Trump gets Covid and we Crash?

[TGD]

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...

This recent price dump is not that big compared on what happened in March dump. And also those who buy during the dump due Covid are those user that sold during early stage of the dump to get a new position on BTC. We can't give all the price recovery to wallstreet because we have no evidence and also the order book of BTC during that time was very thin that's why price was too easy to pump again.

This current minor pullback is just a result of whale that panic sell when they read the news about bitmex. He will re enter soon once everything was settled that will result for price recovery.

[pooya87]

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).

i don't disagree. if something noteworthy happens that affects the global economy then it can also affect bitcoiners financial situation and that changes their plans. but there still is absolutely no correlation between stock market and bitcoin.

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.

that's your mistake. what happened with Covid was not US specific (whereas Trump getting Covid is). it was global and the global economy was affected hence bitcoin was also affected. again believe me when i say there is an entire world outside of US

it's actually funny that not so long ago everyone was saying that China controls bitcoin and whenever some crap happened there everyone jumped at bringing up the same arguments. now China is replaced by US! for example back in 2016 everyone was saying the same exact thing: "Chinese stock market pumped bitcoin price" and "Shanghai market index dumped it" in 2014!

[nutildah]

but there still is absolutely no correlation between stock market and bitcoin.

You are absolutely wrong here and you become more wrong with each passing month that more institutional money flows into bitcoin. You've been wrong on this issue for years, you're wrong today, and you'll be even more wrong tomorrow.

https://www.investopedia.com/news/why-bitcoin-new-stock-market-indicator/
https://www.coindesk.com/bitcoins-price-correlation-with-sp-500-hits-record-highs
https://cointelegraph.com/news/correlation-between-bitcoin-price-and-stocks-reaches-a-new-all-time-high
https://www.forbes.com/sites/investor/2020/05/13/bitcoin-and-stocks-correlation-reveal-a-secret/#482b503112c2
https://currency.com/why-bitcoin-correlations-with-the-s-p-500-are-worrying-right-now

This is the most recent article and definitely worth a read:

https://blockchain.news/analysis/Why-bitcoin-price-correlation-stock-market-is-high-now

what happened with Covid was not US specific (whereas Trump getting Covid is). it was global and the global economy was affected hence bitcoin was also affected.

I'm talking about the sudden drop in the US stock market that happened in March, during which bitcoin dropped right alongside it. On that day there was absolutely 100% correlation between the stock market and bitcoin: Sensing panic, Wall Street investors pulled their money out of high risk investments, one of them being bitcoin, causing the price of bitcoin to drop. It's not an extraordinarily difficult concept to grasp -- I don't understand why you are fighting it so hard.

again believe me when i say there is an entire world outside of US

Yes and the financial health of that world is largely dependent on what happens inside of the US, just like bitcoin. Its an easily-visualized, inescapable reality.

[Kemarit]

This will be the catalyst for a big dump, but it will be good, all the market will react negatively, like crypto, already down 2%, Nasdaq, DOW, S&P. So this is another chance to accumulate again. So let's see what will be the effect in the next 24-48 hours, we might see a bit more downside.

And this might shake the US economy, it has been reported that it has slumped to 31% in Q2. And this might be good for Bitcoin though, smart investors from traditional markets are looking for other assets to hedge their funds and this is where crypto comes into picture.

[Debonaire217]

This will be the catalyst for a big dump, but it will be good, all the market will react negatively, like crypto, already down 2%, Nasdaq, DOW, S&P. So this is another chance to accumulate again. So let's see what will be the effect in the next 24-48 hours, we might see a bit more downside.

And this might shake the US economy, it has been reported that it has slumped to 31% in Q2. And this might be good for Bitcoin though, smart investors from traditional markets are looking for other assets to hedge their funds and this is where crypto comes into picture.

It was like a coincidence, for what happened just lately in Bitmex, followed by Trump acquiring Covid 19. I can say, we will have a declining market this October.

I am not directly correlating the impact of US president especially in the US presidential election, but Trump as far as I know is a business tycoon with huge relation to stocks, and stocks on the other hand has also relationship with crypto as other stock investor is also eying on cryptocurrency and might also have investment on crypto too.

[Jet Cash]

Most of the world population will be infected at some stage, so it is good news that he is getting his immunity at last. The surprise should be that it has taken so long. Anyway, the test only check for antibodies, so that means his body is coping with the infection. That assumes that the teat is accurate of course.

[cheezcarls]

What does Bitcoin price had to do with Trump getting the coronavirus? Was it really influenced on Trump or his first lady? Unless if Trump says something stupid about Bitcoin that creates FUD, the price would really go down the wire. For now, I think BTC’s recent dip was due to the stocks crashing down.

There are many factors that BTC price would pump or dump, like what happened to BitMex lately. But for coronavirus? I don’t think so. When this COVID-19 pandemic started as economic falls, Bitcoin was on the other way around going up. That’s just my own opinion.

[imstillthebest]

What does Bitcoin price had to do with Trump getting the coronavirus? Was it really influenced on Trump or his first lady? Unless if Trump says something stupid about Bitcoin that creates FUD, the price would really go down the wire. For now, I think BTC’s recent dip was due to the stocks crashing down.

