corona Vírus doesn't affect bitcoin price - page 3.

hatshepsut93

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Quote from: Twentyonepaylots on March 08, 2020, 06:54:20 PM

There isn't much proof that external factors such as diseases like this could destroy nor build the bitcoin or crypto space but in simpler things like people trying to buy bitcoin in frighten to lose their paper value due to this might actually help. The core of cryptocurrency is a pure speculation so this already mean that there is no direct relation of anything outside the crypto space to it. It is quite interesting how the market is moving far from most of our expectation especially now that the most anticipated event on bitcoin is coming. Guess we should look more after with what is happening in the real world.

There's no signs at all that the coronavirus can trigger some sort of hyperinflation, we don't see any big drops in national currencies, and holding fiat is actually a good idea during a crisis, as long as the crisis isn't linked to hyperinflation, but then you can just hold foreign fiat. So overall there's really no fundamental reason to think that this epidemic is somehow good for Bitcoin.

Twentyonepaylots

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Quote from: hatshepsut93 on March 08, 2020, 05:43:11 PM

Quote from: sujon5 on March 08, 2020, 03:51:12 PM

Bitcoin price is depend on so many different factors. That's why it's hard to find a correlation between it and events in the world. So we see that COVID-19 outbreak didn't affect the price. It seems to me that stock market is more limpid for analysis.

There's actually not that much factors that affect Bitcoin, it's mostly just pure speculation, which is just unpredictable, and occasionally it does react to news, but only when they concern Bitcoin directly, like when some important country bans it or legalizes it. Yesterday the price was $9,000 and today it dipped all the way to $8,200 without any big news or reason - that's just how it is, Bitcoin was always volatile, and it's important to realize it and stop looking for sophisticated explanations.

There isn't much proof that external factors such as diseases like this could destroy nor build the bitcoin or crypto space but in simpler things like people trying to buy bitcoin in frighten to lose their paper value due to this might actually help. The core of cryptocurrency is a pure speculation so this already mean that there is no direct relation of anything outside the crypto space to it. It is quite interesting how the market is moving far from most of our expectation especially now that the most anticipated event on bitcoin is coming. Guess we should look more after with what is happening in the real world.

hatshepsut93

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Quote from: sujon5 on March 08, 2020, 03:51:12 PM

Bitcoin price is depend on so many different factors. That's why it's hard to find a correlation between it and events in the world. So we see that COVID-19 outbreak didn't affect the price. It seems to me that stock market is more limpid for analysis.

There's actually not that much factors that affect Bitcoin, it's mostly just pure speculation, which is just unpredictable, and occasionally it does react to news, but only when they concern Bitcoin directly, like when some important country bans it or legalizes it. Yesterday the price was $9,000 and today it dipped all the way to $8,200 without any big news or reason - that's just how it is, Bitcoin was always volatile, and it's important to realize it and stop looking for sophisticated explanations.

sujon5

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Bitcoin price is depend on so many different factors. That's why it's hard to find a correlation between it and events in the world. So we see that COVID-19 outbreak didn't affect the price. It seems to me that stock market is more limpid for analysis.

avikz

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Quote from: bitmover on March 07, 2020, 12:09:33 PM

All over the world we can stocks near 12% down since the end of January, when Corona virus showed up.

Bitcoin was neat 10k, and we still didnt lose 9k.

Btc is doing extremely well. it is not skyrocketing like gold but we are holding strong.

Corona Virus actually affected local industries. A large number of factories have been closed down due to this new epidemic which directly affected the stock markets, especially in China! But bitcoin is not dependent on a single country or a region, It is truly global in all literal sense. So bitcoin was not affected by it. But I am still finding a way to explain today's price crash!

Quote

I am impressed and we can see that bitcoin price is not correlated with stock market.

Is it something that you realized now?

Assface16678

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Quote from: Wexnident on March 08, 2020, 12:12:07 AM

Stocks are more affected by the virus since their factories are much more likely to be influenced with the reduced production because of the possible temporary stops of the factories to prevent the spread of the virus. This makes sense, but Bitcoin being affected by the virus really seems unlikely.

The loss of BTC from $10k to $9k could just be a byproduct of the fears of the stock market as well as a possible correction from the rise of BTC in the past 2 months. We've seen it constantly going up from $7k after all, so a correction might have been necessary.

