No stimulus = drop in BTC price? | Bitcointalksearch.org

lifeforcepools

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Quote from: 3meek on October 08, 2020, 01:46:41 AM

This correlation is expected, because into Bitcoin entered the banksters from Wall Street! Wink

Bitcoin has therefore begun to react to Trump's statements or news about the virus, as on March 12!
I think that before 2017-2018 there would be no such reactions!

But still, whales that weren't bankers can still correct panic attacks. At least I hope so.

3meek

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Quote from: figmentofmyass on October 07, 2020, 11:59:02 PM

Quote from: DougM on October 06, 2020, 09:02:26 PM

I hope this isn't actually the cause of the minor dip Shocked

i think it's safe to assume that stimulus payments had a positive effect on asset prices, including BTC.

the trump administration had been talking about another round of payments for months, so it's possible investors anticipated another increase in prices as a result. now that trump is backtracking and putting off talks until after the election, we are seeing the reverse effect.

no big deal. buy the dip. Wink

This correlation is expected, because into Bitcoin entered the banksters from Wall Street! Wink

Bitcoin has therefore begun to react to Trump's statements or news about the virus, as on March 12!
I think that before 2017-2018 there would be no such reactions!

cabron

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If stimulus package is delayed, some holders will have have to sell the small amount of btc they hold to have funds for daily needs. Its all connected, its not just about demand and supply anymore in the covid crisis. I really think the prices will dil hard soon while the pandemic is going to take long. the vaccine is not coming yet.

pooya87

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Quote from: figmentofmyass on October 07, 2020, 11:59:02 PM

i think it's safe to assume that stimulus payments had a positive effect on asset prices, including BTC.

i think it is safer to assume all of the things the governments are doing will have positive effects on bitcoin price soon. the inflation, specially in an economy like US won't happen over night. it will slowly show itself as all the money they keep printing comes back to bite the economy in the ass.

in the end bitcoin has halvings while US dollar has doublings so as these two go in opposite directions with the speed of light their value against each other should do the same too.

figmentofmyass

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Quote from: DougM on October 06, 2020, 09:02:26 PM

I hope this isn't actually the cause of the minor dip Shocked

i think it's safe to assume that stimulus payments had a positive effect on asset prices, including BTC.

the trump administration had been talking about another round of payments for months, so it's possible investors anticipated another increase in prices as a result. now that trump is backtracking and putting off talks until after the election, we are seeing the reverse effect.

no big deal. buy the dip. Wink

semobo

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Quote from: DougM on October 06, 2020, 09:02:26 PM

I hope this isn't actually the cause of the minor dip Shocked

Trump delays stimulus, Bitcoin dumps shortly thereafter
Bitcoin's correlation with traditional markets appears to continue.
https://cointelegraph.com/news/trump-delays-stimulus-bitcoin-dumps-in-shortly-thereafter

Quote

Back and forth discussions with regard to a second stimulus package for the people of the United States have been ongoing for months. Today, President Trump decided to push the matter back until after the 2020 presidential elections have concluded. This appears to have resulted in a price drop for Bitcoin (BTC) and other mainstream markets.

Following these tweets, the market responded in disapproval. Stocks fell noticeably, while Bitcoin dropped approximately $200 before bouncing slightly, holding a press time price of $10,577.

Bitcoin's drop seems to suggest that the asset's price continues to react in tandem with mainstream markets, at least with regard to major fiscal news. For some, this holds as antithetical to the asset's supposed role as a non-correlated store of value.

There is no any considerable dip on the price,maybe you felt the price dump in hourly chart but on 24 hour I don't see any big change, it relies on the same level.

slaman29

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Quote from: ChrisPop on October 07, 2020, 12:26:51 AM

Well... Stimulus means free money for the people (for no work) = inflation = dollar has less purchasing power
However I don't think the these news have triggered the minor dip on Bitcoin price. It's just usual fluctuation of the market from my point of view. You know what to do when there is a dip. Wink

It's amazing to see that people in USA have no jobs but can buy new cars and do shopping like record numbers when the rest of the world like us are so worried about the future with no income.

These guys don't feel the pain yet but they will once dollar becomes more and more worthless like you said.

Waiting for the dip!

Lucius

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Quote from: DougM on October 06, 2020, 09:02:26 PM

I hope this isn't actually the cause of the minor dip Shocked

So should a reason be sought for every and the smallest change in price? Yesterday's high price was around $10 800, and the lowest around $10 560, and that's nothing that hasn't happened in the last month. If the future of Bitcoin depends on what one man in one country will say or do, then we have a very big problem. You really should start looking at the whole thing from a perspective other than one that is solely focused on profit.

Most do not object to free money, but apart from the bad long-term consequences for the economy, everyone should know that there is no free money - the government will find a way for everyone to return what they received for free, with interest.

piebeyb

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Quote from: btc_angela on October 07, 2020, 03:00:09 AM

There is no dump, probably the market reacted negatively but it doesn't mean that we are going to see a huge dump because of the Trump's announcement. So it's just a normal sell off, crypto media are just making a big fuss out of it to create FUD again and whales love this kind of news and could manipulate it by putting some huge sell order walls to scare those noobs. But for those who have been here, I'm sure you are not affected by it.

