Bitcoin declined 3% as the coronavirus spread in italy - page 4.

finaleshot2016

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Quote from: pixie85 on March 01, 2020, 05:25:14 PM

Quote from: hahay on February 29, 2020, 07:09:51 AM

At first I wasn't sure that coronavirus could have a bad effect on the crypto market because it didn't have a correlation, but when this virus has spread to other countries then the influence or bad effects will be there, the virus will be very worrying if it cannot be overcome more quickly because after all there will always be adverse effects in many sectors of the economy and it should be a more serious consideration to overcome this problem.

The virus shouldn't worry you because it's nothing but a stronger flu.

Does it make sense that the virus attacks in February/March when flu often attacks every year? To me it does.

Does it make sense that although the virus was engineered and spread near a laboratory in Wuhan China and the media are not making a big deal out of it but instead try to scare people into making supplies at home and buying face masks? To me it doesn't

Agree, if you have a stronger immune system, you shouldn't worry about it.

If you're infected or get in contact with a carrier of nCov then go to the hospital fastly.
Probably, bio war is coming so definitely it's their fault for making that kind of virus.

pixie85

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Quote from: hahay on February 29, 2020, 07:09:51 AM

At first I wasn't sure that coronavirus could have a bad effect on the crypto market because it didn't have a correlation, but when this virus has spread to other countries then the influence or bad effects will be there, the virus will be very worrying if it cannot be overcome more quickly because after all there will always be adverse effects in many sectors of the economy and it should be a more serious consideration to overcome this problem.

The virus shouldn't worry you because it's nothing but a stronger flu.

Does it make sense that the virus attacks in February/March when flu often attacks every year? To me it does.

Does it make sense that although the virus was engineered and spread near a laboratory in Wuhan China and the media are not making a big deal out of it but instead try to scare people into making supplies at home and buying face masks? To me it doesn't

Zicadis

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Dump it!!!

Bitcoin's price action should be completely unrelated to the spread of the coronavirus.

After all, only traditional infrastructure is affected by sick people. Bitcoin runs on a decentralized network that does not suffer if any one of the thousands of nodes goes offline.

If anything, Bitcoin should be climbing due to the coronavirus outbreak. But realistically, I don't even think COVID-19 is effecting even traditional financial spheres, since it's barely even endemic in China yet, and certainly not pandemic or epidemic.

We need to stop wasting our breath speaking about it, just isolate the infected and let's stop it becoming worse than it is.

The Sceptical Chymist

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Quote from: hatshepsut93 on February 25, 2020, 05:19:50 AM

No, crypto journalists just have this habit of explaining Bitcoin's price movements with some totally unrelated world events, because that's what generates traffic for their sites

I'm cynical and I happen to agree with you--but the more I'm seeing the fear surrounding this virus, the more I'm starting to believe that it really is affecting world markets. And I have to tell you, I think this is all completely irrational. This strain of corona virus is nowhere near as deadly as a lot of other things that can kill you, but people are reacting to it as if it were that movie Contagion from 2011. Crazy.

And you know what? This is probably a fantastic time to be buying stocks that have taken a beating, and also bitcoin. I'm starting to believe that this virus freakout actually did cause bitcoin to sink from above $10k--but I also think that's a temporary situation, and getting in (or getting more) at $8500 or less is a bargain. Wish I had some disposable income.

Latviand

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The rise of Corona Virus did not affected crypto industry that much so I doubt that the instance when cases were reported in Italy with regards to the same issue, is the reason why the market value fell recently. The market value before this scenario is alrealy playing up and down at a particular point of market value so I think it is just a part of the market volatility without relation to NCoV.

Quote from: ProjectFTS on March 01, 2020, 12:26:23 PM

Quote from: KarlKanKarl on February 25, 2020, 04:38:23 AM

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I mean; Indirectly. People are sensing tough times and great instability due to factory closures in China and other effects the virus may have, so the idea of any long term investment isn't attractive to normal investors. Stocks fell drastically for similar reasons I believe.

If it is in stock market, there is no doubt that NCoV is really the main reason of the downfall but I just don't think that this time, it is still the main reason for the dumps in the market price of crypto especially Bitcoin. This have been discussed on different threads lately and there are already stats posted that showed no correlation between the market price and the said issue .

Destroyeroff98

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Quote from: KarlKanKarl on February 25, 2020, 04:38:23 AM

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

Of course, the outbreak of coronavirus has an impact on the price of Bitcoin, because it has an impact on the economy.

