The stock market is impacted heavily due to the drop in oil prices. Do you all think it will impact the BTC prices as well?
Our focus now is on bitcoin halving, not on oil affecting bitcoin market price. I hardly see any connection, the crude oil is now very low but bitcoin can not be affected. The price may even increase as well as it moves towards halving against what analysts are predicting.
Take a look on oil price on March 12-14 and on bitcoin price on March 13-15. Dont you think these two price drops are connected? I will never believe that bitcoin's recent price drop happened by itself.
I'm not saying that bitcoin price primary relies on oil price, but these two sure are connected.
Any price drop of Bitcoin does not happen
by itself because there are so many factors out there coming into play. If
by itself you mean that it just drops for no external reason at all. Bitcoin is more than a hundred-billion market, and a public one, it does not just drop significantly without large players playing the game.
But I don't think it has something to do with the price of oil. I cannot see a connection. Why does Bitcoin's price fall when oil price falls? In what way should they be connected?
These are both huge in stock market that's why I think they are somehow related to each other when it comes to affecting the price. Bitcoin is very volatile and the market but other stocks are not that volatile but still there are changes in their price over time. Bitcoin are easily affected by a lot of factors such as demand, because we all know that demand can affect all of the stocks in the market. Other one is the volume of people in the market, how people manipulate it, and a pandemic like this.
Do you think that this pandemic affects the bitcoin price? In March, bitcoin really have a huge crash in its price and it is not easy to manipulate bitcoin that time because some of the holders are panic selling. It is too obvious that bitcoin can be affected by the events that we are experiencing right now. Market really have a hard time to recover from the damage in the economy brought by the virus. It is just the same on what's happening in the oil's price.