Bitcoin declined 3% as the coronavirus spread in italy - page 6.

stompix

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Quote from: buwaytress on February 25, 2020, 11:41:51 AM

Quote from: stompix on February 25, 2020, 09:57:28 AM

~

I mean yeah, we've seen it before yeah? But at least the hyenas were jumping up and down then at somewhat plausible events. Like okay, sure, I get it, Bakkt still resonated a lot with of people so anything remotely related to institutional interest got us all hot and heavy, heck me too for a while. But it got way ridiculous with Iran bombings and now a healthscare that seriously can only have the vaguest of links. The closest link I read was blockchain events getting cancelled. Well so what? Less people taking selfies together at events.

Can't believe I actually sort of defended hyenas in the past heh...

What pisses me off in these situations which have started to become more and more frequent on this forum is that if you try to be reasonable in the discussions when everyone is hyped by some random event and you are trying to bring them down to earth you start to look like a bear or a bitcoin negativist.
I'm trying to be objective but with so much unreasonable hype I end up criticizing 90% of the news which is damn frustrating....

And even more frustrating is that I want to avoid those topics, knowing that 99% of the guys that I reply to will not bother to read it but I simply can't stop myself when I see discussions in which something that wrong is being paraded as true. Cry

pixie85

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OP should really read the statistics. Most coronavirus victims and probably all who died in Italy were old and sick people who already had health problems.

This virus is very much like a normal flu and you should know that flu is not being treated by antibiotics or anything like that. When you get the common flu you are usually sick for a week and have high fever and muscle pains. All you have to do is drink a lot of water, lie in bed and keep the fever low by taking ibuprofen or other common painkillers.

7 people died from coronavirus. Car accidents claim over 3000 lives per year in Italy. Should we dump our BTC because of that?

tomahawk9

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Quote from: FanatMonet on February 25, 2020, 06:32:55 AM

If there is a relationship between these events

There isn't. But Cointelegraph uses clickbait-y headlines like these to attract attention and generate ad revenue.

We've seen bigger price swings this month and none have been connected to this virus or any other event. We see this sort of price movements in the because that's what happens on a daily basis in a highly volatile market.

buwaytress

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Quote from: stompix on February 25, 2020, 09:57:28 AM

Well, the ones that should feel bad are the ones that see every disaster on this planet, every tragedy as a reason bitcoin prices should go up.
Lately, I've observed a pack of hyenas around here that jump up and down from joy once something bad happens as they see it as a trigger for people to go into BTC and those buys would help the price....for them to dump at a profit , of course, Angry

I mean yeah, we've seen it before yeah? But at least the hyenas were jumping up and down then at somewhat plausible events. Like okay, sure, I get it, Bakkt still resonated a lot with of people so anything remotely related to institutional interest got us all hot and heavy, heck me too for a while. But it got way ridiculous with Iran bombings and now a healthscare that seriously can only have the vaguest of links. The closest link I read was blockchain events getting cancelled. Well so what? Less people taking selfies together at events.

Can't believe I actually sort of defended hyenas in the past heh...

rdbase

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I was thinking about this the other day and wanted to put my 2 cents in. Wink

The coronavirus is affecting the global markets with the dow jones and the tsx taking massive losses ever since the second week of the virus has affected production of resources exported from china with their death toll reaching 2663 today.
https://www.nbcnews.com/news/world/coronavirus-updates-pandemic-risk-grows-if-countries-don-t-cooperate-n1142301
The only thing which seems to be making a big rally are the precious metals which can be seen in gold pumping up in price. Undecided

While posting this I am watching BTC taking a tumble down for some other reason than the cornovirus. Embarrassed

7788bitcoin

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Quote from: KarlKanKarl on February 25, 2020, 05:38:23 AM

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?

Are you implying that Italy is a huge market and the spread made a huge difference in the market, i not sure what made the market correct now but there was a huge auction in the past week and how much it affected the market is also puzzles me, what ever be the case the market was not able to break the resistance above $10k and hence we are seeing a slowdown and it is not necessarily because of the Virus outbreak.

