Topic: Coronavirus crypto (Read 1357 times)

A lot of people in the market started to panic because of the pandemic, which will soon end. But this does not affect the miners who are mining cryptocurrency as before. It seems to me that interest in cryptocurrency as an alternative to Fiat money has only grown recently.

stock and cryptocurrency markets. We all know that. The owner of binance and some analyst said the fall In the price of cryptocurrencies  is not due to the virus outbreak the way we thought. But for me, the virus contributed.
Some people converted their money to stable cryptocurrencies  at such time of the crises. And this led to further trading of cryptocurrencies  for fiats and stable cryptocurrencies because of the cause. And this cause cryptocurrencies  to down trend in price. That is why.

So it actually has an effect but the crypto market especially bitcoin can recover faster than the stock market, oil, etc. This is also caused by high volatility. In these circumstances, everyone will definitely prioritize meeting their daily needs, health needs, and helping people affected by this pandemic. So the investment is not a priority at this time, until a massive sell-off last March. However, when it was handled, the market recovered.

indeed many suffered losses during this epidemic many companies collapsed and many people lost their jobs and made the world economic condition to be destroyed instantly because many people were unemployed at home, but even though like this I am sure everything will recover soon.

This crisis cannot be controlled by anyone because it is purely due to a coronavirus, therefore many economies have slumped due to the lockdown applied so that many industries and companies cannot run normally so their income is reduced by half.
If cryptocurrency becomes the stage of a crisis then it will not pass for a pandemic like this. Almost all countries experience the same thing, so crypto cannot soar when the stock market goes down.

The adverse effects of coronavirus have hit economies around the world. Forex market and Cryptocurrency market, The response is only noticeable everywhere. The only bitcoin pumped because of halving and other altcoins not pumped more.

You still can make money with btc even in lockdown.
The question is how to invest. Just buy it - not interesting and not effective. Trading - quite dangerous. Deposit - good compromise, somewhere like gekkoin. Even mining!

The virus just attaches to the whole economy because of the transactions and getting a shortage of the people of supplies and one of those is the use of the oil, foods, and more kinds of the problem into the world economy. But if talk about the cryptocurrency to it takes a lot of damage too there are a lot of people stop their support for the whole crypto because they need some funds to survive their selves money is worthless if you die it is better to save your self because getting greedy on the money. Some of them use their funds to buy a lot of things they need because some places made a lockdown and under quarantine, to avoid the virus getting spreading which is a good idea. Today some of the countries are totally recovering which is a good sign and some of the investors today back to the world of crypto and the price of the coins today reaches now over 9k and by the help of the halving, it increases the chance that the coin will blow up and gives us a good market income.

We have encountered some failures, because bitcoin is still unstable to such crises. Very few people use it to dispose of this currency as Fiat money for purchases of food and basic necessities.

Then how can you explain that the price quickly regained?

It is true that there are some of those people that panicked, but are those people really panicking about the fact that there is a pandemic? We don't know if they are just scared of what may happen or affected but obviously there are those that sold theirs because of the essentials they need to buy, for the sake of their safety from the virus. Can we really say that all of those people panicked and sold because of the pandemic? As an investor, knowing that people would be doing the same, you would be riding the bus early, right?

What I find amazing is how interconnected it all is, this real world phenomena changed the way we behaved online (stock market crash, bitcoin sudden crash), but also our online planning to stay inside affect greatly the world outside, it's just fascinating to be living in such interesting times.

The true should be told, the entire market was deepened because of the coronavirus and that's what I know frankly speaking. Many experts spoke concerning this that, the cryptocurrency was created to stand this crisis but were disappointed when the crisis struck and cryptocurrency went down with the other market. Though, much have been done to the market but hope to see a good positive movement during this halving and after.

Crypto fell drastically when the Corona virus was declared as a pandemic and that day the stock prices and the Prices of Crypto both fell. And now the economies are closed and people aren't getting paid so what would they do to fulfill their daily needs, they will simply sell their investments and that includes stocks and Crypto both, so i think that the bad times for Crypto aren't over and the worse is yet to come.

How are we going to check this? I mean there is no data to rely on checking the effects of the pandemic towards any market especially in crypto, we are just seeing it in decline so we know what is going on with it but there is literally no way we could say that there is indirect or direct effect on the market. Bu deep inside we know that the pandemic caused everything in motion now.

