I don’t know for sure, and I don’t really think you’re right. If you check your first picture the price of Bitcoin was already going down before the date you marked; it reached the peak around July and then started to fluctuate downwards before reaching the date you marked.
So the way I see it, maybe that was just a coincidence that took place and not really the reason that the price of Bitcoin dropped. Even if that time comes I believe there will always be a way that one can protect his or her self from whatever challenge the quantum computing poses to the crypto community. For now, I’d say that there are more to this fall than what you have here.
Topic: I think I Found The Reason For Bitcoin's Latest Crash - page 2. (Read 663 times)
I do think the reason behind bitcoin's crash is , the Corona virus , since people are in quarantine , loosing their jobs , the only thing left there is their investments , their assets do people are encashing to pay for their groceries , medical expenses and other stuff , the jobs are not even paying them anything and the government is also doing their best ( only some governmental bodies ) .
Therefore I do think the crash is because of this .
Not because of any other Event ..
It just makes sense.
Therefore I do think the crash is because of this .
Not because of any other Event ..
It just makes sense.
Bitcoin acting as a viable hedge in times of economic crisis is only an assumption so far. Sure, Bitcoin has a low correlation to classical markets and could behave like gold during a bear market.
But we don't know that yet because there hasn't been a recession since Bitcoin's inception.
That is indeed a viable reason as we are yet to undergo a major recession after the inception of BTCitcoin but we have to accept the fact that there are many major financial institutions invested in BTCitcoin and if there is a correlation between the major economic markets and the BTCitcoin market when the major markets are falling it is because of the influence of these financial fund houses as they will cash out during crisis and may be so is the reason the BTCitcoin market fell during these times.But we don't know that yet because there hasn't been a recession since Bitcoin's inception.
The Cryptocurrency market has gained more than 19% in the last 24 hours.. I personally initially thought that what made the price of Bitcoin Crash like a few days ago was due to the Covid-19 issue, but the @OP analysis is very good so it is most likely the real cause of the price of Bitcoin Crash..
I think that almost no one knew about this news in the day of drop. And this is still not a game changer article for so big drop
You have the point with me. In this situation of pandemic spreading, no many people care about crypto exchanging. Every investors just know that now is not time to exchange.
Bitcoin acting as a viable hedge in times of economic crisis is only an assumption so far. Sure, Bitcoin has a low correlation to classical markets and could behave like gold during a bear market.
But we don't know that yet because there hasn't been a recession since Bitcoin's inception.
That is indeed a viable reason as we are yet to undergo a major recession after the inception of BTCitcoin but we have to accept the fact that there are many major financial institutions invested in BTCitcoin and if there is a correlation between the major economic markets and the BTCitcoin market when the major markets are falling it is because of the influence of these financial fund houses as they will cash out during crisis and may be so is the reason the BTCitcoin market fell during these times.But we don't know that yet because there hasn't been a recession since Bitcoin's inception.
I have this feeling and doubt that the reason why the Bitcoin has crashed lately is that because whales are aware that people would panic because of the Novel Corona Virus-19. And will result in them withdrawing all their assets in the cryptocurrency space. All cities lockdown it means no work no pay.
Whales did it first, they released all their assets. So that their assets are safe from the panic selling of the herd. They took advantage of it since the moment they realized the situation. It might be early for them but early is better than regret late. I know a lot of whales who did that.
Luckily, Bitcoin is now showing a small resistance.
Whales did it first, they released all their assets. So that their assets are safe from the panic selling of the herd. They took advantage of it since the moment they realized the situation. It might be early for them but early is better than regret late. I know a lot of whales who did that.
Luckily, Bitcoin is now showing a small resistance.
I think Corona virus make bitcoin and altcoin crash with lower price, I think when fist time China announce to public with this virus many investor are panic and sell bitcoin with higher amount, today we got how bitcoin dump and crash then need long time for recovering and back to higher price again.
It's told repeatedly that bitcoin and the pandemic that is happening has no correlation at all. Despite the virus, the price even reached $10K and it dropped not directly because of the virus but there are other things that happened. I think this is the reason why bitcoin dropped,
Bitcoin acting as a viable hedge in times of economic crisis is only an assumption so far. Sure, Bitcoin has a low correlation to classical markets and could behave like gold during a bear market.
