What could be the effect of corona virus on crypto industry?decrease or increase

[mirny]

We have already seen the outcome, the price of Bitcoin decreased and that is the same thing that happened with stock market, but they are all getting back up now. BTC fell to a low of $3k plus and was able to get back up to $7k. The price is at $6.8k as I write; it has been rotating the circle of $6k and $7k and I’m hoping that it breaks the $7k and move to $10k anytime soon.

We already close to May, in a week and few days, and the halving will be taking place. A lot of people has been speculating to take place in the month of May after the Halving, let’s wait till then and see what is next.

Btc definitely is not going to hit 10K anytime soon...
Halving doesn't even matter this time.
I expect some bigger moves, right after summer.

[bp124]

The stock markets have been greatly affected by this coronavirus pandemic. A lot of people have also been laid off, I believe it will have its effect on cryptocurrencies too, just like the stock market.

[Inkdatar]

The stock markets have been greatly affected by this coronavirus pandemic. A lot of people have also been laid off, I believe it will have its effect on cryptocurrencies too, just like the stock market.

Somehow it has a huge impact on cryptocurrency with this crisis happening globally. But I also believe some are catching this opportunity to learn and invest in crypto despite of crisis as well on the stock market. Let's do hope this pandemic will end and will be back to normal, as we also hope in crypto to jump the price.

[bitcoinst]

Despite the fact that small and medium-sized businesses are in distress, I am glad that people are not in a hurry to withdraw their funds from Bitcoin.
They may not have the best purchasing power right now, but they can hold on to Bitcoin and this can affect the attitude of people towards it, during the period of the fall of such a large number of valuable assets.

[South Park]

Obviously based on what we have been seeing the Corona virus brought a negative impact to the crypto Industry as well as to the many business because of it's lockdown from different part of the world and maybe this is one of the most problem because the industry of the cryptocurrency is currently facing a big problem due to this pandemic virus.

And so far that has been only the short term impact, if the lockdown is still in place for months or we move to intermittent lockdowns in which we return to our normal activities for some time only to go back to send everyone home because the virus is spreading too fast the effects in all markets will be even bigger than what we have seen, many do not understand that in order for the price of something to go up more money needs to chase the limited supply available and if people lose their jobs and have bills to pay then they are not going to have money to buy bitcoin and with the demand going down the price will have no option but to go down as well.

But now the price of bitcoin is looking good, still on the good run until the halving. However we have been seeing the researchers concluding that the vaccine might not be available until September this year, that's very unfortunate if that happens, I hope it won't. As for the impact that we have seen, from my own perception and view towards the market, I think we have seen the worst that it could impact to the cryptocurrency market, I mean I believe that the resistance at $6K will be as strong as our hopes for the covid-19 recovery.

Where have you read that the vaccine could be ready by September of this year? For what I have read the vaccine is not going to be ready this year and it is going to take time to produce it, this is why this crisis is so important because the virus is not going to disappear any time soon and the best we can do is to try to find a therapy that helps people to combat the virus on their own and to slow down the spread of the virus by taking all the precautions necessary, this is why I believe  any recovery in the cryptocurrency market will take a long time.

[Sanugarid]

Despite the fact that small and medium-sized businesses are in distress, I am glad that people are not in a hurry to withdraw their funds from Bitcoin.

We cannot be certain about this, we haven't seen the real effect of the pandemic in the long run yet. But I'm also glad that we have seen some significant changes towards the bitcoin price amidst the pandemic virus. Look how deep the oil industry and the stock market in major countries, looks like crypto is going to shine during these dark times.

They may not have the best purchasing power right now, but they can hold on to Bitcoin and this can affect the attitude of people towards it, during the period of the fall of such a large number of valuable assets.

The market is composed by individuals, even they are small the decentralization power is a whole blast if they are all align. The time now for the prices is not perfect but it is ideal for the upcoming halving.

[tanjiran]

When the world economy goes down, all investment products decline, inevitably it also affects the crypto market. Most investors choose to secure their assets until the storm subsides, some also choose to hold fresh money to support their business, and of course to meet basic needs in the midst of a pandemic.