Just think of a plain picture, bitcoin price was good until the end of February even the virus is already in China in December 2018, and the bitcoin price plummeted when there is a proclamation of quarantine in many countries, in that picture you could simply assume that people has been covered with fear and they sold their asset to buy a longing necessites.

I'm already tired of arguing this with some people. If you ask me I would say that bitcoin was affected but some people would say that's a lie, that it wasn't affected, rather they will look for other things to link the price decrease with, but I am not going to believe that.

Someone once said that the main reason the price of Bitcoin fell was because of the oil price war, and then another person said that the price decrease was as a result of the quantum computer that was announced, and tried to prove it by linking with the past event of what happened when it was first announced. There are also people who say that the fall was caused by the PlusToken scam.

Actually for some reason people thinks that there's no direct impact since crypto is separate to the other issues but the sad reality is it's really affected the same as the on the other commodity since the current pandemic creates panic to the people to secure their fiat and few investment are running and money flow is not the same as the normal days since people are in hoarding state.

Any facts which might support your statement?

People spat out non-sense comments without even explaining why. When you read the entire thread, several people have already indicated that COVID-19 has a limited impact on the crypto market and it seems to be accurate.

It's not a coincidence, it's all 'cause of the pandemic.

What's the reason, boy?
While all people stated that the negative trend on crypto market was caused by Covid-19, you even denied it. It's interesting to know your own theory, please tell us, boy!

In my own view, indeed Covid-19 brings effects to crypto market. Look at the fact! Since Covid-19 spread around the world, the values of crypto coins/tokens are getting down. Moreover, it may ruin the positive trend on Bitcoin halving as many people doubt it if Covid-19 still continues.

Do you still think there is no impact on crypto market? @camport

COVID19 has no effect on the crypto market

There is a difference between the first and the second, but in reality the first incident is at least this coronavirus has not yet become a world pandemic so it is not surprising that prices can reach that resistance, but when the second event occurs where this coronavirus has been established as a world pandemic then any stock will get sharp decline so that with events like that prove crypto is not really resistant to viruses or other fundamental events and although prices are currently rising but at least the decline will always be in this market.

Public demand, of course, is the most influential thing for bitcoin, where demand increases, so prices can be high because the availability of stock on the exchange is getting smaller, so many sell high and it becomes the main influence.
Well a few more days will be approaching halving whether the demand is increasingly full? I think yes where they want history to repeat again at very high prices but in times of crisis like this many people still doubt it because in the past bitcoin fluctuations were too severe to be seen with prices falling to the bottom making the holders nervous but with the increase now is a good start for bitcoin to recover.

We still focus on the idea of demand and supply, which is why we still do not assume that at some stage the plague is disrupting the crypto market. We didn't think about the other aspects of the economy, which are the consumers who are most impacted by the latest pandemic.

So I hope they should stop suggesting the coronavirus doesn't impact the market 'cause we don't have proofs that will make this argument valid.

Indeed, that is because bitcoin isn't relying to any assets, nor backed with any government. The only way bitcoin is defined is through the people using it. It's price is determined by the demand of the people. And IMO, bitcoin in relation to coronavirus crisis is a complete complement, I'm sure that most of the people who know bitcoin is utilizing it in times like this, that we are not allowed to go outside so our transaction occurs online.

I just don't know why when the COVID booms, bitcoin's price fluctuates too hard. Well, what is important is that, in just a week, it regained its stable price already.

i think he means resistant in a way that cryptos are still alive and not totally come to a point that thier value becomes zero or closer than that . what even better is that most cryptos now are rising again , it seems like cryptos arent affected with the virus if i were to ask and the fluctuations are normal just like before .

 sure crypto market works in a  law of supply and demand but not all people are paniking or pulling out thier assets but infact they even put more money  . many reason behind that

Some are claiming that cryptos like Bitcoin are safe-haven for their assets, but now there are people panicking right now.
There ain't anything immune to crisis as people in it are the ones reacting as well as making the market as a consumer, putting it up the basic law of law of supply and demand.
For cryptos like Bitcoin, it was kinda affected as we saw the plummet of the price when this pandemic hit the globe.

Hope someone can teach me to invest in cryptocurrency

The whole world is reacting badly to this global pandemic, talk more of crypto. This isn't the best time to forecast whether crypto is well resisted to the crisis or not. What I do know and understand is that nothing seems to be moving fine ever since the pandemic started, crypto market won't be an exemption to that. We are all encountering the global pandemic and soon we shall come out victorious when the covid19 is over

It is true that it is not resistant but that drop is not majorly because of the pandemic.

