like that’s not enough, the PlusToken scam took place. So, all these things out together are what affected the price of Bitcoin to go low. I know there are other things as well and not just this.

[verita1]

BTCitcoin's price was affected by many things that are being discussed here, I remember when I saw that Coronavirus was declared a pandemic. My first thought was: "It is the last thing that was missing, we have been dealing with the market situation, the volatility of Bitcoin and now we have a serious problem what is affecting global health."
But amid the difficulties, opportunities arise, and Bitcoin could play an important role in providing solutions.

[hermawan9416]

There are other reasons. There are always other reasons for the crypto market.

[ballerin and giroud]

Not only bitcoin but most traditional investment have the same thing. Most of the traditional market decreased as well because they will consider that the economic recession will come. So as they will turn their asset to safe heaven place like gold and land. But I think it was just give a few change for bitcoin, like a day ago we can see the volatility of bitcoin price was happened again and its price has touched $7200 barrier again. That is not happened to another investment place, most of them only stay at the current price when their price decreased a lot. I hope this pandemic get it over with, seem like the halving event is ready to come and many people there have been waiting it.

[KyoRider]

corona virus doesnt have any effect on the price actually. Maybe a bit because of the mining

[FlightyPouch]

Selling bitcoin in this time of crisis is the best thing to do in order to survive. For me it is the best decision because our lives are matter, we can still make investment after this crisis. For those who sell their bitcoins because they do not have money anymore, good job because you manage to do it. Even though you sell it to the low prices, there are still a lot of opportunities that will come here in the cryptocurrency market.

I think this really depends since why would you sell if you can provide and support your family and your selves in this pandemic or this ECQ. It is right though, people should really prioritize themselves than their investments. You can do your investments, trades, and bets in the future. Always remember that a dead person can't do that.

[grimico33]

Coronavirus greatly influenced the price of bitcoin and other currencies, too, so the fact that its price did not immediately fall does not mean anything. Market reaction is not always instant.

[sujon5]

The Coronavirus itself didn't affect the cryptomarket. It's all our panic around the disease.

[dimonstration]

Yes it is,Panicking happens because of the spread so the thing is the Virus take effect why people responds like that.
i know that we can't blame the virus but it pushes people to withdraw their money so market turns Red that particular time and also until now the effect is here.

We never know what each other situation, some were lacking of resources as their job were stop and might already lose or spend their  savings that they will need to cashout from their other investments. At times like this we need to secure cash as we never know until when the situation will be. But for sure the price of BTC will still go up as other were take this chance to buy more, lucky those who able to save a lot and can buy at this rate.

[pawanjain]

I don't quite understand what your point is. You say in the title that Coronavirus is not the reason but in the OP you mention that the price went down when people started to panic due to Corona.

Anyway, there would have been many factors as to why the price of bitcoin went down but we can see now that the situation is getting better daily.
The price of bitcoin has been recovering recently is at $7300 now. This is a good sign in such a bad condition throughout the world.

[pixie85]

I don't quite understand what your point is. You say in the title that Coronavirus is not the reason but in the OP you mention that the price went down when people started to panic due to Corona.

Anyway, there would have been many factors as to why the price of bitcoin went down but we can see now that the situation is getting better daily.
The price of bitcoin has been recovering recently is at $7300 now. This is a good sign in such a bad condition throughout the world.

The virus is not the direct cause of the drop in prices. The real reason is the economic cuts and shutting down the borders buy the governments.

The world economy was hit greatly because most things are manufactured in China. If you cannot run production there are shortages and you could be facing bankruptcy. That's why people started selling stocks of companies they were afraid could go bankrupt and this made Bitcoin crash because people saw the stock market falling and sold all their investments without thinking.

[virasog]

I don't quite understand what your point is. You say in the title that Coronavirus is not the reason but in the OP you mention that the price went down when people started to panic due to Corona.

Anyway, there would have been many factors as to why the price of bitcoin went down but we can see now that the situation is getting better daily.
The price of bitcoin has been recovering recently is at $7300 now. This is a good sign in such a bad condition throughout the world.

The virus is not the direct cause of the drop in prices. The real reason is the economic cuts and shutting down the borders buy the governments.

The world economy was hit greatly because most things are manufactured in China. If you cannot run production there are shortages and you could be facing bankruptcy. That's why people started selling stocks of companies they were afraid could go bankrupt and this made Bitcoin crash because people saw the stock market falling and sold all their investments without thinking.

When the whole world's economy is down, all the stocks markets are crashing, Gold, silver and oil are at their lowest rates, then how can bitcoin remain stable or move upwards. Bitcoin is also dumping because of all these world crisis, but I think the bitcoin dump is not as much severe as other markets and stocks.

[zeribez]

I have feelings that it will still go lower than what we are seeing now.

The halving will soon take place.

[FlightyPouch]

I have feelings that it will still go lower than what we are seeing now.

The halving will soon take place.

Based on the movements, I think we will be starting the halving with a $6K price. The rose to $7.3K but it goes back to $6.8K now. It can go higher but I don't think it will ever leave the territory of $6K price mark. Since bitcoin is not directly affected by the pandemic, I think we should not be panicking about the price of bitcoin.

[KnightElite]

Relatively, coronavirus is the main cause. Due to coronavirus, almost all the cities are locked down, people have become unemployed. Many people's resources are gone already. They need money to buy foods and daily necessary. That's why many people have sold their bitcoin at a lower price and the price has suddenly dropped like this.

It is true that there are now some incidents that they are selling their bitcoins because of the lockdown. I saw a thread in this forum which he said that he is from new york and he need cash and it is the reason why he sold his bitcoin. There are some reasons why the price of the bitcoin goes down when the Coronavirus strikes in the wolrd economy. The trend is still in bearish and there will be a high chance that the price will become more cheaper due to the withdrawing of some investors.