Trump gets Covid and we Crash?

[Parking_Meater]

Like holy hell what a ride the past day has been with the bitmex stuff and now the POTUS getting covid with the first lady (they say) Everything is taking a dump.


Buy the dips though.

[nutildah]

The price of BTC is inextricably tied to the stock market because of the institutional investors that hold and trade a lot of bitcoin. As bitcoin is considered to be the highest risk asset by Wall Street, it tends to get sold off first any time there is a bit of panic or uncertainty in the market. This time around the uncertainty is due to Trump's unexpected diagnosis.

[mk4]

The price of BTC is inextricably tied to the stock market because of the institutional investors that hold and trade a lot of bitcoin.

True. And as we speak, the S&P500 futures is down by -1.60% as of yet(of course it could still change). Unless bitcoin moves in a different direction vs the S&P500, which I totally doubt will happen any time soon, this isn't a good sign for the US stock market and bitcoin in the short term. Though of course I could definitely be wrong, I'm getting cash ready to invest in both asset classes.


EDIT: Created a topic concerning bitcoin, gold, and the S&P500: https://bitcointalk.org/index.php?topic=5279522

[hatshepsut93]

Buy the dips though.

1% drop is not the dip for Bitcoin, it randomly goes up or down by a few percents very frequently. So, it's actually not a good idea to FOMO right now, better sit and wait for an actual dip, if buying the dip is your chosen strategy.

Trump is apparently good for the stock market, and now there is a small increase for the outcome where he is no longer a POTUS after these elections, so no wonder that the market reacted negatively, and Bitcoin is following stocks for now.

[adaseb]

Yes if you look at the timeframe, it was a few seconds after he sent the tweet that SP500 futures started to crash. And then shortly after the crypto markets followed. Honestly I am surprised we are still >$10K after all this negative news of the last 24 hours or last week due to also the Kucoin hack.

Trump getting Covid definately isn't bullish, and if you look at his polls and all those "Election odd bets" website they all are tanking on Trump winning the election due to this positive test result. Even if he didn't get Covid, if he lost the Election markets would probably tank anyways.

[LordShanken]

Buy the dips though.

1% drop is not the dip for Bitcoin, it randomly goes up or down by a few percents very frequently. So, it's actually not a good idea to FOMO right now, better sit and wait for an actual dip, if buying the dip is your chosen strategy.

Trump is apparently good for the stock market, and now there is a small increase for the outcome where he is no longer a POTUS after these elections, so no wonder that the market reacted negatively, and Bitcoin is following stocks for now.

Exactly, 1% is not a big price drop for Bitcoin or any other cryptocurrency.

At the moment, I don't see a big problem yet, except that the other candidate could get COVID ..  
And it would certainly be a very big problem if one of them (of course I do not wish it to anyone) would die before the election..    
Can you imagine it ?!
This could shake the economy not only of the United States but certainly of the entire world. And the prices in the markets would definitely dive as hell..

[pooya87]

Like holy hell what a ride the past day has been with the bitmex stuff

what bitmex stuff? an exchange facing criminal charges? that is new to you, everyone already knew exchanges were shady and many of them were involved in criminal activities, mainly manipulation of the market which is illegal and has severe consequences even if it seems normal.

and now the POTUS getting covid with the first lady (they say) Everything is taking a dump.

same. nobody cares. least of which bitcoin price. keep in mind that there is an entire world outside of US

And as we speak, the S&P500 futures is down by -1.60% as of yet(of course it could still change).

not as we speak, over the past month S&P500 has gone down nearly 10% and that's huge for stock market.
meanwhile bitcoin price is stable above $10k.

[marlo1001]

This how our "independent" from global market industry works. Anything could cause new dump here, sorry

[n0ne]

With the news there is more chance of market crash to some extent, because the cryptomarket is being connected to the world market. During the pandemic when global economy experienced continued fall due to long term lockdown the crypto market was stabilizing itself. This means covid-19 positive for Trump and his wife isn't that big compared to it. So, to some point there'll be price fluctuation and gets bouncing soon after.

[nutildah]

Like holy hell what a ride the past day has been with the bitmex stuff

what bitmex stuff? an exchange facing criminal charges? that is new to you, everyone already knew exchanges were shady and many of them were involved in criminal activities, mainly manipulation of the market which is illegal and has severe consequences even if it seems normal.