Despite the difficult circumstances, the crypto market with its unique niche is still running as it should. Extreme market movements provide ample opportunities, even the decline in most cryptocurrency gives us the opportunity to fill bags. Based on the following analysis, 59% of traders were not affected by this pandemic.

[shield132]

According to statistics, we had one crash during March 29 - 30. After that there is stable rise with some crush between it but the way bitcoin's price is going sounds good right now when there is crash of prices on almost everything. Right now bitcoin shines very positively, I guess it can even lead others to invest in bitcoin despite current economic crisis. (When everything fails and one thing stays alive + rises, is hard to ignore).

But at the moment there isn't real picture of our global economic crush, it will be very visible in upcoming months, then we will have a real picture of what bitcoin can really do. If people were left without money and start selling of bitcoin, this will have very negative effect on price but who knows, will it happen? Maybe not. During The Great Depression people were left without money but somehow instead of growing death rate, there was a visible rate of population's growth and almost no change in death rate. I find some link between this two proposal...

[Sayma83]

Different countries have different share systems, but the trust of many is declining day by day, for various reasons, and the number of people coming to Crypto currency is increasing day by day, which is unimaginable, so the value of Crypto Currency shares. Increases a lot, so that those who have Investors get a lot of profit, but in that stock in the stock companies of different countries / stock market People are moving towards cryptocurrency by investing in cryptocurrencies, and people from all over the world usually invest in cryptocurrencies, so I think people from all over the world invest in cryptocurrencies. We can see a Bitcoin Pump at the very end.

[South Park]

When the world economy goes down, all investment products decline, inevitably it also affects the crypto market. Most investors choose to secure their assets until the storm subsides, some also choose to hold fresh money to support their business, and of course to meet basic needs in the midst of a pandemic.

Despite the difficult circumstances, the crypto market with its unique niche is still running as it should. Extreme market movements provide ample opportunities, even the decline in most cryptocurrency gives us the opportunity to fill bags. Based on the following analysis, 59% of traders were not affected by this pandemic.

I have my doubts about those numbers, after all the only ones that can answer those kind of questions are the traders that still have money to trade the markets and most likely those people are some of the top traders in the market of cryptocurrencies, but not long ago we saw an important crash and anyone that was trading the markets with some kind of leverage most likely got a margin call and got their positions forcibly closed so they could not be consider to be part of that survey because they cannot trade the markets any longer as they have lost all of their capital.

[Distinctin]

Different countries have different share systems, but the trust of many is declining day by day, for various reasons, and the number of people coming to Crypto currency is increasing day by day, which is unimaginable, so the value of Crypto Currency shares.

It doesn't look like that. Not all of them are coming in here nor they would like to invest crypto but rather to see crypto holders are selling their coins for that sake of fiat money. Because in hard times, you can think they are looking for investment but have to save their ass in the pandemic and not to be infected.

.... so I think people from all over the world invest in cryptocurrencies. We can see a Bitcoin Pump at the very end.

It can be happening soon but not today.
The pandemic has huge damage to the market not only in crypto but globally. But we are able to recover it somehow and moving back to $8k. Well, it might be because people are anticipating the coming halving, or people are now holding their coins.

[MCobian]

In my opinion the corona virus has no effect on the crypto industry, it is true when the corona virus in the initial spread makes a price
down deep enough. But it was only a brief panic, it was proven after that the price of crypto was rising slowly. Now the price of bitcoin
is already at $ 8,700, I agree with your prediction that bitcoin before the end of May will reach $ 10k.

[wxxyrqa]

in any case, there is a causal link between the virus, quarantine and what will happen in the near future. I believe that many people, because of isolation, are reviewing their usual norms of behavior and are starting to use such opportunities and resources that they had not even thought about before. being at home, people become interested not only in alternative sources of income, but also in alternative opportunities for the purchase of various goods. Based on this, when searching the Internet, people will be faced with information about cryptocurrency trading and investing in cryptocurrencies, while people will be educated in relation to cryptocurrency and people will understand how profitable it is to use cryptocurrency as a means of payment, as well as as a digital asset of value. I believe that the result of everything that is happening around the world today can be attracting as much investment as possible to the cryptocurrency market and the use of cryptocurrency in a person’s daily life, since for example the use of bitcoin can destroy the very concept of inflation, compared to fiat currencies.

