Several facts occured simultaniously during the short period just before the crash in price; someone recovered an old wallet and moved 1000 btc to coinbase, plus the shut down of some known exchanges turning scam. Covid19 is an additional factor.

I think that we are in a period of fear from almost everything. So it's normal that the price drops for an extended time. Once people realise the benefits of bitcoin as a real crisis resistant, the price will get back to normal. The actual btc price is above 6000$.

Your Title and body of the post are contradicting. All in All The CoronaVirus outbreak has a part to play in the recent Massive Bitcoin Price drop. If you try denying that, then you totally don't know the economical aspects of bitcoin and stock markets.

There are different opinions on this topic.
If the economic crisis deepened and classic currencies lost their value, then the price of gold and Bitcoin would almost certainly go up. However, no one expected the virus to affect the economy so much and, above all, the existence of people. In my opinion, the price of Bitcoin will also fall until the spread of the virus is under control and people calm down. Unfortunately, we still don't know when it will happen, so people prefer to have cash in fiat money than electronic money.
Once the virus is under control, cryptocurrency prices will definitely go up quickly, because the crisis in global economies will definitely last much longer.

Well, if there is a panic it is expected already that the market will eventually gonna go down and look where is it now? The pandemic crisis is one of the reason why the market suddenly drift back to break most support levels. Luckily, the $6,000 support level is quite strong to hold after a week of dump. It happens already before and is happening today, it seems like history always repeat itself.

The fact is bitcoin or any other crypto is completely useless in a pandemic or any type of urgent situation. people need food and security and bitcoin sells none of that. its controlled by big institutions and traders and they're always going to sell before the public wakes up. the price run up was already because they knew china was exporting covid-19 and a crash was soon to come.

It seems like your topic is really different to its content, your topic is "You realise Coronavirus is not a reason why" but you also said that the reason is that the panic buying of many people. So logically speaking the, COVID-19 is still the reason because people gets panic buying because of the virus, buying some stuffs and goods just to survive from the crisis and that is also what some traders and investors did so the market gets affected by it, that results to bitcoin or other cryptocurrency to goes down.

Well said mate, the good thing is it still remains up to 6,000$ even the virus or this crisis is still in different country. but nothing is shocking about that because it already happens before, well, cryptocurrecy is volatile so we should expect that it would really happen.

The amount of people who sell their coins to cover their needs is negligible, what happened is that whales/speculators dumped their coins because of the panic on the stock market. So, coronavirus is actually the reason, it's just not a direct reason. Instead of coronavirus -> Bitcoin we have coronavirus -> stocks -> Bitcoin. But this correlation isn't fixed, if the stock market falls a little then Bitcoin doesn't care - it's not repeating every single move.

Nope, the main reason was the dump of 13,000 BTC that affected the market significantly then with the help of coronavirus fear, people really did dump their coins hard that time. As of now, we are still at a recovery phase and I say cryptocurrency is really doing good standing above $6,000.

This obviously the effects of the Coronavirus or the COVID 19 virus a lot of people have no work or jobs that could sustain them in the quarantine or lockdown forcing a lot of people or investors to sell off their investment in the market. A lot of big companies stopped operating because of this virus in the firsts week of the spread of the coronavirus a lot of mining companies in China also needed to be stop to prevent the virus from spreading in their country.



Also at this time, this could also be manipulation by whales in the market since it would be easier at this time of crisis. Take note that this happened in just 24hours? Meaning there is a huge amount of bitcoin sell-off in the market, and a group of whales could easily do this manipulating the market price of bitcoin.

In principle, yes, people urgently needed cash to buy food and basic necessities in order to prepare for quarantine caused by an outbreak of coronavirus. If the cryptocurrency had good liquidity and you could directly buy the necessary goods for it, and not first exchange it first on the exchange, then it would not fall in price, or its fall would not be so significant if there are reasons for the fall, as suggested , there were several.
Someday in the future, such disasters will not have to affect the cryptocurrency market decline.