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Quote from: GreatArkansas on February 25, 2020, 06:17:40 AM

I don't think so it is because of the novel Corona Virus or COVID-19. Why when the Corona Virus (COVID-19) started to spread massively in China or in other countries around the first weeks of January, we don't see any dumps there while we are just able to pump above $10,000 before.
I really don't see any connection of Corona Virus (COVID-19) spreading in Italy on the recent Bitcoin dump of around 3%.

Why not?

The latest death toll is 2700 and the number of suspected cases has increased to 80000. Do not forget South Korea is another country that has been hit majorly by this virus. In Europe Italy has the largest number of suspected case and deaths. Things are slowly going out of control and you still think Bitcoin market will rally Grin

.

Live update - https://edition.cnn.com/asia/live-news/coronavirus-outbreak-02-25-20-hnk-intl/index.html

stompix

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Quote from: KarlKanKarl on February 25, 2020, 05:38:23 AM

Can coronavirus spreading be the cause?

Can coronavirus cause stupidity? Maybe!
Can it cause 100 stupid topics on bitcointalk? Definitely!
Should we quarantine some of those that spread this! Yes!

If bitcoin goes up, it's the virus, if bitcoin goes down, is the virus, if the price is linear, is the virus.
Same for the rocket crisis, same for the hong kong protest, same for the bushfires same for every damn event in the last year.

Quote from: Ridwan Fauzi on February 25, 2020, 08:01:41 AM

So, the decresing price right now it is just because virus corona I guess. Maybe there is something else who made bitcoin and most altcoin prices are decrearing, but I just guessed that decreasing price is because Warren Buffet againt.

Yeh, let's go fully nuts!

Quote from: buwaytress on February 25, 2020, 08:00:24 AM

So who should feel bad? Digital gold proponents who should be expecting price bumps when traditional markets are suffering from panic?

Well, the ones that should feel bad are the ones that see every disaster on this planet, every tragedy as a reason bitcoin prices should go up.
Lately, I've observed a pack of hyenas around here that jump up and down from joy once something bad happens as they see it as a trigger for people to go into BTC and those buys would help the price....for them to dump at a profit , of course, Angry

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Quote from: FlightyPouch on February 25, 2020, 08:12:24 AM

It might be the reason, or maybe not. It may not be that far but Italy is one of the 10 countries that use bitcoin. 15.3 percent, well it might be lower or higher now, of bitcoin-accepting stores are in Italy.

https://coinidol.com/top-10-countries-using-bitcoin/

Though I agree that someone might just sell their bitcoins, another thing is that we all know the volatility of it. Bitcoin's price increases when the epidemic rises, I think it is just the same as that.

I see no correlation.
1. Only a very small part of the population is affected. There's no widespread panic in Italy and stors are not closing just because a few people in nation of 60 million got sick. The lethality of this virus is estimated at 2% so there's really no need to worry, even if you get sick.
So far there are 7 confirmed deaths in Italy. 7 people out of 60 million...

2. The revenue from bitcoin accepting stores is actually very small when compared to the exchange volume. The truth is that Bitcoin is mainly used as an investment and a tradable asset. Then it's used for moving money between countries and buying stuff via gift cards. Then probably for gambling. Saying that Bitcoin price was affected by physical stores being closed sounds to me like a far fetched speculation.

fiulpro

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It's not one particular nation , it is just , Corona virus is spreading so fast that the epidemic is getting converted to pandemic .
It is making situations worse for the people who are living in such infected areas , ofc the holders would be trying to get the money from any place that they could so that they can deal with this .
If people decides to cash out their bitcoins because let's be honest , nothing is more important than your health at the top of it it's a disease where the prognosis is very worse therefore it's completely understandable , if BTC declines with the spread of Corona Virus.

FlightyPouch

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It might be the reason, or maybe not. It may not be that far but Italy is one of the 10 countries that use bitcoin. 15.3 percent, well it might be lower or higher now, of bitcoin-accepting stores are in Italy.

https://coinidol.com/top-10-countries-using-bitcoin/

Though I agree that someone might just sell their bitcoins, another thing is that we all know the volatility of it. Bitcoin's price increases when the epidemic rises, I think it is just the same as that.