There are many factors that BTC price would pump or dump, like what happened to BitMex lately. But for coronavirus? I don’t think so. When this COVID-19 pandemic started as economic falls, Bitcoin was on the other way around going up. That’s just my own opinion.

lol yeah . thats crazy on how he relate things but that was true that trump has involved on btc fuds before but now if trump gets a covid , he will take a rest and fuds can also slow down .  btc supposed to go up and not going down .

bitmex can also be the reason here  . stocks were crashing but btc should go up because they say that stocks investors are going for btc .

[CasherUp]

Hello, how are you all? I have always thought that politics is closely linked to cryptocurrencies and I think that this news is a fundamental one that will influence the decline of crypto assets ah and another thing the first lady also has that disease, greetings

[DaveF]

Obviously this is Dave's opinion and nothing more.

But buried in the headlines this morning was also a report that in September there was a very large number of people dipping into their "emergency fund"
[Long term cash savings / loans against 401k / pulls from IRAs / etc]

That seems to have spooked the markets. All of them, stock / bond / crypto / futures / all of them.
Let's see how the rest of the day plays out.

-Dave

[Shasha80]

This started with Hope Hicks, who is Trump's senior assistant, who reportedly tested positive for the corona virus. After that Trump and
his wife tested and the results were positive too. And on his Twitter Donald Trump saying will start a quarantine for the recovery process.
And so this news spread, almost all assets crashed, including Bitcoin and the stock market. Even though there was just bad news with
Bitmex, now Trump is positive for COVID-19. It more makes the Bitcoin market fall, hopefully Bitcoin can rise again soon. And the decline
in the price of Bitcoin did not last long, but the current market situation is actually good for buying Bitcoin and other assets.

[thesmallgod]

But he was asymptomatic so I guess it is literally meaningless to fear for the loss of the president. The recent fall in the price is nothing that is unusual. Bitcoin has been struggling since that Kucoin hack. Maybe this might create panics among US citizens and probably affect the stock market but it will bounce back within few weeks.

[mindrust]

Imagine what would happen if Trump died.

A huge market drop and then China gets nuked -> WWIII

Hopefully he is only lying to get more votes.

[JuSayCo]

Yes, I also saw the news a while ago that President Trump and his wife both tested positive and knowing Trump's age, he is definitely a high risk. Let's just pray for both of them to survive, and to have a chance to be better. On the other hand, I think we can always expect that the stock market crashes sometimes and its just a natural part of the market movement that wise investors welcome. Falling of stocks is a great time for investors to buy, and they are the happy individuals now...there are still a lot of good things that this market crash has brought -  to make us all invest.

[Reid]

Stocks will fall but not bitcoin.
They might be scared. You know who are "they".  

If he dies, what happens? Not that I wish for him to die even though he is racist.
He owns a large portion of different investments and businesses. That can be a crash.
Panic might be happening out there but not with Bitcoin.

Jimmy Kimmel might be laughing too hard now.

[BrewMaster]

i feel like today was a very good test for bitcoin market. and it proved two things. the number of weak hands is very low at this point and also bitcoin doesn't follow anything else.

there has been a lot of panic and a lot of manipulation today all the while trying to break the $10k support and have been failing to even go below $10,400 which is a good news if you ask me.

[tsaroz]

There's no reason for it to be so but there are some recent graphs and movements which shows a similar pattern of price changes in US stocks and bitcoin. And as the presidential election approaches, the politics is going to make a difference on the prices. On last presidential debate, Joe Biden promised to make people pay their tax and close any loopholes and tax rebates possible. That's certainly going to affect perception of some rich people on Joe Biden's probable presidency. And Trumps confinement for a week could make a difference, at least in the emotions of investors.

[Oceat]

Welp, after that big dump it's slowly gaining its lead back to where it was staying. Those weak handed people aren't really trusting Bitcoin that they suddenly dump their Bitcoin. Although I still think if whales have something to do about it since the huge dump is just so sudden when the news about Trump and his wife is positive at Covid.

[desticy]

As far as I know, not a single president has died from Covid. I know of only one case of the death of a politician, but not a president. To tell the truth, I have not heard for a long time about anything like that, that the president would die from some ordinary illness. Even the presidents of third world countries have enough money to maintain their health perfectly, as opposed to the health of their subjects.

[Twentyonepaylots]

As far as I know, not a single president has died from Covid. I know of only one case of the death of a politician, but not a president. To tell the truth, I have not heard for a long time about anything like that, that the president would die from some ordinary illness.

I agree, there is no president of any country that died due to covid and although we haven't found the vaccine yet to fight covid, it is easy to eliminate from one's body, a proper medication will do as much as the vaccine. But I quite disagree on you calling the pandemic an ordinary illness, though it has spread everywhere the virus isn't just an ordinary one, it can kill a person who has it, it's not just a cold or sore throat.

This is also my question, would this affect the price of bitcoin I just don't see a clear way of getting through.