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Kersh768
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March 24, 2020, 12:11:36 PM
Merited by Baby Dragon (3)
 #1

Bitcoin's market value dropped under $4,000  which was from a market price of  $9,000 on the same week before the crash happened. The digital currency had been trading near the $10,000 level in mid-February. The slide began later in the month alongside global markets reeling from the quickly spreading coronavirus.



At first I did not believe that there is a correlation between the market price of cryptos and the virus itself because the moment it caught the attention of the 'masses' there's nothing much of a movement in the market value of cryptos. But things have changed when the virus was classified as 'Pandemic' by World Health Organization,in March 11, as reported in CBC News. Consequently, the market price of cryptos fell in March 12



China to where this virus started, is showing signs of recovery or having a better condition compared on the previous month. As cited by 'Los Angeles times' , The number of newly diagnosed patients has dropped to around 25 a day, with no cases of community spread reported since Wednesday. As per CNN, on their article last March 19, the situations seem to be over because majority of the people have recovered, having a statistical data of 70,420 people (87%) of the cases have already recovered. While the market price started to increase a little.


Given how these two variables seem to be related, do you think the market will fully recover once the problem with regards to the emergence of Corona Virus is resolved? or there are other factors which may trigger an uprise or keep the market low-still?

 

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March 24, 2020, 08:17:50 PM
 #2

The price did not collapse because of the classification of the virus as a pandemic, but a collapse occurred because of "unknown" felling about will happen after that classification, as panic prevailed on many citizens and started to withdraw their investments in the hope of buying some of the basics of life.
In short, the link between the two is not straightforward, but there are reasons associated with these two things that have caused price changes.

Thus linking that the interaction between them and the recovery of the market will not be correct.

Generally, no one can tell you anything, but Bitcoin remains the best asset for doubling the capital, whether investing or speculating.

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March 24, 2020, 10:03:27 PM
 #3

Even I thought this virus will not have any affect on crypto market but eventually it did through the panic it spread across the world as most of us including myself had to withdraw our asset in order to stock up due to lock downs and curfews throughout the world for our safety but gradually things will change once he virus starts subsiding and once again I would like to remind you virus did not had a direct impact but it's the panic which has caused the chaos.

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March 24, 2020, 10:44:57 PM
 #4

Given how these two variables seem to be related, do you think the market will fully recover once the problem with regards to the emergence of Corona Virus is resolved? or there are other factors which may trigger an uprise or keep the market low-still?

I think BTCUSD will recover to February levels. There will probably be some more pullbacks on the way.

This is to some extent contingent on the pandemic outlook improving. If shutdowns continue for months and months, there will be serious economic fallout that will spill over into the BTC markets simply because BTC investors are part of the global economy. They are losing jobs, having their businesses shuttered, side incomes (like AirBNB rentals which are built on top of mortgages) are drying up.

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March 24, 2020, 10:57:55 PM
 #5

Because of panicking all over the market due to the virus and a fear of losing their lives, the price of bitcoin dump hard but fortunately we are able to rise again despite of this. There’s always a chance for bitcoin to get up and for sure after this virus the market will start to pump again and can enter into a new up trend right before the halving period.

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March 24, 2020, 11:00:06 PM
 #6

The price did not collapse because of the classification of the virus as a pandemic, but a collapse occurred because of "unknown" felling about will happen after that classification, as panic prevailed on many citizens and started to withdraw their investments in the hope of buying some of the basics of life.
In short, the link between the two is not straightforward, but there are reasons associated with these two things that have caused price changes.

Thus linking that the interaction between them and the recovery of the market will not be correct.

Generally, no one can tell you anything, but Bitcoin remains the best asset for doubling the capital, whether investing or speculating.
Agree to this sentiment but you cant really stop people on not to think up this way specially on a very speculative type of market where any news no matter how simple or crucial it is, it would surely be correlated.
Im not saying that the pandemic doesnt have correlation but due to other factors which mainly affect investors mind on indeed cashing out their investments not only on crypto space but also on other traditional investments we've known.

