Topic: bitcoin is supposed to go up of this corona! people are doing it wrong - page 2. (Read 606 times)

Bitcoin is not "supposed to" do anything if we do not force it. It is we who are responsible with the price of bitcoin and if we sell it goes down, so we are the ones dropping the price.

Definitely, it makes more sense that gold and bitcoin should go up, but I guess people didn't want anyone else to have their moneys control so they withdrew cash a lot, many people literally carrying big amounts of banknotes now, there has been surge in withdrawals all around the world.

Even in health approach that makes no sense because we should not be touching each others money in case any one of us have corona but for some reason banknotes saw a surge even with that in mind. So, I agree that it doesn't make sense, but we are the ones that cause that no sense thing on bitcoin right now.

Of course it does. Recession means declining businesses and job losses. It means everyone has less disposable capital. That means less investment into anything (including BTC) and increased pressure to sell off assets (including BTC).

Plus, BTC has never actually experienced a recession. We probably shouldn't be overconfident about its performance. BTC falling 63% in this episode (vs. much smaller losses in stocks, gold) is something to consider.

The big question for me still: is this a short term contraction (months) that does not coincide with a larger recession, like 1987?

Everything gets sold in a market-wide panic.

Last week was the panic, so stocks, gold, oil, bitcoin, everything crashed.
This week the realization of an incoming recession is starting to hit, but combined with the expectation of lots of debt fueled money flowing out of thin air and quantitative easing coming. This is all good for Bitcoin. Bitcoin doesn't care about recessions because it isn't a company. But if lots of money starts flowing, that makes fiat currencies less valuable (making Bitcoin more valuable in comparison) and also that means more money being passed around, a little bit of which will flow into Bitcoin, especially as people look for hard money stores of value while companies are floundering.

And what do you know, today we have a 20% bump in Bitcoin! I expect stocks to stay low in the coming months, propped up from significant further crashing to a degree by money printing efforts and QE by governments and central banks. Meanwhile I think Bitcoin will look pretty strong in the coming months. I could definitely see Bitcoin going back to yearly highs in the next 6 months while stocks still being down around today's levels (Dow at 20,000) in 6 months. Seems 3800 was likely the bottom of the crash for Bitcoin, I'd expect stocks to continue to slip a bit more even with massive injections of cash, unless of course we turn a corner on the pandemic soon and things go back to normal everyday life in the next few months.

$6200 and still increasing,feels good to see a huge upward curve.

Seems people started to realize what they have to do with bitcoin at the financial crisis, better use this opportunity and create panic buying button guys.

You are in panic mode, please stay calm and think again before doing something bad. People will choose to sell their bitcoin into gold and property for saving, both have regulation and protect by currency and fundamental history. But supplies and fill gas is important because panic can create chaos and supplies/ gas will become expensive. I agree with last but not with the first.

If there will be a retest in $3850 where the price bounce back, then we can say that there are now buyers in that area. If you will use darvas box, you will see that the price is still consolidating. We should just wait if there will be a breakdown or breakout that will happen. But the chances of breaking down is much higher because there are still panic in the international market.

Today is actually the very first day when BTC no longer follows stock indicies. If you go to trading view and click the + button and add BTCUSD and US30, you will see they were correlated for a while however for the last day, bitcoin traded sideways while stock indicies went lower. So its looking good.

I think if stocks got a decent bounce then BTC could really rally all the way up to $8000 very fast however with all the stimulus and QE doing nothing, I think the only time when stocks will rally is when maybe a vaccine is out. However who knows how far away that is.

We can't blame those crypto users that are selling some of their portfolio as they may have urgent needs to address. With so many businesses closed, they need to prepare themselves for the worst and not be trapped without a fight. if someone can afford to buy crypto without hurting anything, like their financial capability during this crisis, i guess this is a good opportunity for them. but for those who are selling, it is understandable actually. We all have different needs so you can't tell someone that you are doing something wrong with your decision.

Yes people are in serious problem and not only single person but the whole world is suffering. So we should all be together and fight against this issue. About bitcoin we can see the price is dump so its better to keep holding and waiting for it. Those who have money they should try to keep buying and later on you will get chance to have more profit.

I know isnt bad to have these kind of optimism when it comes to global adoption of Bitcoin but it wont really be enough even we are on a very serious problem.
Do you really believe that fiat would vanished as easy as that? It might one of the cause of transmission of covid but doesnt mean that it would really be removed so
easily.Just like other markets we've seen the worst atm where everything is on read and not all people would have that same mindset on accumulating cheap coins,
consider out the panic and hesitance in regards on investment decisions.