But we don't know that yet because there hasn't been a recession since Bitcoin's inception.
That is indeed a viable reason as we are yet to undergo a major recession after the inception of BTCitcoin but we have to accept the fact that there are many major financial institutions invested in BTCitcoin and if there is a correlation between the major economic markets and the BTCitcoin market when the major markets are falling it is because of the influence of these financial fund houses as they will cash out during crisis and may be so is the reason the BTCitcoin market fell during these times. But we don't know that yet because there hasn't been a recession since Bitcoin's inception.
I think general uncertainty on the markets due to a certain pandemic is more likely to blame than anything quantum related.
You know what also happened during the day of the big red spike? The US closing their borders to Europe.
You know what also happened during the day of the big red spike? The US closing their borders to Europe.
I am with this reason rather than this quantum thing. The pandemic is affecting the global population and almost all the businesses. Have you seen in your lifetime countries after countries closing their borders to everyone? I guess this is your first time to witness such event. So this I think is the major reason of bitcoin's latest crash.
we will indeed continue to disagree about what causes the price of Bitcoin Crash, but there is nothing wrong with analysis and I appreciate the OP analysis...
Human lives are in danger due to the deadly virus and cities are locked up due to it, its like from the zombie movie scene. I would leave anything valuable behind and sell some of my BTCs if it saves my life and my kids in the next months.
Its the food and medication preparation for the next few months that I would be worrying and forget about that quantum and qubits since they have nothing to do with how I can be prepared and I think traders in stock market thought the same thing before the zombies come. No wonder the markets crash. Those who dumped didn't think of quantum computing.
Its the food and medication preparation for the next few months that I would be worrying and forget about that quantum and qubits since they have nothing to do with how I can be prepared and I think traders in stock market thought the same thing before the zombies come. No wonder the markets crash. Those who dumped didn't think of quantum computing.
I doubt mate! A general uncertainty within the common market usually should lead to a positive spike in crypto market. Because crypto assets are generally seen as a alternate market where people invest during the uncertain times. It is very similar to the gold market at large!
Bitcoin acting as a viable hedge in times of economic crisis is only an assumption so far. Sure, Bitcoin has a low correlation to classical markets and could behave like gold during a bear market.
But we don't know that yet because there hasn't been a recession since Bitcoin's inception.
People take higher risks in bull markets. But in times of crisis we see people fleeing from high risk assets (eg. stocks, especially small caps) to what is perceived as safe havens (eg. gold). We're about to witness whether Bitcoin falls in the first or the latter category. Whether it makes sense that closing geographical borders affect a purely digital asset is unfortunately rather irrelevant in this case, as the market is rarely rational, especially in the short term.
The crypo market is full of manipulation, making conspiracies that link many fields, events and times. but is it really true? those are assumptions.
Quantum computer? How about the dip in the stock market then? I understand people want to see Bitcoin detached from the mainstream financial cycle, but the evidence says otherwise. If the economy is terrible, the Bitcoin price will go down.
I think general uncertainty on the markets due to a certain pandemic is more likely to blame than anything quantum related.
You know what also happened during the day of the big red spike? The US closing their borders to Europe.
You know what also happened during the day of the big red spike? The US closing their borders to Europe.
WHO declares COVID-19 as pandemic on world level at 11 March, oil is go down 20%, and BTC is drop like a rock from almost $8000 to $4800 on March 12 followed by BitMEX forced liquidation of $700 million in just 15 minutes. It's not difficult to connect the dots, the picture is pretty clear for anyone who wants to see things realistically.
https://www.cnbc.com/2020/03/11/who-declares-the-coronavirus-outbreak-a-global-pandemic.html
https://oilprice.com/oil-price-charts
https://coinmarketcap.com/currencies/bitcoin/historical-data/
https://bitcointalksearch.org/topic/m.54026737
I think I Found The Reason For Bitcoin's Latest Crash
A news story claiming quantum breakthrough was published on march 11th, 2020: https://phys.org/news/2020-03-year-old-puzzle-quantum-breakthrough.html
A news story claiming quantum breakthrough was published on march 11th, 2020: https://phys.org/news/2020-03-year-old-puzzle-quantum-breakthrough.html
I dont know on what world are you living. On planet Earth everyone talks about deadly covid19 virus. Where we need to self isolate and with that economic activity decreases a lot. Covid19 is a sole reason why we have sub $10000 Bitcoin right now. And it will keep Bitcoin under $10000 for many more months.
