To my opinion COVID-19 isn't direct cause for Bitcoin price drop but due to the whole crisis that it caused it also affected the Bitcoin price. It's actualy the closed circle and domino effect so.cryptocurrency market couldn't escape it. In global crisis that we are heading to, no one can't be spared.
Some will see Bitcoin as a safe heaven for the escape from crisis but some will lose the trust so people will act different and at the end that will all affect the price of Bitcoin too.
Topic: Is Covid-19 a cause for BTC price drops? - page 4. (Read 837 times)
I don’t know how it’s been in other countries, but the case keeps on increasing where I live everyday. I am not really worried about it though, I have tried to keep myself busy on things that matter and forget about everything that has been happening. Seriously, if you keep thinking about things like these you might just end up losing it or dying out of fear lol. So it’s best to always focus on things that will make you happy and forget about this.
The Coronavirus is for sure, part of the things that led to fall of bitcoin price (I said things, because to me, it doesn’t seem to be the only thing that caused it). I have also been suspecting that the oil has affected the price of Bitcoin in some ways. And just like you have said, a lot of people are more worried about survival than investment. People need food right now, and not where to invest their money, so some will even sell assets they have to use the money more important things.
The Coronavirus is for sure, part of the things that led to fall of bitcoin price (I said things, because to me, it doesn’t seem to be the only thing that caused it). I have also been suspecting that the oil has affected the price of Bitcoin in some ways. And just like you have said, a lot of people are more worried about survival than investment. People need food right now, and not where to invest their money, so some will even sell assets they have to use the money more important things.
It is true that the corona virus has caused the price of bitcoin to fall, and I completely agree with all the reasons mentioned in the opening post
about bitcoin prices are falling. But that does not mean we decided not to invest in bitcoin. I think it will be sorry if people decide not to invest
in bitcoin. Actually, market conditions are now an opportunity to be able to buy bitcoin at cheap prices. Because of the possibility bitcoin prices
after halving occurs will continue to rise until the end of the year. Especially after halving occurs corona virus can end, then the price bitcoin can
go higher. It is not even impossible to go up to the ATH price.
about bitcoin prices are falling. But that does not mean we decided not to invest in bitcoin. I think it will be sorry if people decide not to invest
in bitcoin. Actually, market conditions are now an opportunity to be able to buy bitcoin at cheap prices. Because of the possibility bitcoin prices
after halving occurs will continue to rise until the end of the year. Especially after halving occurs corona virus can end, then the price bitcoin can
go higher. It is not even impossible to go up to the ATH price.
I hope this current situation is put under control as soon as possible. Bitcoin is really a safe haven as proved and reflected during this pandemic and will come back stronger aftermath.
I will go with your statement. Well crypto currency is not much important than your life right..? So you have some logic in your points. I didn't see any reason for btc price drop besides that. Not just crypto currency, there is no marketplace right now which is not suffering at this moment. It's true that not just me also many people worried about halving because of COVID-19. But here is a post i saw earlier that make a sense why btc price will rise after halving. Hope it'll give a satisfy answer.
During the pandemic it happen also the bitcoin drops and a big question and mystery to us is the corona virus is one of the cause or harm the bitcoim value. People are no work so that's they cannot buy more bitcoin if they are crypto user that is also one factor for the price dropping.
We ca find the true answer soon because lockdown will gonna end after people back to work hope for the bitcoin to rise.
We ca find the true answer soon because lockdown will gonna end after people back to work hope for the bitcoin to rise.
Indeed it affected the economy, but let's hope for the best.
Even I just thinking that this situation is the best way for those who don't have any work to start learning about bitcoin and even altcoin. They can spend a little money as an example to learn how trading work because it can be made as a source income if they are able to learn how trading work properly. Comparing they only look the situation such as in social media or news about the pandemic it will be better to learn a useful knowledge that can give money during they're staying at home.
Also, a perfect opportunity for spending a $1000 paycheck on the right thing
I would say that bitcoin has the potential to be a currency (and indeed a safe-haven store-of-value); this may have been the original vision but that vision is not currently realised. At the moment in its development the markets are comparatively thin and regulation is loose. This inevitably causes volatility, which leads to further speculation, and so bitcoin is treated largely as a highly speculative asset.
I am still expecting things to change around and the developers could fulfill what everyone wanted, to be used as a currency and if you have that aspect of bitcoin then everything will come into place, you cannot expect it to be a store of value without the function of a currency, regulations will happen in the coming years and it is inevitable.@OP the recent price drop can be because of many reasons and COVID is a primary reason because the entire economy is struggling.
Even I just thinking that this situation is the best way for those who don't have any work to start learning about bitcoin and even altcoin. They can spend a little money as an example to learn how trading work because it can be made as a source income if they are able to learn how trading work properly. Comparing they only look the situation such as in social media or news about the pandemic it will be better to learn a useful knowledge that can give money during they're staying at home.