[iRaMMuS34]

I don't see a direct correlation between covidand BTC price, but there's definitely a number of underwater processes going on on a deeper level. Never actually seen any good explanation of these processes, it's too complicated for me to conceptualize anyway

[South Park]

In my opinion the corona virus has no effect on the crypto industry, it is true when the corona virus in the initial spread makes a price
down deep enough. But it was only a brief panic, it was proven after that the price of crypto was rising slowly. Now the price of bitcoin
is already at $ 8,700, I agree with your prediction that bitcoin before the end of May will reach $ 10k.

It is simply too early to tell, as you mentioned there was a crash in the market that most likely was related to the coronavirus crisis, however while things may seem to be back to normal it is going to take at least a year in order to completely solve the crisis that we are facing, and we know that bitcoin has a huge volatility and a lot can happen in one year so we must keep watching the markets and the news in order to not be surprised by a sudden decrease in the price of bitcoin.

[Zeke_23]

This coronavirus should have no effect on the crypto industry,
Though we see a huge dump on its price in late March, the reason for this might be because people have really panicked at that time. But for now, as the market starts to become stable, we have seen that the market already recovered from previous dump and we clearly see that this coronavirus has no effect on crypto.

[bitbunnny]

Cryptocurrencies experienced the negative effects of coronavirus, but now everything has stabilized. Yes, and soon halving, and the blocks are mined even faster than expected. Therefore, we can see a new wave of cryptocurrency popularity.

When you say negative effect I suppose you mean the price. However, I think we should look.at bigger picture because in time of pandemic digitization, digitalitation and new technologies got the new opportunity for even bigger and stronger development and acceptance. That also reffers on cryptocurrencies and I beleive that interest for them and their implementation into real life and economy became better. I think that will be long term effect.
Also, world economy is heading into new recession that is very hard to predict how long will last and how deep it will be so this might be also opportunity for cryptocurrencies as one of possible alternatives.

[Vannie12]

As I read, I think the arguement raised in this topic is whether cryptocurrencies are affected by factors specifically mentioned, the pandemic.
As we all know, cryptos run through internet, it is global, and it is hard to determine which factor truly affects it.
Industries are in fact affected causing income shortage.
Its either people tend to panic.
All currencies in my opinion are intertwined with eachother.
Maybe somehow things will affect everything eventually.

[Janation]

Well, the effect of the corona virus is really huge, it gives a huge decrease into the whole crypto market, but I agree with you OP, that we might not see any more corrections deeper than what we previously encounter. Right now the current movement of the market is upward and this could be a good sign that the market is recovering and starting to prepare for the next bull run.

For me, it is not that huge, really.

It is true that the pandemic has an effect on the price of Bitcoin but I don't think it is that huge. If we are really seeing a huge effect on the price of Bitcoin then we should be seeing a huge price drop and at least now we should not see it recovering. But what happened is that the price drops and returned so fast to $6K and now it is $9K.

[South Park]

This coronavirus should have no effect on the crypto industry,
Though we see a huge dump on its price in late March, the reason for this might be because people have really panicked at that time. But for now, as the market starts to become stable, we have seen that the market already recovered from previous dump and we clearly see that this coronavirus has no effect on crypto.

Bitcoin is part of the economic system whether we like it or not, if the stock market crashes as it did in March when investors understood that this coronavirus crisis was not going to go away then it was almost inevitable that we were going to see a crash in this market as well, either because those investors are also part of this market and sold their coins in order to cover some of the losses that they got in the stock market or they sold just because they wanted to materialize their profits, in any case if we see another crash in the stock market most likely that is going to affect this market as well during the short term.