Good shot on trying to explain the recent crash.
However, i think that the reason is pretty much simple. The pandemic trend of coronavirus is to be blamed as all the financial markets are being affected by it. The cryptocurrency markets are on the same category such as the financial markets so they follow the same trends (ups and downs).
However, i think that the reason is pretty much simple. The pandemic trend of coronavirus is to be blamed as all the financial markets are being affected by it. The cryptocurrency markets are on the same category such as the financial markets so they follow the same trends (ups and downs).
Everyone fears that quantum computers could cause the bitcoin blockchain to be ruined and someone to be able to brute force their way into anything they want but we are forgetting one simple truth, it is not just for the bad, it is for the good as well.
If quantum computing ever becomes slightly more common everywhere in the world, not saying we will all use quantum computing at our homes or anything but just a bit more common, we would honestly have people who defend bitcoin as well with it and not just trying to destroy.
Plus, if a person ruins blockchain and steals money, that would kind of mean end of bitcoin as well if they are successful and there are no defenders, which means people would sell and that person would get nothing, in the end there is no winning scenario for quantum to be used to do whatever you want in crypto world, you either get a defender and fail, or you succeed but still worthless because of it.
If quantum computing ever becomes slightly more common everywhere in the world, not saying we will all use quantum computing at our homes or anything but just a bit more common, we would honestly have people who defend bitcoin as well with it and not just trying to destroy.
Plus, if a person ruins blockchain and steals money, that would kind of mean end of bitcoin as well if they are successful and there are no defenders, which means people would sell and that person would get nothing, in the end there is no winning scenario for quantum to be used to do whatever you want in crypto world, you either get a defender and fail, or you succeed but still worthless because of it.
I edited OP to better illustrate evidence for claims.
Good question. Maybe one of the reasons the news story hasn't been widely circulated is it will fail to hold up under scrutiny if subject to peer review. That's what I would expect although I can't claim to have the physics background to put everything into perspective the way it should.
This is an example of why encryption algorithms developed by intelligence agencies should NEVER be utilized if security is the goal.
https://www.washingtonpost.com/graphics/2020/world/national-security/cia-crypto-encryption-machines-espionage/
I wonder what sort of equipment you'd use to check there isn't a magnetic field thst wouldn't itself create aagnetic field 😲...
Good question. Maybe one of the reasons the news story hasn't been widely circulated is it will fail to hold up under scrutiny if subject to peer review. That's what I would expect although I can't claim to have the physics background to put everything into perspective the way it should.
I do think the nsa should hurry up on that front, or maybe someone like semantec and cloud flare could bother to make a partnership of a secure signature algorithm...
This is an example of why encryption algorithms developed by intelligence agencies should NEVER be utilized if security is the goal.
https://www.washingtonpost.com/graphics/2020/world/national-security/cia-crypto-encryption-machines-espionage/
Yeah no one wants the guys working on an innovative project to succeed if it means they rank faster 🤣.
And I do doubt the quality of a CIA report into itself. Its not like an unbiased secondary agency went in to check the information they managed to take...
I've also been having to read up on pre-80s encryption with LCG used at IBM and it was very easy to crack...
There still has been no progress by the bitcoin devs to even suggest what quantum proof algo they'll likely use...
Many analysis came and claim the reason why bitcoin crash and the closer one is Corona. I respect your opinion but your opinion similar with history will repeat again and whales use it to change market direction. In general situation we call it manipulation, that's really bad. I prefer say global economy use Corona issue to protect currency and commodity against bitcoin domination. Every country know how to deal Corona but they let it happen to press bitcoin value, if they don't do it currency will follow bitcoin, that's a mistake.
Now take all reports about quantum computers breakthroughs over the last few years - I'm sure there's more than these two, and I'm sure most of them didn't cause any significant price reaction, and probably some of them were more significant that this last one that supposedly crashed the market. Because if it was like you say, then Bitcoin would have these 30-50% crashes many times a year.
I think it's clear to everyone that the stock market crash triggered Bitcoin's crash, especially since the same happened with gold and other markets.
I think it's clear to everyone that the stock market crash triggered Bitcoin's crash, especially since the same happened with gold and other markets.
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