Topic: Can the Outbreak of CORONA Virus lead to Increase ..... (Read 362 times)

I very much hope that the situation with the epidemic in China will not affect the cryptocurrency market, although each of us understands how important Chinese miners are for pricing Bitcoin.  The other day I watched available videos about the situation in China, then this is really very serious, which I could not even suspect.  Based on this, we must be prepared for bad consequences, while not losing our optimism.

400m quarantined, 700m under lock down and a lot people with bio-hazard suits.

You guys are missing a lot of stuff.

What crash? Are you talking about this one?


As you can see in the daily chart of BTC/USD you'll see that there was no effect on the price movement of Bitcoin this 2020. The US-Iran conflict happened literally just in the first week of 2020 but as you can see in price movement above Bitcoin shows no any signs that it was affected negatively by the two countries having a conflict, from what I even remembered some local crypto exchange in Iran have Bitcoin priced above it's current fair market value.

But speaking about the Coronavirus as a different situation compared to the US-Iran conflict. I can say that it might have some kind of direct effect in the price of Bitcoin. Last week we have seen news relating a Bitcoin farm in China closing their operations due to the government forcing them to stop their operations because of the Coronavirus. If things worsenes and other Bitcoin farms in China will shutdown the direct hit we will have is the decrease in hashrate. Last time our hashrate drop significantly it directly brought Bitcoin's price down together with it.

Maybe it's true that the outbreak of coronavirus leads the bitcoin price increase, but we shouldn't speculate with it, man! More than 1400 people already dead in that virus, and we are celebrating the Bitcoin price increase and saying it's because of coronavirus? How pathetic! We should stop it right now, celebrate the Bitcoin price, that's okay but keep praying for the victim of Coronavirus, send help to them.

How many times I have seen topic correlating NCoV and Bitcoin price. Same thing with other events such as valentine's day. I think it all started when the price increased when the tension between Iran and U.S. arose which affected the market price of Bitcoin. And when the tension cooled down, the price fell in a sudden. But people should really cut such thing, also without supporting data.
But still it has no effect with the price, that it the bottomline right? Maybe it would have in the future, but let us be positive that the issue will soon be contained.
Some people assume that there is a relationship between the price and the issue because majority of the miners are based in China. Since they are highly affected, it may reflect to the price. In which I do want to have supporting claims.

Possibly, if we could look on the angle where a lot of miners are base in china, suspending the miners to do their job to get Bitcoin supplies. This would in fact, would probably lessen the supply of Bitcoin circulating altroughout the world.

This would be a tough guess because, if you would look only between the relation of corona virus and Bitcoin there is really no connection but, for the people or subjects it would affect is where the possibility lies.

Why not just because there will be a halving that will come? 
I think that is all the main reason of this increase.

Think of yourself as a buyer. Something like an investor and want to profit easily with just buying bitcoin.
Will you buy at a price that you cannot afford it anymore or gaining smaller number of bitcoin?
That may be the reason into why it is increasing in demand. People are buying for future profits.

The fact is that many cryptocurrency users were afraid of the negative consequences of the coronavirus in the cryptocurrency market.  The fact is that almost 80% of all miners are located in China and therefore it can be considered that a significant part of Bitcoin owners are also located in China.  Given the fact that people will use all the money to save their lives, it is likely that a large amount of bitcoin will enter the market, and with the increase in bitcoin supply, the price of this coin may decrease.

Most likely yeah it was like that. The simple pattern that we used to be living with as we enter to crypto, it's like that.

Or in other words, the cycle that bitcoin has been attached to.

This has been talked about probably a million times already, the topic has been opened about this a million times as well on top of that and the topic never really changes. Let me explain it this way, today when you go home, open your television, open the news channels at the prime time and try to see what the news are showing. Count how many economic related news there will be, count how many health related there will be, count how many politic related it will be, and then try to see if there is anything about corona at all.

You will see that there is either one news about corona or maybe even zero probably at this stage, whereas all other topics are going to be talked about for hours and hours. Which could show you that, people do not care about it as much as you think they do.