Vishnu.Reang

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It is very difficult to claim that these price movements are a result of the Coronavirus. If that was the case, then the price of assets which we use as store of value could have risen. But that is not the case. The gold prices have declined by more than 10% during the past 2-3 days (after an initial sharp rise). The stock market crash can be attributed to Corona, but I am finding it difficult to link the epidemic with the declining BTC prices.

philipma1957

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Okay Dow Jones dropped from 29,551 on feb 12 to 25,409 on feb 28 this is a -14.016 % drop

Btc was 10,163 on feb 13 to 8,548 on Mar 1 this is a 15.8% drop.

So yeah corona-v is kicking ass.

Issues are how bad is it really.

I have correlated numbers based on various reports.

Rate of infection worst number found was on the ship off the coast of Japan 600 of 5000 = 12% rate of infection

Rate of death worst number found was in Iran the death rate in Iran of infected people is over 10% some say 16%.

Project this out to the whole world you get 12% x 8 billion = 960 million infected

16% x 960 million = 153.6 million dead.

Simply insane bad numbers if they came true.

Best numbers are 62million were shut down in China around 5 to 6 cities and 77,000 are sick this is only 0.12% infection rate which is 100x better then the rate on the ship

it would mean only 9.6 million world wide get sick

best death rate number is 2% 2% of 9.6 million is 192,000 dead worldwide.

So with a best case of 192,000 dead

and worst case of 153,000,000 dead

yeah markets are going to freak out.

ProjectFTS

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Quote from: KarlKanKarl on February 25, 2020, 04:38:23 AM

https://cointelegraph.com/news/bitcoin-traditional-markets-drop-3-as-coronavirus-spreads-in-italy

As the coronavirus spread in Italy recently, bitcoin market has dropped 3% and also the traditional market including all the top ranked cryptocurrencies. Can coronavirus spreading be the cause?

I mean; Indirectly. People are sensing tough times and great instability due to factory closures in China and other effects the virus may have, so the idea of any long term investment isn't attractive to normal investors. Stocks fell drastically for similar reasons I believe.

Mulann2

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The Corona virus is affecting the economy of the affected country and since btc also plays an important role in the economy I guess this is the why btc market is down, even the stock market are not left out,
Although I still don't know if this really have a direct affect on btc on not because I really don't see the strong connection except btc is also part of the economy growth.

kryptqnick

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Quote from: hatshepsut93 on February 25, 2020, 05:19:50 AM

Quote from: KarlKanKarl on February 25, 2020, 04:38:23 AM

Can coronavirus spreading be the cause?

No, crypto journalists just have this habit of explaining Bitcoin's price movements with some totally unrelated world events, because that's what generates traffic for their sites - no one wants to hear how Bitcoin is volatile and goes up or down as the result of pure speculation, because that's so boring.

Just think about it, why would the coronavirus impact bitcoin's price? It has no effect on how the bitcoin network works, or how people might use Bitcoin. And the effect on mining farms in China is still very small.

I largely agree with you and believe that such articles by crypto journalists are provocative and aim to get traffic. However, let's also not forget that the world economy is undoubtedly deeply affected by this coronavirus. And it's not just business that is focused on public spaces (cinema industry, for instance) that's taking a hit. It's also something more abstract but the stock market and wealth of the richest people on Earth. So eventually it can affect Bitcoin, even though it doesn't require physical contact. People might simply panic that everything else is going down and feel like Bitcoin is the next, thus triggering panic selling, for example. So yeah, it's not direct impact but it's something that could be avoided if there were no spread of the disease.

avikz

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How on earth Corona Virus can have an effect on bitcoin's price? I mean what is the logic behind it?

I am disappointed to see that Cointelegraph is running out of subjects and spreading such useless and baseless information! This is utter nonsense!

7788bitcoin

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Quote from: Artemis3 on February 29, 2020, 07:18:44 AM

Due to the virus, i don't see many chances of major conflicts anywhere, if they had something planned they will postpone it. I think the Iran crisis has long been defused, North Korea is meh, nothing ever happens beyond empty threats by both sides. Oh and there are elections in the US...

There might be a combination of things that affected the bitcoin market but the virus outbreak is a major concern that has affected the stock markets and hence i wont be surprised if the price slide has anything to do with it, either way the outbreak is serious as it is spreading outside of Asia which is really alarming and i am sure it must have some impact in the market, if you take the other theory we can even say that the price was not able to sustain the resistance and hence we are having a correction Wink

.