BitMEX isn't even an exchange. You can't actually trade anything for anything there -- you just cash in BTC for fun tokens, play the games, then cash out your remaining fun tokens for BTC. It's quite different than an actual cryptocurrency exchange, and as such, it demands a different regulatory approach. Not to mention BitMEX was knowingly servicing 80,000 US customers even though it goes against their own policies (in addition to US regulations).

and now the POTUS getting covid with the first lady (they say) Everything is taking a dump.

same. nobody cares. least of which bitcoin price. keep in mind that there is an entire world outside of US

And as we speak, the S&P500 futures is down by -1.60% as of yet(of course it could still change).

not as we speak, over the past month S&P500 has gone down nearly 10% and that's huge for stock market.
meanwhile bitcoin price is stable above $10k.

Yes, as we speak. He's talking about S&P futures which are open while the markets are closed. You can see the index fall at the exact time of Trump's tweet:



Same thing with BTC, except for maybe a couple minutes behind:



Weird to see you still completely in denial of reality. There's an entire world outside of the US that depends on the health of the US financial system. This includes bitcoin. If the U.S. has a bad day, bitcoin is going to have a bad day too. This is the way it is now whether anybody likes it or not.

Because of Wall Street's increasingly hefty investment in bitcoin, the two are inexorably connected, now more than ever. I've explained to you the exact connection between the two before and provided evidence that it exists but you just shun it all in order to maintain an outdated viewpoint. Why?

I know you're going to say this is just another coincidence in a long line of previous "coincidences" that tie together the stock market and BTC, and even if it was a correlation its short term and not long term, etc. But for everybody else who isn't beholden to an outdated idea this is further evidence of a paradigm shift away from bitcoin's independence from global financial markets. It's a new paradigm (that had been in the making since 2014) where the price of BTC no longer moves independently of world markets.

To quote Trump, "It is what it is."

[zasad@]

Perhaps a market crash will positively affect the price of bitcoin.
Many investors have already invested in bitcoin because they consider it safe to invest. The number of stablecoins may increase.
But other altcoins may have problems.
Bitmex is in trouble because they wanted to escape to the Seychelles
https://twitter.com/Melt_Dem/status/1311702185303068672

[ololajulo]

No news of Trump getting the infection, only Melania Trump got the infection at the moment. I can count several incident in September/ October that should have dump the market so badly after the sushi hack but the dump was mild. Second Defi exit scam, Kucoin hack, Rumour on stock market dump, Bitmex refund, Salt ICO refund, They are related to daily crypto trading and could not dump the market. IMO it looks more bullish

[pooya87]

Yes, as we speak. He's talking about S&P futures which are open while the markets are closed. You can see the index fall at the exact time of Trump's

i'm not saying he is wrong, i'm saying there was already a downtrend in general going on and 1% is S&P futures is not a new thing when there were already bigger drops happening.

Same thing with BTC, except for maybe a couple minutes behind:
Weird to see you still completely in denial of reality.

the reality is that 1-2% drop in bitcoin market is not even close to being the same as 1-2% drop in any other market.
you could say "same thing with BTC" only if bitcoin price had dropped about 15% at least to match the scale. daily fluctuations of bitcoin price on a normal day that nothing is going on are 5% as it is!

There's an entire world outside of the US that depends on the health of the US financial system. This includes bitcoin. If the U.S. has a bad day, bitcoin is going to have a bad day too. This is the way it is now whether anybody likes it or not.

that's true but US has been having lots of bad days lately while bitcoin kept rising and reached $10k and remained above it.

[nutildah]

Yes, as we speak. He's talking about S&P futures which are open while the markets are closed. You can see the index fall at the exact time of Trump's

i'm not saying he is wrong, i'm saying there was already a downtrend in general going on and 1% is S&P futures is not a new thing when there were already bigger drops happening.

You responded to what he said in the negative, but OK, anyway... What I really want to know is why you insist on missing the bigger point. The long-term trend of the stock market doesn't matter because that's not relevant to this discussion. What is relevant is that the president's tweet dropped stock market futures, and bitcoin immediately followed suit.

the reality is that 1-2% drop in bitcoin market is not even close to being the same as 1-2% drop in any other market.
you could say "same thing with BTC" only if bitcoin price had dropped about 15% at least to match the scale. daily fluctuations of bitcoin price on a normal day that nothing is going on are 5% as it is!

Again, you completely overlook the point to avoid having to admit you've been wrong when insisting there is no correlation between BTC and traditional markets. The point isn't about how drastic BTC moves due to the stock market, its that it does move due to the stock market.

[Wesleyeric]

Yes we should have to understand the kind of coin we are holding, there’s no need of selling your coin until the need arise, Let us have confidence on bitcoin, because there is no amount of panic that we make us sell out the cash we have at hand, I do understand that bitcoin is not a physical money, but let not think about selling off our bitcoin when ever there is a panic, it is really affecting our crypto market. Let have confidence on bitcoin.

