Is Covid-19 a cause for BTC price drops? - page 3.

Sanugarid

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Quote from: Sayma83 on April 23, 2020, 05:47:32 PM

I think is it possible it is not impossible,Because covid-19 is the very dangerous virus in the world, many people L
Already death for this virus, and many people now seeks for this, so almost 2.5 million people already seeks for this virus so i think many people withday her /sher money for good treatment so i think it is possible

Don't forget it's not just coronavirus we're dealing with but a total slowdown of the economy in almost every country. I think we can somewhat blame the lockdown to cause oil prices to drop for sure but everything else was actually getting really bad before Wuhan came out with the news.

Blame the lock down? if that's the case then you should pointed out the corona virus, because it is the one that caused the lock down in many countries, aside they need it for them to protect every one on getting caught the virus. I know that the economy lately has been bad, then the virus comes that makes it worse. I thought at first that with this kind of situation bitcoin will shine, but the whole network panicked and only the real ones resisted for the price.

The Sceptical Chymist

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Quote from: vietnamoi.vn on April 21, 2020, 09:56:57 AM

And is that the main cause of Bitcoin price drops?

All those scenarios you laid out may have some merit to them, but it all boils down to the answer to the above--and yes, the coronavirus outbreak is basically the main cause for a lot of things lately, including bitcoin's price. I don't think there's any good way to quantify the effects, but they're real nonetheless

I've always thought that there haven't been enough data points regarding the halvings and their influence on bitcoin's price. It isn't as though there necessarily needs to be a correlation between the mining rewards and what the price has to be. And in any event, I think the viral outbreak has overwhelmed most if not all of the gains bitcoin might have received because of the upcoming halving.

But we'll see. That halving hasn't happened quite yet.

YCrow

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Leviathan.007

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Kinda It was But the panic came from it was the actual reason.
However, It shouldn't be because people they had FUD and did the panic sell lost a lot during this time.
But still after ending this period of time and you can see as the covid-19 situation is better better the price is getting recovered too

Janation

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Quote from: vietnamoi.vn on April 21, 2020, 09:56:57 AM

1. Unemployed people do not have income so they do not dare to invest in Cryptocurrency.
2. The psychology of fear that if we die by Virus and die, investing in Cryptocurrency will not bring anything when we die
4. The disease has not yet been controlled, the economy has not shown signs of recovery, so investors are afraid of not participating in the Cryptocurrency market.

When we talk about losses, I don't think we should all include this.

How can we be affected or how the price fall when they are not even investing in cryptocurrencies mainly Bitcoin. The possible reason for the dumps that you said is just close to number 3. I think what you are saying is not the possible reason why the price of Bitcoin drops but the possible reasons why the price is not increasing before the halving.

3meek

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God, save BTC!

I think Bitcoin is going to have a hard time after the pandemic! Firstly, it has not experienced a single crisis yet, and it is not known how it will survive the coming crisis! Secondly, a lot of people around the world will be left without jobs and certainly not investing in cryptocurrencies...

But I hope that Bitcoin will be all right! Wink

XCANA

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Absolutely correct, this pandemic has done more harm than good to the masses and even to the nations if nations around the world. Remember that, stock market crashed during this pandemic and not only that, the cryptocurrency market wasn't an exception as we have seen.

Although, the drop has not affected the cryptocurrency market as it has done to the crude oil market which has gone to zero point. Hope has been rekindling in some few days now as the market has started growing again. At least we're witnessing a good move from cryptocurrency towards Bitcoin halving.

leoagro

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When it all started, people started panicking and selling btc, thereby lowering the price. But then the situation stabilized.

KrisAlex18

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Based on your profile, you are a beginner and I want to tell some advice on you, I have seen a lot of topics so much related to this one, it seems like so redundant, so to avoid this thing you may use the search engine to know if there is existing topic same as what you are thinking and if you see the latest post about it, then do not post it.

Anyway, bitcoin is really helpful for everyone in this world especially the one who is using it. It is really helpful in our current situation, as the virus is still existing we are required to stay at home, and to continue some of our transactions we can do it online and use our bitcoin as payment.

Bitcoin's price drop down cause by COVID-19 is legit, done of the traders, players, investors pull out their money because of being afraid that bitcoin can be dead soon. So for them not to lose the money they have to pull it out.

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Quote from: mindrust on April 24, 2020, 01:20:43 AM

Covid19 did indeed trigger the price drop. It wasn't only bitcoin though. Stocks and even gold went down last month.

Strangely, Gold is going for a new ATH now while btc isn't doing that great.

it might take some time to see its effect on bitcoin. Well, many blame the decline that occurred because of COVID-19. but, slowly the price of bitcoin is rising. I think this is the effect of the many people who are starting to get to know Bitcoin.

mindrust

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Covid19 did indeed trigger the price drop. It wasn't only bitcoin though. Stocks and even gold went down last month.

Strangely, Gold is going for a new ATH now while btc isn't doing that great.

