Post
Topic
Board Bitcoin Discussion
Re: Bitcoin declined 3% as the coronavirus spread in italy
by
kryptqnick
on 01/03/2020, 16:47:00 UTC
Can coronavirus spreading be the cause?


No, crypto journalists just have this habit of explaining Bitcoin's price movements with some totally unrelated world events, because that's what generates traffic for their sites - no one wants to hear how Bitcoin is volatile and goes up or down as the result of pure speculation, because that's so boring.

Just think about it, why would the coronavirus impact bitcoin's price? It has no effect on how the bitcoin network works, or how people might use Bitcoin. And the effect on mining farms in China is still very small.

I largely agree with you and believe that such articles by crypto journalists are provocative and aim to get traffic. However, let's also not forget that the world economy is undoubtedly deeply affected by this coronavirus. And it's not just business that is focused on public spaces (cinema industry, for instance) that's taking a hit. It's also something more abstract but the stock market and wealth of the richest people on Earth. So eventually it can affect Bitcoin, even though it doesn't require physical contact. People might simply panic that everything else is going down and feel like Bitcoin is the next, thus triggering panic selling, for example. So yeah, it's not direct impact but it's something that could be avoided if there were no spread of the disease.