[dothebeats]

Yeah both of them have been reported to have acquired the virus. For Ivanka, she can certainly get through this without much complications considering that she's asymptomatic, and is still fairly young to have a robust immune system. For Trump however, I have doubts once he gets it. He's old, possibly a lot of ailments and would not survive advanced stages of the virus. Or this is just a ploy to skip the next debate so that the US will not see yet another shitshow coming from Trump. For the correlation of this event to bitcoin, I see none, really, since politics is a completely different realm from cryptocurrencies. No sharp price movements have happened yet and no other news are happening on the side of the stocks either.

[pooya87]

Again, you completely overlook the point to avoid having to admit you've been wrong when insisting there is no correlation between BTC and traditional markets. The point isn't about how drastic BTC moves due to the stock market, its that it does move due to the stock market.

you are trying to convince me that 1% to 2% price drop which is literary the most common fluctuation size that bitcoin has almost every day and is also ignored by everyone as "drop" (or similarly rise when it goes up) is bitcoin following stock market. well i'm not convinced.
in the past week alone (starting from September 25) we've seen at least 6 similar tiny changes where price creeps up to $10900 and comes back down to $10200 and repeats this trend again and all the 1-5% drops and rises in between. which means this current "drop" has absolutely no significance. it could have if price has been dead-stable and was going from $10500 to $10550 then back down for 2 weeks! or if the price drop were down to $9k range.

[3meek]

The price of BTC is inextricably tied to the stock market because of the institutional investors that hold and trade a lot of bitcoin.

True. And as we speak, the S&P500 futures is down by -1.60% as of yet(of course it could still change). Unless bitcoin moves in a different direction vs the S&P500, which I totally doubt will happen any time soon, this isn't a good sign for the US stock market and bitcoin in the short term. Though of course I could definitely be wrong, I'm getting cash ready to invest in both asset classes.

I don't think that this time Wall Street will allow everyone to buy cheap bitcoin! In March, the collapse of Bitcoin was not very expected! This time everyone is just thinking about it!
And it is not profitable to drop the markets before the upcoming elections...

[nutildah]

Again, you completely overlook the point to avoid having to admit you've been wrong when insisting there is no correlation between BTC and traditional markets. The point isn't about how drastic BTC moves due to the stock market, its that it does move due to the stock market.

you are trying to convince me that 1% to 2% price drop which is literary the most common fluctuation size that bitcoin has almost every day and is also ignored by everyone as "drop" (or similarly rise when it goes up) is bitcoin following stock market. well i'm not convinced.
in the past week alone (starting from September 25) we've seen at least 6 similar tiny changes where price creeps up to $10900 and comes back down to $10200 and repeats this trend again and all the 1-5% drops and rises in between. which means this current "drop" has absolutely no significance. it could have if price has been stable and was going from $10500 to $10550 then back down for 2 weeks!

Now you're oversimplifying things. I did not say that every 1-2% price drop is due to what happens in the stock market. At times - if not frequently - there is no correlation between the two; after all, the U.S. stock market is only open for 8-9 hours a day. However, when something drastic or nationally newsworthy happens that makes investors worried, they dump their highest risk asset first, which is... can you guess what it is? Bitcoin! Bitcoin is the most risky asset category known to man (or Wall Street anyway).

Given what happened with the covid market crash in March, its hard to miss the fact that Wall Street now owns a decent amount of bitcoin, and its easy to understand that their frame of mind could rub off on the bitcoin market as a whole. The more institutional investors enter the scene, the clearer this correlation will become. I suspect you'll never admit to being wrong, but that's OK, there's not much more I can say to change your mind.

[Peanutswar]

You are already updated, I think there is no too much impact with the use of this on the cryptocurrency especially to the bitcoin, but I think we still need to monitor all the things might happen because recently there is unstable market movement of the bitcoin (well the market is volatile), also trump is already prone to the covid he goes into different places at the same time reaching different people, aside of it we need to consider the age too, but this has still impact on their country and needed to take an action because most of the rules and the instructions are came from the president.

Yes we should have to understand the kind of coin we are holding, there’s no need of selling your coin until the need arise, Let us have confidence on bitcoin, because there is no amount of panic that we make us sell out the cash we have at hand, I do understand that bitcoin is not a physical money, but let not think about selling off our bitcoin when ever there is a panic, it is really affecting our crypto market. Let have confidence on bitcoin.

Panic selling is not too much prefer because there is no activity yet with the market movement, also if you got a wrong prediction or move it might cause of the mistake and lose your money.