Artemis3

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Quote from: hd49728 on February 26, 2020, 01:07:22 AM

Quote from: Reatim on February 26, 2020, 12:39:22 AM

i don't think it is the corona virus who made the prices fall again because looking at the graph?it is continuously downing even the issue passed over a days.

what i believe is this is the correction we are all waiting ,the last before the halving of bitcoin happen?

It is correction. We all need corrections to see price moving upwards much higher. Covid-19 or anything (potential conflicts between the USA. and North Korea, or USA. and Iran) are only contributors of fall or rises. Sometimes, those things don't have any effect to help price rising (if we are in bearish period) but whenever we see price rising and then the news of conflicts, we instantly jump to conclude that price rises are consequence of conflicts or Covid-19. It is not right.

Halving and bitcoin price. Over bitcoin history, it has never touched its previous all time highs (don't think further of setting up new all time high before or after around the halving days). But who knows this year, this halving, bitcoin will change its boring pattern. I don neither know nor believe it will happen.

I believe this to be the case. Some people forget that bitcoin has been at 7.5k price for quite long, and it suddenly went up to 10k, it is a correction but they want to blame it to "something" external like the virus. If anything, the virus is making the global economy into a recession, and its the old sell stocks for precious metals until the worst passes thing as always. It so predictable its boring. just add to the mix that there is also Bitcoin and a few people will buy that too.

Due to the virus, i don't see many chances of major conflicts anywhere, if they had something planned they will postpone it. I think the Iran crisis has long been defused, North Korea is meh, nothing ever happens beyond empty threats by both sides. Oh and there are elections in the US...

hahay

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At first I wasn't sure that coronavirus could have a bad effect on the crypto market because it didn't have a correlation, but when this virus has spread to other countries then the influence or bad effects will be there, the virus will be very worrying if it cannot be overcome more quickly because after all there will always be adverse effects in many sectors of the economy and it should be a more serious consideration to overcome this problem.

FaithInCrypto

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Quote from: FlamingFingers on February 26, 2020, 01:46:13 PM

I'm still not understanding why people are relating the corona virus to either the pump or dumping of bitcoin, it has no correlation for goodness sake, I could remember vividly when bitcoin pumped to around $10k+ this month, a lot of people were relating it to the spread of corona virus in China, and now the dump is being related to the spread of the virus in Italy, quite funny if you ask me

I'm on the same boat. I don't really see any relation between the two unless investors are infected, thinking they won't be able to survive the virus and should liquidate all their assets to fiat so their relatives could use the money or something.

I am sure there are other reasons why crypto is on a downtrend right now and it is nothing new if you've been on the crypto industry for years.

whyrqa

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I believe that it is not necessary to tie some event in the world to the cryptocurrency market and To the price of the cryptocurrency. In fact, coronavirus has already been detected not only in Italy, but also in France and Germany, as well as in many other countries of the world. Recently, coronavirus has been recorded even in Belarus. Nevertheless, I believe that there are still no prerequisites for this virus to have an impact on the cryptocurrency market. Moreover, if someone does not know, then specialists from the United States have developed a vaccine against coronavirus, and Chinese pharmacological companies have already bought license for its production. soon the problem will disappear by itself.

charlesmichel1

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No, coronavirus outbreak doesn't have an effect on Bitcoin price. Stop explaining Bitcoin's price movements with unrelated world events.

Vishnu.Reang

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Quote from: ?? on ??

We don't need to be worry about the current situation, trust the system that it could recover much better that what it has been fallen. This is also a great opportunity for everybody to accumulate their holdings, since many people dumped their asset, then it's now time to buy instead of ranting.

I don't worry about Bitcoin, but I do worry about the health of global economy. With the epidemic spreading to more countries such as Japan, Italy and Iran, the economic losses are mounting. Many of the affected countries have closed down offices/schools and implemented lock-downs. Now this is a very expensive solution and if this goes on for a few weeks, then the economy will be in a very bad state.

Pulpen

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Crypto journalists only have the habit of explaining the price movements of Bitcoin with some totally unrelated world events, because that is what generates traffic for their site - no one wants to hear how Bitcoin easily changes and rises or falls as a result of pure speculation, because it's very boring. This has no effect on how the bitcoin network works, or how people might use Bitcoin. Gold and Silver values go up, and Bitcoin must also go up. The Corona «black swan» virus is being used to bring down the fiat system, and a number of economies, and this will allow the central bank to accumulate assets in preparation for the recovery, and replacement of the monetary system.
I believe that the price of Bitcoin is kept low to help them create this new system.

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