This is in accordance with my thinking, it looks like the price will not fall below $ 9k, even the price will continue to stay around $ 10k, it doesn't seem like it should be exaggerated about the drop in stock market prices because of the news about Trump, I'm sure bitcoin prices have fallen not only because of that But there is another thing, I am not really influenced by any news, HODL Wink

btc_angela

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There is no dump, probably the market reacted negatively but it doesn't mean that we are going to see a huge dump because of the Trump's announcement. So it's just a normal sell off, crypto media are just making a big fuss out of it to create FUD again and whales love this kind of news and could manipulate it by putting some huge sell order walls to scare those noobs. But for those who have been here, I'm sure you are not affected by it.

rollingdice

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I don't believe that Bitcoin price is affected by the economic situation in the USA so much. For example, the price crashed in March because the lockdowns were world -wide.

hatshepsut93

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Bitcoin is now correlated with the stock market, so this isn't too surprising, but you still shouldn't think of this correlation as absolute, Bitcoin can easily do the opposite of the expected move, because this correlation isn't fundamental, it's just that they are affected by the same things, like the global economic well-being, and since Bitcoin is not perceived as safe haven by most people, it's likely to drop when there's negative news for the economy.

avikz

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Quote from: ChrisPop on October 07, 2020, 12:26:51 AM

Well... Stimulus means free money for the people (for no work) = inflation = dollar has less purchasing power
However I don't think the these news have triggered the minor dip on Bitcoin price. It's just usual fluctuation of the market from my point of view. You know what to do when there is a dip. Wink

Exactly my point! $200 - $300 dollars fluctuation is nothing for bitcoin happens quite often and it gives the investors a very nice chance to make short term profit. Probably this recent dip happened in coincidence. But I don't think it has anything to do with Trump's order of delaying stimulus payment!

mk4

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Quote from: Poker Player on October 06, 2020, 10:52:13 PM

This has not always been the case, because when bitcoin went from $0.01 to $20,000 there were phases in which it was not correlated with the stock market. And it doesn't have to be that way in the future either. We hope it won't be.

Ehh, it was expected. With bitcoin's earlier years(probably 2016 and earlier), it would make a lot less sense if it would somewhat mirror the S&P500 that early on in it's sort of "fetus" stage. It makes a bit more sense now since bitcoin has pretty much gained most of its popularity already, and slightly-decent market liquidity exists already.

ChrisPop

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Well... Stimulus means free money for the people (for no work) = inflation = dollar has less purchasing power
However I don't think the these news have triggered the minor dip on Bitcoin price. It's just usual fluctuation of the market from my point of view. You know what to do when there is a dip. Wink

pooya87

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that's not how it works. bitcoin price doesn't depend on US stimulus package to fall if it is not given! not to mention that the global market doesn't care at all. the opposite could have been true though meaning the free money they give out could find its way (at least partially) into bitcoin and push its price up but even that would be a small effect.

Quote from: DougM on October 06, 2020, 09:02:26 PM

Trump delays stimulus, Bitcoin dumps shortly thereafter

do you know what "dump" means? Cheesy

in short price staying the same place as it has been for the past month is not it.

bedon

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Quote from: Poker Player on October 06, 2020, 10:52:13 PM

Yes, the problem is that we are in a historical moment in which the bitcoin is behaving like another financial asset.

Bitcoin has been trading very correlated with the equity market since the March crash. Current correlation is 0.81 with the SPY (on a weekly basis).

Poker Player

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Quote from: mk4 on October 06, 2020, 10:11:37 PM

It most likely is. Bitcoin has been heavily correlated with the stock market, and it pretty much just followed it down once again.

I provided a chart here: Topic: On Trump COVID Announcement: Bitcoin vs Gold vs The US Stock Market(US500)

Yes, the problem is that we are in a historical moment in which the bitcoin is behaving like another financial asset. A volatile and high risk one, but a financial asset after all.

This has not always been the case, because when bitcoin went from $0.01 to $20,000 there were phases in which it was not correlated with the stock market. And it doesn't have to be that way in the future either. We hope it won't be.

mk4

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It most likely is. Bitcoin has been heavily correlated with the stock market, and it pretty much just followed it down once again.

I provided a chart here: Topic: On Trump COVID Announcement: Bitcoin vs Gold vs The US Stock Market(US500)

jackg

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https://bit.ly/387FXHi lightning theory

But on the 2 hour chart, since September 20th, we've mainly followed the same symmetric(ish) triangle pattern?.

Just with a little TA it looks like it'd be normal (ta is only fairly accurate for predicting REPEATING patterns imo). It's a little risky but not unusable on the rest.

We could see a break within the next month - or not - but it COULD go either way. And this could either force it up or down, I don't know why people would want to store cash though...

Topic: No stimulus = drop in BTC price? (Read 287 times)