The proof is that despite the pandemic starts, the price increased two times. The first one is when it reached the price of $10K and the second one is when the price dropped to $4K, the price quickly recovered to $6K. That drop also was caused by the movement of the scammed Bitcoins to mixers, though it is true that the price is affected in a way by the pandemic as there are those people that sold their BTCs as they needed it.

It is not true that crypto is resistant to crisis, because crypto like other investments is affected by the corona virus as well. The proof is
the price of bitcoin had dropped to $ 4000, followed by the price of altcoins which also dropped. But the advantages of cryptocurrency
compared to other investments cryptocurrency is recovering faster, it is proven that cryptocurrency prices have now started to rise.

The economy of US which has a 676k number of cases now crashes as the stock market is the most affected. The impact of this virus is very unpredictable to them because they are not that ready for this pandemic. At first, they don't take the Covid-19 disease seriously because of their leader, Trump, who is a racist and we all know that there is some conflict between the Chinese and US government. The economy of China is somehow stable compared to other countries since the virus originated from them, it is so amazing how they controlled their market and economy. Cryptocurrency in China is for sure stable and progressive because of their economy, but in the US, I don't think that they can manipulate cryptocurrency properly with the pandemic.

The virus did not affect the cryptocurrency directly unlike other investments.

As people would say that the pandemic is affecting the price of Bitcoin but not directly. As there are people that would be selling their Bitcoins to give their needs in this lockdown, there are those that buy so they would be ready with the halving that will happen. The proof of it is when the price dumped to $4K and just after days, the price went back to $6K. Another note here is that the pandemic is not the one responsible for that dump.

I think the novel coronavirus serves as one of the factors that make cryptocurrency at downfall today. The crypto market is somehow related to the oil, stocks, forex and other markets as well. And we all know that the market plays in the concept of demand and supply and we could assume that it's not.

But you guys forget about the consumers and producers who really played well in that concept and those are affected by the coronavirus, so definitely it really affects the cryptocurrency but in the minimal state.  

Corona Virus could not collapse crypto market at once but there may be difficult times ahead for us. On the contrary, it may be happen that we may seen a good situation. However, I'm hopeful that we will overcome all current obstacles.

Indeed, it takes time to be able to recover the price of bitcoin, with the situation that is still not conducive because this corona is almost all currencies not just cryptocurrency it has an extraordinary impact. Of course this is also one of the unprecedented experiences where almost all countries experienced the worst conditions except for the USD which indeed has a policy of cutting interest rates to 0, so the impact of bitcoin is currently weakening, one of which is due to US policy.

Hopefully all of this quickly ends and bitcoin can come back strong in the next few weeks

Surely,  the virus isn't the only reason for the call of major stable coins,  but I can say it takes the major cause.  This virus made holders sell their coins due to fear and panic, who would blame them,  since crude oil and stock market fell,  the fate of the cryptocurrency could not be predicted,  these factors all together resulted in fall of price.

The whole world is really affected, even bitcoin is affected, maybe because of lockdown. Many people now cannot go out to some places. Someplace or some country needs to go outside just to buy bitcoin but as of nowhere in our country we cannot go outside, even the workers cannot go to their workplace, so a lot of people are affected by their income. Maybe that is also because a lot of us now are selling their bitcoins to buy their needs especially foods.

It is not impossible that happens, but it seems that it will take time to be able to regain strength with the condition of this co-19 virus pandemic, of course everyone who becomes an investor still needs time to think far ahead, because everyone is in a state of worry about their lives.

it is not my type clicking links from low ranks so sorry for that.

i will rely on your Post in which asking how will crypto market react in this Virus in which i think the only relevant story is People in crypto is now selling their currency and converting to Fiat.

this serve as why the market suddenly fall that bad,but now i believe that we are in recovery stage so just wait for another weeks or months and we will see good movements again.

All type of currency and markets are based on the law of supply and demand, so for me; the virus affect crypto due to the fact that this virus is affecting other market like stock, forex, commodity etc. In this times, people need money, so my guess is a lot of bitcoin holders are exchanging their bitcoins and other crypto to fiat to survive this virus. If you are aware a lot of country now are on lock-down, including our country so personally I pull out some of my investment and buy basic needs and a lot of stock foods to survive this pandemic. In this situation the demand for bitcoin will go lower so same with the price, and same with the other type of market. 

