Topic: Coronavirus crypto - page 3. (Read 1326 times)

The article is well written with some facts in it.

I am not sure if market is really resisting the crisis of corona OR all the crypto lovers are at home and focusing in the crypto market thus resulting into increased capital of market.

You couldn't rule out this possibility if thought about it closely. The gesture of #Coronavirus is affecting the market in positive way.

It seems that even stock markets have restored pretty good on today's date for asian countries and hopefully will be the same pattern in east to west hemisphere.

There is surely some effect of corona.

Bitcoin is headed to $50k for sure.

This COVID-19 really affects the cryptocurrency, I don't think that the source link is saying the truth that it doesn't affect the dumping of the bitcoin because it really is. When COVID-19 spreads all over the world the price of the bitcoin also starts falling so I think it is somehow related to the price drop of different cryptocurrency because of being affected of some players, investors and traders, some of them are being afraid of the virus so they converted it into fiat to buy some goods and stuffs that they will be needing to survive for the crisis.

Well said mate, even though we know that cryptocurrency is volatile, it can be still affected by the virus, no one can escape the effects of the crisis that we are now facing.

Cryptocurrencies being a crisis proof is not true. Corona virus affected many, the stock market, crude oil, the world economy as a whole and now we see it in the market. We also know that the crypto market is very volatile, even a simple panic can change the market price and now that corona virus is here, infecting many people around the world not only gives panic to particular people in a country but rather in the whole world. This is the reason why people  convert their crypto assets to fiat currencies to buy their everyday necessities. This only proves that crypto is not crisis proof.

We need to get the vaccine here but unfortunately we need to wait for months and months.
Help is ok, but solution would be best to stop the economic loss of most affected countries.

Most factories here from where I am at are already manufacturing sanitary equipmets to help battle the growing demand. And cryptocurrency-wise, the industry is not responding well in terms of the coronavirus panic. Most investors have panic sold, supposedly to cash out their money for personal use. Which is really bad. From $10k to $6k. But I don't see it as something that will kill bitcoin in itself. Bitcoin had encountered even greater losses than this. Provided that the world recovers from COVID-19, bitcoin will surely bounce back.

I think panic selling is the impact of Corona.
There was a fear of economic paralysis which had a domino effect on various sectors and various countries.
But the good news is that for the past five days, there have been no reports of new cases of the Corona virus in Wuhan city where the virus was detected.
China is now in good control, and now China is helping others
After that, Halving come and green candles everywhere

The Crypto market reacted nagatively to the virus outbreak but as I write, Bitcoin seems not to care about the epidemic as it's keeping its position at $6k zone , if it wasn't resistance it could have Perhaps slide to $2k zone which we didn't experience despite a heavy panic sell off.

Crypto is not immune to panic and it works just like the finances and stocks. Today the S&P500 spiked up and so did Bitcoin.

Don't cremate! Build a new soap factory! We need to keep hands clean for Corona.

Me either.

It has nothing to do with crypto but with the investors, it does and reacted with the other markets. This made a huge fear because it's a pandemic and people who likely have funds stored on bitcoin probably sold for the lockdown specifically to the people who are affected by the said disease.

As it moved down rapidly a few weeks ago, it made a comeback and swinging somewhere from $5800 to $6300.

With the situation getting severe every time I check on news update I see now how the virus is taking over the world and make us worst not only with the market but generally as World. The economy is declining, a possible recession might be the next threat to all of us after this, if you call this a crisis then what's coming next is a disaster. Cryptocurrency should be the fall back of everything in physical world but it seems like it isn't working, that defines our huge problem in front of us now really. Are not we prepared on this kind of event?

I don't think you need anybody to tell you that this is not true looking at how the entire crypto market cap dump over $100 billion USD when the spread of this COVID-19 went viral. Currently, stocks, commodities, and cryptocurrencies are still underperforming due to the slowed economic growth in major countries. So yeah, this virus really has hit all markets and not only the crypto market.