Then we do the vaccine again, the most important thing here is to find the vaccine for this virus so people will not anymore panic, as long as they get cured when they get infected, this virus is not going to be a serious threat to our life.

It seems a positive reaction to bottom pricing here.   I do expect some retest but its possible we are still going to see BTC turn around and even be more used in any lock down scenario.



To stay elevated in this area I count as positive.   A retest of the lower price in 3000's would be more serious, but till then despite the prior falls I count BTC as acting relatively positive going forward.

+1 it will never be contained. We need to manage it...

Look at polio, measles, etc. we have vaccines but once we stop vaccination it is bound to pop up again

Wishful thinking

1. Corona is here to stay. We need to manage it.
2. Weather argument is fake news. In Australia and Africa it is spreading and it is hot.
3. A vaccine will help prevent future spread. Natural immunity needs to be built up.
4. Bitcoin has the anarchy of cash. Countries will go cashless but never 100% bitcoin.
5. 100% germ free will kill you. So getting sick is part of normal life and gives immunity.

Bitcoin is the honey badger of money and doesn't give a shit about corona 

No it isn't, it will be contained soon, this is a global emergency so the smart people in the world are definitely looking for the cure that they will be releasing soon. Bitcoin is supposed to rise but not when its result is tied with the global situation, people panic so they are cashing out, same thing happens here, it would only be okay if its not a global pandemic, but it is, a serious struggle for all of us and at this time, our needs matters most than an investment.

pandemic is here to say ? no fckin way.  seems like you like it when you say that itl stay . i believe governments and higher people are now inventing a way to destroy this epedimic . no virus epedimic remains on this world so far except from common virus and other individual normal disease . and how do you say that bitcoin suppose to go up ? how can you be so sure that corona is related to bitcoin but one thing im sure of is that people are scared and selling thier investment so that they can stock up a cash that will be using in times of hard ship because its hard to go to work right now

The reality is, companies are trying to actually get liquidated these days because they feel like all the money they reinvest into their jobs may not get back to them with profits during this time and that is why they are actually keeping it on cash. It means all those trillion dollar investment companies are not really likely to invest into anything these days. They want to get rid of all the stocks they have and that causes stock prices to crash. What else can they sell with very ease for billions of dollars?

The crypto they were holding, they can cover the losses they made from stock prices with the profits they have made thanks to crypto which increased 2x in the last 1 year, so that is what they are doing right now. Simple as that, nothing more to it.

Actually, the fact that bitcoin is not going up, and instead is following the stock markets on the way down, proves two things: a, bitcoin price is under control of the same guys who gamble in the stock markets (futures, options, etc) and b, coronavirus is fear porn to make the masses obedient to a upcoming global police state.

In the option a, if some whales had not joined forces with TPTB, the price would be going up. They are shorting it to make money out of bitmex, CME and BAKKT, and they are not re-buying crypto.

In the option b, if coronavirus was a real pandemic, and not fake, people would be buying bitcoin to avoid paper money. Since any death from pneumonia (whatever the cause) is being computed as part of the pandemic, its easy to imagine people believing anything governments tells them, including buying their own cryptocurrency (which will not be bitcoin) at the end of it. And before any of you thrown media bullshit here, know that I had pneumonia in the past, and I know very well you can die from it.

Stop spreading panic!


Yeah, how did that work out for you?
Crypto all the way..hammered exactly 40% in the last 30 days.
How many times does it have to happen to understand that everything that is bad for the economy, it is going to be bad for bitcoin also?
People that are laid off, that are in quarantine, that see their funds running out, their business crumble will not buy bitcoin!
I've been telling all those apocalypse lovers for years this, when something really bad will happen, bitcoin will just follow the others.

Because BTC is not a magic pill, it's not the holy grail, it's not Jesus, BTC is money, and look how things are turning out.
Ironically BTC needs more than ever a healthy economy, not some mad max doomsday world to thrive.

Seems nothing is trading like it should. Trump gave his speech and markets went down hard, and BTC followed. Gold on the other hand you can see it traded sideways, so I am surprised here.

Basically I think one reason why Gold hasn't rallied hard yet is because we are technically not in a recession yet. However depending what happens on tomorrow's open, it might get ugly fast. So many people are panicking right now especially the retail investors.