The virus still affect the market because it is a lot of people are afraid about the virus spreading today and that is not a good thing it may affect their work and also the job some of the people today stay away from their places nearby the virus and some of them are going to migrate just to avoid the sickness. Also today one of the largest news created is the use of the cryptocurrency on south Korea because some of them are limiting the use of fiat currency or the physical money because the virus is airborne and it can attached to the objects we usually use and money is included so they will prefer to use the digital currency and also it is good if we are avoiding too much touching to our eyes, nose, and mouth so we cannot easily infect. We are looking towards making a good market income even there is a virus spreading but today it is not good because some of the stocks are falling down because of the event happening in the world.

Blackdeath

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Corona virus really does not affect bitcoin's price because it will only effect the economy of a country through productivity of mediines and the health of every people in a country, that is why it is not true that novel corona virus have help bitcoin to increase it's price.

jakelyson

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Quote from: philipma1957 on March 08, 2020, 12:09:07 AM

I think that this is yet another test of what science 🧬 can do with a virus 🦠.

This is close to what they want.

1) lots of people catch it fairly easily.
2) does not kill kids.
3) works to cull older and sicker people.

Pretty good to have in your bag 💼 of tricks if you want to do population control.

This is a dark and sick idea or conspiracy but I cannot totally dismiss it because it can be true. A country with a large population and limited food sources can do population control and present it as a pandemic. But you have to be a totally heartless government to implement such.

Quote from: Shimmiry on March 08, 2020, 06:55:21 AM

TBH Corona VIrus or COVID do somehow help the Bitcoin and cryptocurrency world and its market, as physical bank notes do have a possibility to transmit and pass the virus around the world. And with it, there is a huge possibility that most would rather use online banking and online payment systems (or rather use cryptocurrency as a mode of their payment), as it lessens the risk of having the aforementioned disease.

Bank notes are known to transfer all kind of germs, viruses, and bacteria long before COVID-19, why would it have an effect now? IT is just a big propaganda.

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Quote from: bitmover on March 07, 2020, 12:09:33 PM

All over the world we can stocks near 12% down since the end of January, when Corona virus showed up.

Bitcoin was neat 10k, and we still didnt lose 9k.

Btc is doing extremely well. it is not skyrocketing like gold but we are holding strong.
I am impressed and we can see that bitcoin price is not correlated with stock market.

TBH Corona VIrus or COVID do somehow help the Bitcoin and cryptocurrency world and its market, as physical bank notes do have a possibility to transmit and pass the virus around the world. And with it, there is a huge possibility that most would rather use online banking and online payment systems (or rather use cryptocurrency as a mode of their payment), as it lessens the risk of having the aforementioned disease.

sisule

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When cash money could be the way how corona virus effect I think many people will use bitcoin as payment transaction and become most effective way how to make bitcoin and altcoin back to track with higher price, but we need waiting for bitcoin on the top price.

hongchao123

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Bitcoin is very volatille without this virus too. We are going to 8k if nothing will trigger bull run

crwth

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I think with the current situation with the price of a cryptocurrency and mainly Bitcoin, It has been affected in some way. Knowing that there is news about the use of paper bills has somehow changed the spreading of the coronavirus means that they could probably get more digital cash instead of the actual paper money.

Having that said, The use of paperless money is essential to lessen the spread of the virus. And maybe this is how the public is seeing it as well. If ever there is an effect, can you verify it? Verify it in such a way that it has been caused by the coronavirus?

https://ph.news.yahoo.com/who-world-health-organisation-coronavirus-banknotes-warning-111019361.html

Casdinyard

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To think about this, we should uncover the reason why bitcoin is having its market price of what it has as of now. The result of that market price is simply the demand of the people towards it, and saying corona virus isn't affecting bitcoin's price, I think, my point of view about it is quite opposite. Why? Because with corona virus, people will tend to look at the best possible option of transacting and if they find bitcoin possess the characteristics they want, basically, demand for bitcoin will increase, so as its market price that is why I believe the current situation does really have an effect to bitcoin.

Wexnident

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Stocks are more affected by the virus since their factories are much more likely to be influenced with the reduced production because of the possible temporary stops of the factories to prevent the spread of the virus. This makes sense, but Bitcoin being affected by the virus really seems unlikely.