Im not really keen on following up the price due to news because this market had always been unpredictable since from the start.We might connect some events but cant still be sure if it is indeed the precise reason
why this market dump that hard but now we are seeing recovery atm.

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March 24, 2020, 11:20:33 PM
 #7

Let's face it, Just like any other markets, People buy BTC to make some profits. So in bad times like this CoronaVirus Pandemic, People will Obviously try to sell off for a stable coin or fiat either to avoid encountering losses due to the expected drop of the market value of Bitcoin, or they are actually trying to cash out to be prepared for the worst outcomes of the pandemic.
What i am very sure of is that HODLers are very few.

If the situation stabilizes, i don't see the reason why the price shouldn't test those upper levels again

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March 25, 2020, 01:58:54 PM
 #8

I see a pyramid pattern. It rises to the top, and now it falls to the bottom. This is science. We need to trust science.

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March 25, 2020, 03:02:28 PM
 #9

I see a pyramid pattern. It rises to the top, and now it falls to the bottom. This is science. We need to trust science.


More like science law of gravity but somehow you can't tell where a factor will wake up from and hit the pyramid to obey such law. We have seen that this time was corona virus.
I hope halving help takes us back to the top again Grin

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March 25, 2020, 03:12:47 PM
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 #10

I don't think the drop was caused by covid-19 per se.

I think it was mostly a result of the crash of the stock markets worldwide. As stock markets fell many sold off other assets, especially by those with margins who were in danger of being called.

The rest was mostly panic at Bitcoin's price drop itself. Gamblers/traders sold while long-term  investors held firm.

Sure enough, while the stock markets have made only modest recovery, Bitcoin has recovered more than half of what it lost in the panic.
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March 25, 2020, 08:10:17 PM
 #11

Sure enough, while the stock markets have made only modest recovery, Bitcoin has recovered more than half of what it lost in the panic.

that view seems kinda skewed.

major stocks indices fell ~35% and rebounded ~17%. yesterday was the biggest single day recovery since the 1930s. the stock market could very well be on its way to recovering half of what was lost.

bitcoin fell over 60% before rebounding ~80%. sure it bounced really hard, but the initial crash was much, much bloodier than stocks. bitcoin clearly has a much less liquid market. it gets pumped and dumped easily.

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March 26, 2020, 03:46:43 AM
 #12

The corona might of caused the stock markets to crash which might of caused the price of BTC to go from $8000 to $6000, what happened afterwards was due to massive long liquidations on Bitmex.

Being the largest derivatives exchange and basically bitcoin hovering around $10000 back in Feb 2020, made people open up massive long positions due to the halving FOMO. And the problem with being long with BTC as collateral is that if BTC goes down, your collateral also goes down. So even if you were 1x long at $8000, you would of been liquidated anyways at $4000. And there were maybe >$1 billion of these liquidations, hence why it crashed down to $3500.

This is the issue with high leverage derivative markets on a thin orderbook.

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March 26, 2020, 09:14:25 AM
 #13

The corona might of caused the stock markets to crash which might of caused the price of BTC to go from $8000 to $6000, what happened afterwards was due to massive long liquidations on Bitmex.

Why are people so sure about this? How do you know Bitmex wasn't following spot exchanges down?

For prices to fall on spot exchanges, people need to sell real BTC, on spot exchanges. Long liquidations on Bitmex do not accomplish that, and we know zero withdrawals left Bitmex during the crash because they only process withdrawals during mornings US time.

Nobody knows it was Bitmex-tied algorithms that dumped all that supply. That's just a big unproven assumption. All we know is inflows to spot exchanges increased ~170K BTC more than usual in the days preceding the crash. Massive supply leads to lower price.

A lot of over-leveraged traders got destroyed on Bitmex, I'll agree with that. I am however not convinced Bitmex controls the spot market.

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March 26, 2020, 09:25:28 AM
 #14

I have no doubt that the market will fully recover, in fact it's been recovering til now.
Bitcoin didn't drop below $4000, while bitcoin now is already trading at $6600 which I would say a good improvement already.

