I get what you are trying to talk about. About the price of bitcoin that you said it remain steady, do not always follow only what you read because it can be misleading at times. The reason the price of bitcoin can be steady when cryptocurrencies prices are decresing is because some trades like to trade altcoin for bitcoin during the time of bear market. When the price is increasing, they like to trade bitcoin for altcoins. So, you are clearly right about this.

But, look at what happened recently, in February, bitcoin was over $10500, but later got to less than $4000 before it rose to over $6000 now. So, bitcoin actually fall in price and not steady at all too but not much like altcoins. I understand that Altcoins fall more than bitcoin but bitcoin really fall. That is why I told you to apply practicals too and not only believe on what you read.

About the recent pandemic viral attack
I do not expect people to be thinking the price of crypto will increase in such time. Some people still do not know about bitcoin or other cryptocurrencies as of today, some people still trade bitcoin for fiat because of the corona virus just to secure themselves or to treat the disease. This was the cause of the recent bear market in which investors were panic and sell their cryptocurrencies  for fiat.

money may go into bitcoin but it almost never goes into altcoins. the bitcoin investors sometimes also buy altcoins to make profit on whatever amount of bitcoin they already have.

this is wrong. there are other "safe havens" and bitcoin may actually be at the bottom of that list because of its volatility and lack of mass adoption.

first of all that is not a collapse, a collapse would be dropping down to $100. that is not even big crash.
secondly that doesn't change anything about whether or not bitcoin is "safe haven". if anything it proves that bitcoin price is like always volatile.

And the stock markets collapsed by 35%, even after interest rates were slashed twice and the biggest QE package in history.

Whoever said that top ranking coins were reputable? Half the coins in the top ten on coinmarketcap are outright scams.

I wouldn't call Tether a safe haven by a long shot. First of all, it is pegged to USD, which is being rapidly devalued as the Fed print trillions more dollars over the coming weeks. Secondly, it isn't fully backed up, and the proportion of it that is backed up is backed up with a variety of uncertain assets, include loan payments from Bitfinex to Tether for a $700 billion loan they made to themselves to cover their insolvency.

Bitcoin is not a safe haven, and never has been. It has the potential to be a safe haven, indeed to be the best safe haven, for reasons discussed and expounded upon many times before... but that is all in the future. Right now, crypto markets are small, and prone to volatility and speculation. Bitcoin itself is continually evolving, segwit and LN are steps on the road. We are not at the end point yet, but we are on the road, and that is the important thing.

For now, for the reasons stated, bitcoin is positively correlated with traditional assets. Most people outside crypto, and indeed many inside, see bitcoin as a gamble. It is something to invest in when times are good. And it is the first thing to sell when a crisis arrives. It will not always be that way. Just remember: we are still early in the journey. It is a long road, but we will get there in time. Don't panic. Take the long view.

But it did recovered from the crash, $3800 to above $6k, so how do you call that?


Bitcoin could act as a 'safe haven', this is the first time that we have seen this pandemic, but you have to look at how crypto react to it. A lot of ups and down but it doesn't mean that it can't recover. Remember that we still have the halving in May.

Not after. During the virus outbreak itself, those who have the extra money or investment money and are quite apprehensive about the traditional market will probably consider Bitcoin as the safer option. There are other options, of course, such as gold or even government bonds, but we all know how Bitcoin is existing quite apart from the traditional financial system which is the most tested at this point, which makes it a nice option.

I feel value of Bitcoin wouldn't exist if fiat was not injected into it. Supply of Bitcoin will get reduced after the halving but demand will only increase if investors have the money to buy it.

Current economic situation will result in global recession. This will affect the purchasing power of investors and common man. Resulting in global economic meltdown. Which will also affect the price of Bitcoin.

Exactly. There should be complete agreement with the fact that Cyrptocurrency as whole got its own boundaries within which it works!

"Gone those are the days when we assumed it's dependancy with real world movements"

It is simple, demand and supply thing.

I think somehow this virus really affect one's country from time to time as its transmission is progressively increasing. Some other countries can handle this stock market crash like China, they are the one who should be responsible for the virus because it originated from them but still their stock market is not that affected. The true impact of Covid-19 in cryptocurrency is good, no one can go outside, all of the payments and transactions are in a form of online or digital. Bitcoin really was made for that besides as a store of value, it is really help and effective as a mode of payment for our bills, goods, or other expenses. This crisis will help promote the advantages and effects of crypto in our market and that will result to a mass adoption. But still the price of bitcoin is still in recovery so we still need to manage our bitcoin if we need to sell or hold it for a long period of time.

There are so many things got affected by the virus,  and it is still existing so it affects so much things continuously,  even the market are being affected by the virus because of investors,  traders,  players,  etc.  who pulled out their money and converted it into fiat currency because of being afraid that bitcoin may be dead since the price of the bitcoin is still falling in the previous days and aside from that they also pulled it out to have money to sustain their lives while crisis is still there.