I realise Coronavirus is not a reason why - page 6.

Jating

hero member

Activity: 2842

Merit: 772

Quote from: SUMBI99 on March 23, 2020, 04:33:41 PM

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

So with that logic, obviously the panic about the corona virus is one factor that cause a sharp decline on the price of BTC. Well, you can't take out that there could be whales who take advantage of the situation and play us.

Media did also play a part as well, as they reported the spread and probably blow out everything out of proportion. Nevertheless, bitcoin is very strong and resilient, as other markets are still in shock and have difficulty recovering, bitcoin has been bouncing back from $5000-$6500 or more.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1813

฿itcoin for all, All for ฿itcoin.

Your Title and body of the post are contradicting. All in All The CoronaVirus outbreak has a part to play in the recent Massive Bitcoin Price drop. If you try denying that, then you totally don't know the economical aspects of bitcoin and stock markets.

687_2

full member

Activity: 173

Merit: 105

People who were facing margin calls had to sell of their liquid assets (Bitcoin and Gold) to meet their obligations. Many of these people were "professional" investors.

Now, Bitcoin is artificially cheap, and real hodlers are loading up before the upcoming massive price pump.

coupable

hero member

Activity: 2338

Merit: 757

Quote from: SUMBI99 on March 23, 2020, 04:33:41 PM

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

Several facts occured simultaniously during the short period just before the crash in price; someone recovered an old wallet and moved 1000 btc to coinbase, plus the shut down of some known exchanges turning scam. Covid19 is an additional factor.

I think that we are in a period of fear from almost everything. So it's normal that the price drops for an extended time. Once people realise the benefits of bitcoin as a real crisis resistant, the price will get back to normal. The actual btc price is above 6000$.

SUMBI99

jr. member

Activity: 79

Merit: 3

Bitcoin is Down

As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2019, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

Topic: I realise Coronavirus is not a reason why - page 6. (Read 830 times)