Another topic about corona virus and Bitcoin. I wonder where people find inspiration.for that and do they really believe there is a connection between virus and Bitcoin. It's simply amazing.how far people's igmorance can go.
There is absolutely no connection between Bitcoin price and current growth and corona virus, it's pure conicidence that is happening at the same time.

Don't worry. There's no reason to be not happy about, as the argument that bitcoin's price rise is due to the corona virus is just not that convincing. You don't need to overthink it in the first place, simply because there's really almost no way for us to know for sure what caused the price rise. In the end, we're just making rough guesses.

FYI;  i've notice lot of positive comment & contribution(s) at the same time i notice series of insultive comment(s)/contribution(s).
With respect to the victim's and great heart of sympathy to families who had lost their belove one's as a result fo this attack.

*I'm not happy either about the rise in price of btc if, it's in any where due to the outbreak of corona virus but, the reason why i started this trade is to know to various reason,season to could affect the price of btc either negatively or postively.

Actually, i've kept my eye on this for sometime now

I hope it's clear now?

Once again, my heartfelt sympathy to the victim's and i pray for a devine intenvention!!

Thanks
Soldierwitlittlefaith

Or maybe it's simply part of the natural course of the Bitcoin market, when it's the end of the bears, and the dawn of a bulls again.

People think that there's a connection with ncov and bitcoin increase and the same with the USA-IRAN conflict but I say that it's a normal growth of bitcoin.

And there's one big thing that makes me believe that it's because of the approaching halving by the time of May. Everyone is buying back because it was believed and proved in the past that after halving price will surge.

OP, merited this post. If you know our history, you would say that it means a lot. Haha.


BUT, personally? Take precautions if you live close to the vicinities where the virus has spread extensively. Especially if you have little children living at home with you.

The S&P 500 is making new highs almost daily again. The Coronavirus hasn't even shaken the stock markets. The infection rate is also now falling for the first time, making long lasting economic damage even more unlikely: https://www.nytimes.com/2020/02/12/world/asia/coronavirus-china-covid-19.html

So I don't expect it to affect the BTC market either. If the Coronavirus did turn into a pandemic and cause big economic fallout, I would expect BTC to fall, not rise.

Lock-down meaning that people in few certain cities aren't allowed to leave the city. Not necessarily that they aren't allowed to leave their homes. And of course people are still able to leave China through planes. It's not the whole country that's locked-down, just a few cities like I said. Calm your ass down.

And yes, I know 2 people; and I barely use social media(besides Reddit).

there is no lockdown.
all there is is a guy with a electronic thermometer at borders (airport checkins)
people were still able to go out and shop . yep facemasks were for sale. they were not just magically turning up at peoples letters boxes.

the reason for the quiet period is the same reason every year.. the chinese new year festival.
i have heard the most obsurd reasons for 'asic miner customer serve delays' being related to corona.. yet. every single year at the exact same time period they have had this issue due to chinese new year..

and funny thing.. media claim the 'lockdown' being lifted on a certain date.. hmm.. isnt it strange it just happens to be the same date as the end of the chinese new year period...

i have asked many chinese people and they still go out every day and not in fear. how many have you asked. or is your opinion based on western media.

funniest things i have found is the so called lock-down.. yet strangely then promoting campaign fear of westerners in china should get on a plane and get out... wait.. if there really was a lockdown. there would be no planes. right?
oops. there are planes. so i guess the lockdown is not as severe as media portray

im sorry but its not some zombie apocalypse fear reality in china. its a chinese new year festival, check on your elders to make sure they are healthy and continue as usual reality

either way.. hashrate in january is higher than december and hashrate in february is higher than january. (up up up) so i see no impact on corona hurting bitcoin

Agree with you, there is no quite good evidence or proof that they gonna pull their money and investment and put it in crypto. The thing is, halving is on its way, so that we may experience pump this season, and some correcting in prices. I do not think that it has both a connection but I also consider this one since they cannot spend their money freely now, so there's a chance.