Quote from: Jating on March 23, 2020, 09:56:07 PM

Quote from: SUMBI99 on March 23, 2020, 08:33:41 PM

But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.

So with that logic, obviously the panic about the corona virus is one factor that cause a sharp decline on the price of BTC. Well, you can't take out that there could be whales who take advantage of the situation and play us.

Media did also play a part as well, as they reported the spread and probably blow out everything out of proportion. Nevertheless, bitcoin is very strong and resilient, as other markets are still in shock and have difficulty recovering, bitcoin has been bouncing back from $5000-$6500 or more.

What can we do if it is really necessary to convert bitcoin to fiat when you lack of resources during this quarantine? It is how you manage your assets, you will not sell all of your btc, you will just get some amount that will serve as your budget to survive this quarantine. We don't have any idea when this Covid-19 pandemic will end so it can't be that we let ourselves starve for the sake of crypto. Converting some amount will do, but still you will hold your btc because you know htat the price of bitcoin will still recover from $6500 to $10000 or up. Bitcoin is volatile and we also have no idea when this bitcoin will increase its price again so it is better to be prepared in this pandemic than to wait for something that is not certain or unsure.