Is Covid-19 a cause for BTC price drops?

[hushpupppy]

Although Halving has come close, it seems that there is no optimistic signal that BTC will rise. Currently Corona Virus is making it difficult for the leading economies in the world. And is that the main cause of Bitcoin price drops? Let me give you some possibilities
1. Unemployed people do not have income so they do not dare to invest in Cryptocurrency.
2. The psychology of fear that if we die by Virus and die, investing in Cryptocurrency will not bring anything when we die
3. In a difficult economy, investors need to withdraw assets and sell cash to maintain businesses such as payroll, purchase and sale of goods instead of investing in cryptocurrencies.
4. The disease has not yet been controlled, the economy has not shown signs of recovery, so investors are afraid of not participating in the Cryptocurrency market.

COVID-19 did cause an initial dump in price, but over 3 weeks now, it's recovery is impressive.

1. It has always been the case that unemployed people cannot invest, even before COVID-19 so that's not a reason

2. I do not agree it is fear, drastic circumstances requires surviving skills, you cannot stay hungry when you have bitcoin that can feed you.

3. Your 3rd point corellates perfectly with my no 2 opinion

4. I Think the road to recovery is near, with Mauritania declaring freedom after just 7 cases, 1 death (sadly) and 6 recoveries.

Lets say covid19 was among a factor that dropped workd economies, including bitcoin. But with the halving here, there should be a twist in events

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[Cnut237]

you are missing the fact that bitcoin is not an asset, it is a currency. and majority of those who have chosen to convert their fiat to bitcoin have done it to either escape the tyranny of centralized powers or because they know this decentralized currency is independent of any other markets.

I would say that bitcoin has the potential to be a currency (and indeed a safe-haven store-of-value); this may have been the original vision but that vision is not currently realised. At the moment in its development the markets are comparatively thin and regulation is loose. This inevitably causes volatility, which leads to further speculation, and so bitcoin is treated largely as a highly speculative asset. Many people currently buy bitcoin as a high-risk high-reward gamble, they put money in when times are good and it is the first place that money is withdrawn from when a global pandemic hits. Hence the big drop because of Covid-19.

[santiagomaicon]

Covid cause problems with economics and this cause btc drop too. Investors need to find money for liquidity and they found them in crypto

[Ridwan Fauzi]

Even I just thinking that this situation is the best way for those who don't have any work to start learning about bitcoin and even altcoin. They can spend a little money as an example to learn how trading work because it can be made as a source income if they are able to learn how trading work properly. Comparing they only look the situation such as in social media or news about the pandemic it will be better to learn a useful knowledge that can give money during they're staying at home.

[Clement Kaliyar]

I would say that bitcoin has the potential to be a currency (and indeed a safe-haven store-of-value); this may have been the original vision but that vision is not currently realised. At the moment in its development the markets are comparatively thin and regulation is loose. This inevitably causes volatility, which leads to further speculation, and so bitcoin is treated largely as a highly speculative asset.  

I am still expecting things to change around and the developers could fulfill what everyone wanted, to be used as a currency and if you have that aspect of bitcoin then everything will come into place, you cannot expect it to be a store of value without the function of a currency, regulations will happen in the coming years and it is inevitable.

@OP the recent price drop can be because of many reasons and COVID is a primary reason because the entire economy is struggling.

[iRaMMuS34]

Even I just thinking that this situation is the best way for those who don't have any work to start learning about bitcoin and even altcoin. They can spend a little money as an example to learn how trading work because it can be made as a source income if they are able to learn how trading work properly. Comparing they only look the situation such as in social media or news about the pandemic it will be better to learn a useful knowledge that can give money during they're staying at home.

Also, a perfect opportunity for spending a $1000 paycheck on the right thing

[Swapzone]

Indeed it affected the economy, but let's hope for the best.

[Clark05]

During the pandemic it happen also the bitcoin drops and a big question and mystery  to us is the corona virus is one of the cause or harm the bitcoim value. People are no work so that's they cannot buy more bitcoin if they are crypto user that is also one factor for the price dropping.

We ca find the true answer soon because lockdown will gonna end after people back to work hope for the bitcoin to rise.

[btcholder]

I will go with your statement. Well crypto currency is not much important than your life right..? So you have some logic in your points. I didn't see any reason for btc price drop besides that. Not just crypto currency, there is no marketplace right now which is not suffering at this moment. It's true that not just me also many people worried about halving because of COVID-19. But here is a post i saw earlier that make a sense why btc price will rise after halving. Hope it'll give a satisfy answer.

[Zemomtum]

I hope this current situation is put under control as soon as possible. Bitcoin is really a safe haven as proved and reflected during this pandemic and will come back stronger aftermath.