The loss of BTC from $10k to $9k could just be a byproduct of the fears of the stock market as well as a possible correction from the rise of BTC in the past 2 months. We've seen it constantly going up from $7k after all, so a correction might have been necessary.

philipma1957

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Quote from: hugeblack on March 07, 2020, 09:08:31 PM

Many articles trying to link anything and the price, we may have a philosophical theory about the effect of things on the decisions of buying/selling, but even these changes will not make fundamental differences in price.
That is, the effect of corona will be limited to countries and individuals, not to entities that change supply/demand, and therefore there will be no real impact on price.
Once corona affects supply/demand (today, after 1 week, 1 month, 1 Year,) then it will have an effect on price. Comparing prices at the beginning and now will not give real results.

I still believe that the purpose of this virus is to weaken the economy of some countries more than it is a deadly epidemic.

I think that this is yet another test of what science 🧬 can do with a virus 🦠.

This is close to what they want.

1) lots of people catch it fairly easily.
2) does not kill kids.
3) works to cull older and sicker people.

Pretty good to have in your bag 💼 of tricks if you want to do population control.

Latviand

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At this point, Corona virus has not that much of an effevt towards cryptos but I doubt that it won't have if ever the problem would get worse, and hoping that it won't. I am not yet sure of whether the effect would be positive to the price or negative to the industry. Worst scenario is that, money would no.longer have a value and it would be a matter of survival. But that is just exaggerating the scenarios. The bottomline is that, at this moment, it do not affect the crypto industry and people should really stop making topics forcibly correlating these two variables.

Quote from: jackg on March 07, 2020, 12:12:53 PM

Corona virus appeared in December, it appeared internationally at the end of Jan but even before then there were probably carriers in sj and jn.

I don't know why bitcoin would be correlated with the markets. Wise investors probably set and forget and they probably have the highest stake at this time...

The main reason I think why some people are correlating the market price of Bitcoin to corona virus is that, majority of the miners are residing in china. But little do they know that those miners could be on a less harmful area given that not all provinces in china are highly affected, which might avoid the negative influence of such virus to the cryptoindustry.

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Many articles trying to link anything and the price, we may have a philosophical theory about the effect of things on the decisions of buying/selling, but even these changes will not make fundamental differences in price.
That is, the effect of corona will be limited to countries and individuals, not to entities that change supply/demand, and therefore there will be no real impact on price.
Once corona affects supply/demand (today, after 1 week, 1 month, 1 Year,) then it will have an effect on price. Comparing prices at the beginning and now will not give real results.

I still believe that the purpose of this virus is to weaken the economy of some countries more than it is a deadly epidemic.

BlackFor3st

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Quote from: bitmover on March 07, 2020, 12:09:33 PM

All over the world we can stocks near 12% down since the end of January, when Corona virus showed up.

Bitcoin was neat 10k, and we still didnt lose 9k.

Btc is doing extremely well. it is not skyrocketing like gold but we are holding strong.
I am impressed and we can see that bitcoin price is not correlated with stock market.

It is like a coincidence that the bitcoin price was starting to move upward and the outbreak (coronavirus) was also starting, the others are saying that the increase of bitcoin price is because of coronavirus outbreak in which I am not so sure if they are related to each other. We are doing good for almost 3 months in which most of the currencies have increase more than 30% but as we know that the market will not steadily increase, the market is now playing less than 9k$ for bitcoin.

Current bitcoin price is sitting at 8911 usd base in coinmarketcap price, we have successfully hit the barrier of 10k so the next target will be 12-15k before the market will start to go down again. Crypto market is very different with stock market because stock market can be predicted easily if you are very active on what is happening in our economy but in with crypto no one is professional enough to predict the market happenings 100% correct.

hatshepsut93

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Going from 10k to 9k it a 10% loss, and it's actually similar to what the stocks are experiencing, because they are also in a big bull market, so maybe the virus just triggered and amplified a correction that could occur even without it.

This isn't to say you are wrong, in fact you are very much correct - there's no strong mechanism for this virus to hurt Bitcoin, so any perceived effects on price are just a coincidence or a short-term panic. Bitcoin's own market cycle and things like halvening are much more important for its price than real world events.

bitbunnny

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I think that by now it's clear that corona virus doesn't affect Bitcoin price. At first there were many theories aiming exactly at that direction, some even saying that corona virus was intentionaly released just to harn cryptocurrencies, which I don't think that has any reasonable explanation.
Maybe in the case that corona virus situation gets into some serious world crysis that would seriously affect global economy that might influence in.a way Bitcoin price too.

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