Ridwan Fauzi

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When corona virus came to china snd many people there were infected but the price of bitcoin was increasing even most altcoins price were increasing as well, have you remember it?

So, the decresing price right now it is just because virus corona I guess. Maybe there is something else who made bitcoin and most altcoin prices are decrearing, but I just guessed that decreasing price is because Warren Buffet againt.

buwaytress

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So who should feel bad? Digital gold proponents who should be expecting price bumps when traditional markets are suffering from panic?

In malaysia, stock markets crashed after the government essentially crumbled last night, that could be sending jitters throughout as one of the region's most stable country destabilises...

But the 3% happening because of that is as likely as it happening because I sneezed...

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Quote from: putukin on February 25, 2020, 05:50:49 AM

Quote from: KarlKanKarl on February 25, 2020, 05:38:23 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?

This is a possible reason for the fall of the market, but I think that the reason is not only one. Some people may have sold their assets for self-saving against coronovirus, but I won’t believe that it’s as much as 3%

it is not in line with consideration that BTC is a store of value, Gold is going up, and i do not think that this is the reason for BTC to go down, it is a correction after fast rise since new year, coronavirus is probably slowdown the correction, that was inevitable, and it is part of the process to go up...

traderethereum

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I don't think that it is because of coronavirus. Maybe it is because the other things that we don't know but yes, bitcoin price still at the lower price. We are at the end of this month so we can expect to see bitcoin price will increase again in the next month. We can hope that this week, there are significant moves from bitcoin because yesterday, bitcoin price can get strong, although, after that, the price is down again today.

There are many possibilities for bitcoin prices to go down and up again, and we don't know what the real reason is.

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Quote from: KarlKanKarl on February 25, 2020, 05:38:23 AM

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?

nCov-19 outbreak occured in late of 2019, bitcoin fell down. Wuhang was strictly restricted by the Chinese government, bitcoin skyrocketed to the moon, over $10000. Now, SARS-Cov-2 spred over Italy and maybe over the Europe, bitcoin has fallen down again.

Do you really think that the rises or decreases of Bitcoin relate to SARS-Cov-2 and Covid-19?
Are there strong correlations between them you can find yet?

Personally, I would say "Don't try to connect bitcoin price and SARS-Cov-2, please"

If you spend your time and search the history of bitcoin price and news on SEC, you will see the same fake correlation. People simply tried to connect them together but they are wrong.

jossiel

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Let us not think that when there are crisis like this, there's always an attachment to the bitcoin market. And if I remember it last time, when the possible triggering of US and Iran war.

The price of bitcoin pushes up.

Which made everyone thought that there's also a connection to it.

finaleshot2016

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Market's whales are from China where the nCov started but even there's a state of emergency on some region of China, Bitcoin's growth last January is unstoppable.

So I don't really think it's because of coronavirus spreading in Italy. There are many possible factors to be considered on downfalls. When whales move a little, it has a great effect on the market. Coronavirus in Italy wasn't the thing, actually, there's a lot of countries in the west that's affected by coronavirus last month, but still achieved 9000$.

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It is more of a coincidence. Italy is not a centre of cryptocurrency mining being suddenly halted due to the virus.

What is and surely will be affected is the global economy in general. Due to the coronavirus, the demand-supply chain is already damaged. Components and elements produced in China are less available now (factories are either not operating, or just with partial capacity), therefore assembling or selling products from China is slowly becoming a minor issue for the economy of the 1st world. For buying vehicles/electric devices and whole industries being the final producers.
This could be one of the last nails in the coffin named global financial crisis. If this would turn to be true when seeing the global GPD slowdown (even negative territories) presented in official reports (like statements, that industrial production in Q1 2020 was -20% in comparison to the previous quarter), the stocks are going to turn really red, fuelled by panic - and we could see another ATH rush for BTC, and of course for precious metals as well.

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Quote from: KarlKanKarl on February 25, 2020, 05:38:23 AM

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?

No. I'll tell you the real reason, but please only put this into newspapers if you mention my name.
It's because Trump was snoring last night.

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