Covid cause problems with economics and this cause btc drop too. Investors need to find money for liquidity and they found them in crypto
you are missing the fact that bitcoin is not an asset, it is a currency. and majority of those who have chosen to convert their fiat to bitcoin have done it to either escape the tyranny of centralized powers or because they know this decentralized currency is independent of any other markets.
I would say that bitcoin has the potential to be a currency (and indeed a safe-haven store-of-value); this may have been the original vision but that vision is not currently realised. At the moment in its development the markets are comparatively thin and regulation is loose. This inevitably causes volatility, which leads to further speculation, and so bitcoin is treated largely as a highly speculative asset. Many people currently buy bitcoin as a high-risk high-reward gamble, they put money in when times are good and it is the first place that money is withdrawn from when a global pandemic hits. Hence the big drop because of Covid-19.
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
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.
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.
COVID-19 did cause an initial dump in price, but over 3 weeks now, it's recovery is impressive.
1. It has always been the case that unemployed people cannot invest, even before COVID-19 so that's not a reason
2. I do not agree it is fear, drastic circumstances requires surviving skills, you cannot stay hungry when you have bitcoin that can feed you.
3. Your 3rd point corellates perfectly with my no 2 opinion
4. I Think the road to recovery is near, with Mauritania declaring freedom after just 7 cases, 1 death (sadly) and 6 recoveries.
Lets say covid19 was among a factor that dropped workd economies, including bitcoin. But with the halving here, there should be a twist in events
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
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.
I mean yeah BTC will be affected due to the global economic state right now but I beg to disagree. In my opinion, this is the perfect time for BTC to rise again. With all the social distancing and lockdowns implemented, being online is what keeps us and the economy going. People are staying and working from home, online shopping (though already popular even before the pandemic) and with this, online currency. So I wouldn't be surprised if BTC booms in the following months. 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.
Well, I've never tried to think of Covid-19 and BTC price all together but now it has sense. Think, you're right.
yes, we can't deny it that the pandemic virus also impacted the price of BITCOIN and continuing to show bullish signs and obviously that worldwide there will be an economic loss particular of the biggest business on the traditional market meaning many investors are implementing precautionary for safety measures.
It completely depends on the path we take as soon as the real problems come up. I still believe we haven't entered the worst timeline yet.
I mean, it depends on what the most significant part of traders think - their way of doing economics is going to show the most significant change. If the majority of the market players will have no savings and will need to sell their assets, the market takes a negative turn. It can't really be predicted imo with much accuracy. I'm going to just let it be and whatever happens, I'll be right here shilling BTC 'till the end.
I mean, it depends on what the most significant part of traders think - their way of doing economics is going to show the most significant change. If the majority of the market players will have no savings and will need to sell their assets, the market takes a negative turn. It can't really be predicted imo with much accuracy. I'm going to just let it be and whatever happens, I'll be right here shilling BTC 'till the end.
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2. The psychology of fear that if we die by Virus and die, investing in Cryptocurrency will not bring anything when we die
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No offense but this one sounds kinda stupid. We obviously don't bring anything with us upon death.2. The psychology of fear that if we die by Virus and die, investing in Cryptocurrency will not bring anything when we die
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It is so obvious that this Covid-19 really affect a lot of sector in our country, most especially, the financial or economic sector. Economy of most countries crashed because of the Covid-19 that really increase the demand of those necessities just to survive the quarantine. Market are panicking and government has nothing to do with that but to fight this economical problem.
The crude oil's price also crashes to 0 and this is the first time in the history, I think it occur because of the existence of Covid-19. The virus is really uncontrollable and very complex as it is spreading really fast and killed a lot of people are affected and killed by this pandemic.
BTC is also affected most especially it is them most popular cryptocurrency and many people are using this. It is true that you can't bring and manipulate your BTC when you die, that's why you also need to manage your coins and at the same time taking care of yourself. Bitcoin's price is really having a hard time to grow again because of this virus but I know it will bounce back as soon as this pandemic ends.
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.
These 2 plays a big part in the price drop.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 you followed other markets out there. you would notice that they had the same pattern.
you are missing the fact that bitcoin is not an asset, it is a currency. and majority of those who have chosen to convert their fiat to bitcoin have done it to either escape the tyranny of centralized powers or because they know this decentralized currency is independent of any other markets.
there is of course panic due to the other markets going up in smokes these days but as we have seen from the past several weeks the effects of that panic caused 2 days of falling and then the price even recovered most of it within a week. now the only effect that panic has is the uncertainty that people have about the time the rise begins that is why it has not yet begun even though there is a serious accumulation going on.
there is of course panic due to the other markets going up in smokes these days but as we have seen from the past several weeks the effects of that panic caused 2 days of falling and then the price even recovered most of it within a week. now the only effect that panic has is the uncertainty that people have about the time the rise begins that is why it has not yet begun even though there is a serious accumulation going on.
Hmm I think it isn't really the COVID 19 fault why bitcoin Price drops because we even see some minor increasing of the price amidst the crisis, but it is mainly because of the market. If the most of the people sell their assets, then we absolutely know what will be the effect of it. So it is really on the investors for me.
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