[MCobian]

It is true that the corona virus has caused the price of bitcoin to fall, and I completely agree with all the reasons mentioned in the opening post
about bitcoin prices are falling. But that does not mean we decided not to invest in bitcoin. I think it will be sorry if people decide not to invest
in bitcoin. Actually, market conditions are now an opportunity to be able to buy bitcoin at cheap prices. Because of the possibility bitcoin prices
after halving occurs will continue to rise until the end of the year. Especially after halving occurs corona virus can end, then the price bitcoin can
go higher. It is not even impossible to go up to the ATH price.

[TheGreatPython]

I don’t know how it’s been in other countries, but the case keeps on increasing where I live everyday. I am not really worried about it though, I have tried to keep myself busy on things that matter and forget about everything that has been happening. Seriously, if you keep thinking about things like these you might just end up losing it or dying out of fear lol. So it’s best to always focus on things that will make you happy and forget about this.

The Coronavirus is for sure, part of the things that led to fall of bitcoin price (I said things, because to me, it doesn’t seem to be the only thing that caused it). I have also been suspecting that the oil has affected the price of Bitcoin in some ways. And just like you have said, a lot of people are more worried about survival than investment. People need food right now, and not where to invest their money, so some will even sell assets they have to use the money more important things.

[bitbunnny]

To my opinion COVID-19 isn't direct cause for Bitcoin price drop but due to the whole crisis that it caused it also affected the Bitcoin price. It's actualy the closed circle and domino effect so.cryptocurrency market couldn't escape it. In global crisis that we are heading to, no one can't be spared.
Some will see Bitcoin as a safe heaven for the escape from crisis but some will lose the trust so people will act different and at the end that will all affect the price of Bitcoin too.

[Youghoor]

The price of bitcoin is affected by several factors such as world financial news, policies and regulations that are being made. Currently, COVID 19 also has some influence on the price of bitcoin. People have been made to stay home without working. Economies of developed countries are going down and all these investors who might have wanted to invest in bitcoin are not doing so because they are not investing but further dumping their holdings in order to take care of their families.

[panganib999]

This pandemic have affected every sectors in the whole wide world not a single one is excluded so maybe, since Bitcoin can be considered as a part of the economic sector since it is part of finance where people treat it as a source of income, so the answer is yes I think. The pandemic became one of the reason why the prices of the cryptocurrencies specially Bitcoin have dropped down this past few weeks since the pandemic turned on and because of panic, peope who have invested their money to crypto already start to pulling iff temporarily to sustain their necessities to survive and let themselves be safe from this pandemic that brought lockdowns to happen that basically results to temporarily unemployment so those that have physical job may be do the last resort of converting and pulling their money from Bitcoin. But not just the pandemic must be blamed or to be pointed on this because there are still other factor affecting the price movement and the covid-19 pandemic is just one of those.

[adzino]

Probably yeah. The pandemic has caused a very disastrous affect on the global economy. The stock started to fall (and the price of the oil is still falling with the price going negative for a while). Seeing the whole economy collapse, people probably started to panic. They thought bitcoin and other crypto currencies are going to face the same fate. Thus, they started to sell off their cryptocurrencies causing the price to drop. But looks like the price is now recovering. People are expecting the price to go higher due to the halving, but you never know what happens next.

[Sayma83]

I think is it possible it is not impossible,Because covid-19 is the very dangerous virus in the world,  many people L
Already death for this virus, and many people now seeks for this,  so almost 2.5 million people already seeks for this virus so i think many people withday her /sher money for good treatment so i think  it is possible. Because everyone know Health is wealth.   

[Oceat]

It's just too early to tell that Bitcoin will not gonna give a positive results after the halving. This pandemic may be the cause of the price drop of almost everything in the economy but once doctors and scientists find the cure/vaccine for this pandemic I'm sure everything will be back to normal again. Besides, halving will take some time too before we see the real results and that's the start of bull market.

[finaleshot2016]

At some point, yes it is. You know that market is somehow related to each other. These similarities indicate that what happens in one market may influence other markets. We should also focus on the principle of demand and supply, which is why we still don't think the virus is threatening the crypto market at any point. We didn't talk of the other economic factors which are users and manufacturers who worked very well in that definition and those are affected by the coronavirus, and it certainly affects the cryptocurrency even in the limited setting.

[Zionatin]

The virus has made things uneasy for people and it is not just the virus but the fact that many industries have come grinding to a halt and this would certainly have an effect on bitcoin if fewer people are making money there is less to spend in bitcoin. It just makes sense to me.

I think is it possible it is not impossible,Because covid-19 is the very dangerous virus in the world,  many people L
Already death for this virus, and many people now seeks for this,  so almost 2.5 million people already seeks for this virus so i think many people withday her /sher money for good treatment so i think  it is possible   

Who told you it's the most dangerous virus in the world?? More than the black plague?? Stop spreading misinformation.