We live on one planet and everything that happens here somehow affects each of us. Cryptocurrency is also dependent on world events.

Btw, about the blockchain. How will a decrease in the number of miners affect the value of a coin?
I’m talking about a decrease since the virus probably affected a lot of miners.

In many countries around the world, the spread of rent and the government of big countries for the virus has helped with the rest of the points and provided opportunities for research so that it can create a better immune system but there is a huge loss of business for this virus. However, in my opinion, when the virus does not exist, then the price of cryptocurrency will be higher

That's right this virus is just a part of the dumping and the down of the market. Remember that we are still having a bitcoin halving and in which I can say that this is the majority part of the dumping of the market because the bitcoin halving is very near so it would really just a matter of fact that we really need to take the risk on this situation.
There is no doubt that the bitcoin supporters are still being optimistic and positive despite the fact that the bitcoin is suddenly dumping and dumping right now and that's normal because cryptocurrency is volatile meaning no exact value.

It went down a lot but it did came back.
So I think that summarizes it all.
Not all of it is about the virus but maybe a bit of it.

We are still on the path of going to a halving and the quarantine cannot stop that.
People, specially bitcoin supporters are still optimistic about it. I guess it will just be a manner of time and then they will come buying again which is a wise idea for this may be the lowest we could get.

If you not yet realized COVID-19 effects on crypto markets then likely you were far from markets lately. This is normal behavior on global crisis. Bitcoin or crypto isn't out of global economy, so crypto market is unable to recognize during that crisis. As a crypto lover we think positive always, but at the same time we can't hide the current circumstances. Even me I am thinking that I need some real cash during that global crisis and I sold some of my bitcoin before dump (I was really lucky that time). Just imagine, if every crypto holders think same as me then obviously it will effect on crypto markets. And yes, that's golden time who have enough real cash to accumulate crypto.

We can already see the reaction of the cryptocurrency market to the virus that has been occurring right now and I sadly to say that this is kind of bad reaction of the market due to the down of the businesses and also their profit because most likely their employees are now suspended on their work so probably they are losing profit right now, but the thing was is it true that this article says that this is a resistance? I don't think so.

It is not zero, is it? Therefore it resisted just fine. Currently its about 6k, this is not too bad considering the whole world economy went down...

Many people here use the world "stable", or "selling for fiat". Have you ever stop to consider what would happen if your fiat fails?

Coins like the USD or EUR are not backed on anything but the economies they represent. And yet, those very economies are down. How exactly do these coins keep their value?, and, is their capacity to retain it infinite?

Have you ever stopped to think where will your wealth go if the USD or EUR or such you went to fails? You might delude thinking "they" would never allow it, but is their power to stop it infinite? Yes maybe it won't be on this crisis, it could very well be the next one, but just stop to think about it.

Big problem is many here have never seen their own coin fail, and think they never will. But any fiat can fail, and anything "backed in fiat" will be dragged too.

Bitcoin fluctuations are temporary, we all know that. But in the long run, it keeps going up. Fiat is not the same thing, it depends in many factors, one being the economy. America can crash again, and it is known that was the very reason bitcoin was invented in the first place; so you could move your wealth somewhere where it wouldn't go to zero like a crashed fiat can easily do.

You think you are doing the right thing by moving into "stable" or fiat, well for a trader that is perfectly fine since they will take the chance to increase it, but for long run "holding", it is a disaster waiting to happen. And when it happens, you won't have time to flee into bitcoin, it would be too late.

Bitcoin was made to resist a world crisis, and this event proves it does.

In fact you should worry more about not falling victim to the virus, or not get infected so you won't help spread it into others who might die from it (even if you survive it).

Bitcoin is going to outlive all of us, i don't think you should be worrying about it. The USD might disappear first. No one uses French francs anymore, someday nobody will use US dollars anymore, hopefully they will see the light and move to bitcoin by then.