Let's not doubt on the situation, we've seen how strong bitcoin is as we survive although the economy is collapsing, and no chart or TA that would help us now, this isn't a normal situation so we can't use the chart to predict, what we have to do is just to believe.




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March 26, 2020, 10:23:36 AM
 #15

Regrets those who sell their coins...
The trend is really tricky for every crypto holders and for sure, those weak hands will lose their interest pretty quick.

The market started to move back high again. Many were expecting that it drops more as panic sellers have to build up but it is good to see that we're not instead, we soar above $6k and heading for $7k (and hoping for more). Hopefully, the momentum will never change and so we gonna have at a good price during halving.
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March 26, 2020, 10:50:52 AM
 #16

I have no doubt that the market will fully recover, in fact it's been recovering til now.
Bitcoin didn't drop below $4000, while bitcoin now is already trading at $6600 which I would say a good improvement already.

Let's not doubt on the situation, we've seen how strong bitcoin is as we survive although the economy is collapsing, and no chart or TA that would help us now, this isn't a normal situation so we can't use the chart to predict, what we have to do is just to believe.

I believe that at the moment the pandemic is happening bitcoin will experience a good increase in the next few weeks because I see the movement of the chart is very strong at the moment its fundamentals and will not drop below $ 5000.
I am not good at TA but as time goes by bitcoin always moves quickly when yesterday to the worst try bangkin but now it can only afford $ 6500 + but after blocking halving maybe that's what we would expect for bitcoin.

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March 26, 2020, 08:46:31 PM
 #17

There will definitely be an increase when corona goes away, there is absolutely nothing that keeps bitcoin low right now, it has been said that bitcoin has no instinct value but it is loved by people like crazy so I can understand why people would still value it so high but right now the only thing that is keeping it low is the fear people have towards corona and that's it.

Many people were considering this a doomsday scenario and everyone SHOULD stay at home but it is not really all that horrible, we are not going to have 100k+ death toll when this is over.

Corona will never really "end" all that much but when there is a cure that fixes people in less than a week, it will become like a common flu, that kills people as well but it is not really not scary anymore is it? When corona becomes like that, markets will go up once again.

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March 26, 2020, 09:17:46 PM
 #18

Panic regarding the pandemic created opportunities for buying crypto currencies at cheaper price. Still there is no good news regarding the corona virus still market seems recovering so people caught crypto as an alternative to make up for losses they have made in the stock market crash.

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March 26, 2020, 11:51:41 PM
 #19

Panic regarding the pandemic created opportunities for buying crypto currencies at cheaper price. Still there is no good news regarding the corona virus still market seems recovering so people caught crypto as an alternative to make up for losses they have made in the stock market crash.
Then, it is to hope that this recovery momentum will continue and people might not think about selling their Bitcoin at a cheap price.
Coronavirus have still in the spread and a lot of people get infected and hopefully, it won't really matter a lot in crypto. FUDS and panic selling is over (IMO) as we saw the market bouncing back again.

Halving has to come closer but I feel that we aren't able to see the market be in the bullish if this pandemic health issue won't slow down. I have nothing to expect more this time.

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March 27, 2020, 05:33:50 PM
 #20

Panic regarding the pandemic created opportunities for buying crypto currencies at cheaper price. Still there is no good news regarding the corona virus still market seems recovering so people caught crypto as an alternative to make up for losses they have made in the stock market crash.
Then, it is to hope that this recovery momentum will continue and people might not think about selling their Bitcoin at a cheap price.
Coronavirus have still in the spread and a lot of people get infected and hopefully, it won't really matter a lot in crypto. FUDS and panic selling is over (IMO) as we saw the market bouncing back again.

Halving has to come closer but I feel that we aren't able to see the market be in the bullish if this pandemic health issue won't slow down. I have nothing to expect more this time.
And also I am seeing Illuminati conspiracy theory related to stock market crash and one world one currency so people think this is the time for bitcoin so they are moving into it.This maybe just a conspiracy theory but already helping the market to recover from the losses.Hope it will continue.

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