That statement could be the reason why the crypto market has fallen so deep. People need money among the spreading of the virus, and they use cash to buy their daily needs. While some of them are using digital money like credit/debit cards, they also use some apps which they've already deposit before so they can pay with the mobile phone. But they don't use the crypto as the payment method.

The future crypto is bright, but it will not happen so soon because we know that improvement from the government is an important thing that will allow crypto to be used besides fiat. After all, we like to see crypto already rise for now, although it is not too high as we want, and it is enough for us to make a profit.

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.

Coronavirus has nothing to do with crypto, unless it kills people that owns or trade crypto, but for the price and, buying and selling with crypto they is no barrier, because you can travel all over the world with your wallet and can login to blockchain at any time, its unlike Gold that you cannot move all the Gold with you as you travel to a safer place.

In my personal opinion anything can happen because this corona has damaged the entire globe especially the European countries are really worried, at this point of time you cannot expect anything good or bad at this situation..

Corona is already a high alert and governments are requesting people's not to come out of home I think the next two weeks will be the decider for the market.

The virus really hits the market of cryptocurrency because there are a lot of people having panic selling because they saw the market price of the coin rapidly falling and by that from the market price of 9k dollars it fall for over 5k dollars immediately. We don't know very much if it is the virus or because of the halving because from the previous analysis and graph the market price of the bitcoin fall from last year into 3k dollars and also there is a chance it is because of the halving coming too. Still, the market price of the coins are stable and recovering from the event happens to the world market.

Cryptocurrencies really take a big hit on March 8-9, but we have somewhat weathered the storm as compare to global markets. We have a good bounce around $6600-$6700 days after the bloodshed, but currently, $6000-$6100, so pretty much we stabilised around that price.

This is the first time we have seen a pandemic, so we would understand how the market will react, but then again, of all the markets around the globe, it seems that cryptocurrency remain very resilient to such crisis. We have be affected short term, but with the halving coming, we might see crypto recovering in the next months or so.

Agreed. Even the way people debated whether coronavirus is the cause is also a proof that coronavirus itself have an impact in the cryptocurrency space. People can't work, can't go outside, can't make a living for themselves, can't make any risk which affects traders around the globe. People prefer having hard cash in times of crisis like this instead of risking it in a market especially to a volatile market that Bitcoin have.

In conclusion, I don't think cryptocurrency is crisis proof at this time.

The market panic affected the cryptocurrency prices,but it still hasn't affected the blockchains.
The miners are still mining,even though there might be another price drop.There's still hope that the coronavirus pandemic will probably end in the summer,so I guess the miners are expecting a price recovery after the halving.The question "Is the blockchain strong and flexible enough to handle a huge global crisis?"
has to be a subject of a serious and complex discussion.What if the electricity production worldwide decreases because of the pandemic(more people in that industry get quarantined or diagnosed)?

Theoricly, it should be resistant to this kind of crisis where people seek to make daily paiement without body contact with paper money that maybe infected. But, based on real facts, the crypto market took its way to crash down like all the other fields in the global economy.
People are in extreme fear, most of them convert their crypto to buy foods and health materials. However, the price of bitcoin effects other crypto directly and this how we used to face this kind of crashes.

I didn't click on the link, However, what do you mean that crypto is crisis resistant?

Have you seen the price of bitcoin going as low as $3800 during the panic selling about two weeks ago? So how can we leverage crypto or bitcoin itself against this pandemic? Everyone is affected, stocks, commodities even precious metals such as gold. So there is no such thing as resistant to this crisis, everyone is really affected including crypto.

The virus affected crude oil, stock and cryptocurrency markets. We all know that. The owner of binance and some analyst said the fall In the price of cryptocurrencies  is not due to the virus outbreak the way we thought. But for me, the virus contributed.
Some people converted their money to stable cryptocurrencies  at such time of the crises. And this led to further trading of cryptocurrencies  for fiats and stable cryptocurrencies because of the cause. And this cause cryptocurrencies  to down trend in price. That is why.

Hey, I was wondering, how will the crypto market react to the virus?
In this regard, I found the article about it, https://cryptogeek.info/en/blog/coronavirus-reveals-cryptocurrencies-are-crisis-resistant, it says, that crypto is well resisted to the crisis, what do you think? Is that true?