Latviand

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Quote from: Kemarit on April 21, 2020, 09:11:34 PM

Quote from: vietnamoi.vn on April 21, 2020, 09:56:57 AM

Although Halving has come close, it seems that there is no optimistic signal that BTC will rise. Currently Corona Virus is making it difficult for the leading economies in the world. And is that the main cause of Bitcoin price drops? Let me give you some possibilities

Bitcoin is speculative asset, based on supply and demand.

Quote from: vietnamoi.vn on April 21, 2020, 09:56:57 AM

1. Unemployed people do not have income so they do not dare to invest in Cryptocurrency.
2. The psychology of fear that if we die by Virus and die, investing in Cryptocurrency will not bring anything when we die
3. In a difficult economy, investors need to withdraw assets and sell cash to maintain businesses such as payroll, purchase and sale of goods instead of investing in cryptocurrencies.
4. The disease has not yet been controlled, the economy has not shown signs of recovery, so investors are afraid of not participating in the Cryptocurrency market.

If we go on your reasoning, the pandemic or at least the fear in the crypto market took its toll last month plunging to $3800 but have you noticed that the market has bounce back already? If the Covid-19 has a direct impact to the market and again based on your logic the price should be 0 by now. But it didn't happened right?

In some part, YES, because some people are have no money to use in this lockdown so that bitcoin holders are forced to sell some of their bitcoin just to buy their necessities. It is not easy to sell bitcoin because you think that someday you will regret it but what can you do if you really need some fiat? You're the one who will benefit for it. Crypto market are crashing and demand of some stocks are also affected and people are having a hard time manipulating their coins. The reality strikes when we think that bitcoin is just important here in this world and you can't bring it when we die, that seems really accurate but people are still holding bitcoin instead of selling it and buy those goods that is necessary for survival.

Gafman

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I could say that the global pandemic affected the price at first and that was probably due to panic selling due to lockdown but we can see that after a few weeks Bitcoin and other Cryptocurrency aren't really back to their normal price before the pandemic but have risen considerably from their low prices.

Zionatin

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The virus has made things uneasy for people and it is not just the virus but the fact that many industries have come grinding to a halt and this would certainly have an effect on bitcoin if fewer people are making money there is less to spend in bitcoin. It just makes sense to me.

Quote from: Sayma83 on April 23, 2020, 05:47:32 PM

I think is it possible it is not impossible,Because covid-19 is the very dangerous virus in the world, many people L
Already death for this virus, and many people now seeks for this, so almost 2.5 million people already seeks for this virus so i think many people withday her /sher money for good treatment so i think it is possible

Who told you it's the most dangerous virus in the world?? More than the black plague?? Stop spreading misinformation.

finaleshot2016

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At some point, yes it is. You know that market is somehow related to each other. These similarities indicate that what happens in one market may influence other markets. We should also focus on the principle of demand and supply, which is why we still don't think the virus is threatening the crypto market at any point. We didn't talk of the other economic factors which are users and manufacturers who worked very well in that definition and those are affected by the coronavirus, and it certainly affects the cryptocurrency even in the limited setting.

Oceat

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It's just too early to tell that Bitcoin will not gonna give a positive results after the halving. This pandemic may be the cause of the price drop of almost everything in the economy but once doctors and scientists find the cure/vaccine for this pandemic I'm sure everything will be back to normal again. Besides, halving will take some time too before we see the real results and that's the start of bull market.

Sayma83

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I think is it possible it is not impossible,Because covid-19 is the very dangerous virus in the world, many people L
Already death for this virus, and many people now seeks for this, so almost 2.5 million people already seeks for this virus so i think many people withday her /sher money for good treatment so i think it is possible. Because everyone know Health is wealth.

adzino

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Probably yeah. The pandemic has caused a very disastrous affect on the global economy. The stock started to fall (and the price of the oil is still falling with the price going negative for a while). Seeing the whole economy collapse, people probably started to panic. They thought bitcoin and other crypto currencies are going to face the same fate. Thus, they started to sell off their cryptocurrencies causing the price to drop. But looks like the price is now recovering. People are expecting the price to go higher due to the halving, but you never know what happens next.

panganib999

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This pandemic have affected every sectors in the whole wide world not a single one is excluded so maybe, since Bitcoin can be considered as a part of the economic sector since it is part of finance where people treat it as a source of income, so the answer is yes I think. The pandemic became one of the reason why the prices of the cryptocurrencies specially Bitcoin have dropped down this past few weeks since the pandemic turned on and because of panic, peope who have invested their money to crypto already start to pulling iff temporarily to sustain their necessities to survive and let themselves be safe from this pandemic that brought lockdowns to happen that basically results to temporarily unemployment so those that have physical job may be do the last resort of converting and pulling their money from Bitcoin. But not just the pandemic must be blamed or to be pointed on this because there are still other factor affecting the price movement and the covid-19 pandemic is just one of those.

Youghoor

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The price of bitcoin is affected by several factors such as world financial news, policies and regulations that are being made. Currently, COVID 19 also has some influence on the price of bitcoin. People have been made to stay home without working. Economies of developed countries are going down and all these investors who might have wanted to invest in bitcoin are not doing so because they are not investing but further dumping their holdings in order to take care of their families.

Topic: Is Covid-19 a cause for BTC price drops? - page 3. (Read 837 times)