Chinese situation and its relation to cryptocurrency environment

[Valentine.H 41]

The current Corona virus out break really effect the whole world market. This is really going to continue like this if it was nit control any time sooner. Specially the Chinese market is totally shutdown and they are highly in lose...

[Whited35 15285]

We know China was one of the first victim from the COVID-19 virus which was first appeared in China. This virus created the extreme chaos which has also affected the cryptocurrency market. China itself the great place for the cryptocurrency projects.

[jamesvince 2389]

Now if you have full information regarding whole world what facing but now China control all the criss of viruses but remaining world fighting with deadly disease. I hope our country and rest of World soon get rid from this deadly disease and enjoying same happiness what's we have before. 

[George10 9932]

On 1/29/2020 at 2:54 PM, Linkkoin said:

As you know, there is a panic regarding the coronavirus in China. We see some movements on world markets - including price of oil, gold, some say even cryptocurrencies.

 

But would it be really disastrous as speaking of the influence regarding cryptocurrency environment fueled by the different factors than panic?

 

The answer is not that simple.

On one hand please remember, that for many cryptos, a lot of mining power is located in China. Many of them are located in less inhabited regions of the country, where there is a surplus of electricity there. As well, we should all remember, that electricity with its infrastructure is of critical importance to operate properly for the state itself, so even in worst case scenarios the hashrate should not drop because of the power shortage, what could cause panic. In the worst case scenario, we could observe the drops of the price of most of the cryptos, because of much lower hashrate (less safety of the network, increased risk of 51% attack)

On the other hand, if the situation would turn bad, this could affect supply of mining equipment in mid term. How? If factories assembling rigs and producing their elements are temporarily shut down - then of course there will be no rigs available. As well, depending from decisions of authorities from other countries, there might be a temporary ban on importing all the types of goods from China. In this case the supply of new rigs will be limited, their price could skyrocket - just like in 2017, and hashrate would rise slowlier.

 

Any thoughts from your side?

Now Corona virus isn't  just affected China only but its now affecting the whole globe and all the markets including crypto are affected and I believe even China crypto mining farms are affected too but theris still hope of recovery as currently the  cryptocurrency markets seems to continue accumulating.

[magd 5231]

China has almost exited the Corona virus, and I think that the coming periods will bear surprises coming from China with regard to mining energy, as we know that it is one of the most mining countries for cryptocurrencies, and it is one of the countries most influencing the Bitcoin price. My opinion is China will contribute to raising the price again

[Babubu609 0]

2 hours ago, Veniatrs said:

Initially I believed that someone said that cryptocurrency would not be affected by any circumstance and by anyone. But after the corona virus (covid-19), there was little doubt because since there was a corona virus and the world economy was weakening, almost all crypto coin prices declined.

You are right friend all price of cryptocurrencies were  declined exceptional to stable coin

[pablomarwan 3082]

My dear friend, I agree with you in the last part of the article for several reasons that will make the retailer less. As for the card that happened, the rate of price increase has now returned to what it was in a short period, due to China's recovery and recovery.

[CryptoMaxim 3829]

I do not believe that if the number of miners decreases at the time of the reign of the coronavirus. This reduction will not affect the bitcoin network much. And if they do, it won't be significant.

[Rezort 846]

I hope that April would be the worst month in cryptocurrency history of this year and any further time would be just recovering and no big falls are coming.

[malik6314193 5449]

Yes you was right. This pandemic effect all the crypto market and price has fallout about 50% in just two weeks. But now price is coming up slowly. 

[Thekingcallme 1975]

I do not think that China will affect the cryptocurrencies due to the Corona virus because it no longer supports Bitcoin

[Nezar 7169]

After the occurrence of these problems and these large fluctuations in the price of encryption, I was able to verify and confirm that the cryptocurrencies are very closely related to China, as we all noticed that the market had largely collapsed when the virus spread significantly inside China, but the price has recovered after China recovered from the virus and prices started to rise Significantly

[Jessica Karren 1242]

Your views are spot on but I think now the situation in China with regards to Corona virus is stabilizing rapidly and the Bitcoin is also started to recover and it is recovered well. 

[Captain Karim 0]

Well, it looks like the Corona virus has had a disastrous effect on the markets, the price of bitcoin has fallen perhaps 300% within several days and now the situation is improving, we hope that the market will fully recover and return as it was before.

[Shaza Ahmad 1682]

Yes, electricity is the main factor in the success of the bitcoin mining project, and since electricity is cheap, China controls the global mining market, but I do not think Corona will affect Bitcoin anymore after recovering from the strong blow that hit it a month ago.

[Soaib khan 1035]

I still don't know why some people do relate cryptocurrency and China I am using this forum from last 5 months but I still didn't find the exact answer of this question? is bitcoin controlled by China?

[Treat1234 0]

You post is to long to capture I am not a fast learner so I understand a little from your topic against the rise of cryptocurrency in the future and the effect of the Coronavirus that took place in China affecting the present price of Bitcoin and also mining.

[Honny143 13612]

Yes bro I agree with you corona virus effected China badly, and China is the most bitcoin mined nation, so we see the effect of the virus in bitcoin prices, we see the lowest price 4000$ dollars but not now crypto market got positive response, and once again bitcoin pump up and  prices reach 9700$ dollars.

[Upright 2688]

We all know that the major power House of bitcoin is in China, as even an argument posed at this is vauke. As on the scales on miners being based in the world,we know that about or slightly over 50% of miners are in China( low cost if electricity). Bitcoin is anonymous and network security is from mining, but when you rethink it again, do you think that Corona is indoors outdoors, as mining can be done indoors, without the restriction of the pandemic there

[Saboor 511]

The virus has become pandemic and it has affected cryptocurrency as well, do we didn't experience any bull run like that of 2017, but it has recovered so there is possiblities for a good bull run if the world activities will come to normal

[iloveyobit 6599]

The virus is already losing its effectiveness and its danger to the whole world and has started to withdraw little by little and I think it will never affect bitcoin or the crypto market, whether now or in the future.

[Virgil dijk 1431]

Well I don't really think the effect of corona virus on China has anything to do with cryptocurrencies, tho initially when it started cryptocurrencies were faced with lots of challenges due to the attack of the virus, but recently it has no effect again because cryptocurrencies has bounced back to normal.

[Omar Ommeish 4872]

Many Chinese residents use cryptocurrencies, and these currencies are considered basic in China, so I don't think mining will stop in China for whatever reasons.

[Laboni 755]

China mining can never stop China is very advanced in terms of crypto use Most people in China depend on crypto and their use increases the demand for crypto. China started mining crypto to improve their country's economy.

[CryptoLover21 0]

We can see little effect from the situation of the china but the cryptocurrency had already grown. We can see the power of the cryptocurrency and  it is build for this condition to send crypto from anywhere to anyone and maintain distance.