The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Blockchain

Is there a correlation between US Covid cases and crypto prices?

by Miki 08/24/2021
by Miki 08/24/2021 0 comment

Cryptocurrencies updates

Sign up to myFT Daily Digest to be the first to know about Cryptocurrencies news.

You might recall that back in the very early days of Covid-19 (or just “coronavirus” as it was then known), some crypto nutters enthusiasts started getting excited about the idea that the virus would be good for bitcoin because “paper money” “might be the source of #CORONAVIRUS #SARS2 infection”. After all, “fiat is dirty”:

@thebearablebull it’s time to switch to a digital currency. Fiat is dirty and is cause for the spread of the corona virus. Could this be the catalyst that advances utility of XRP???

— Michael Beck (@Michael35314117) January 25, 2020

Now, to be fair to the bitcoin bros (not great) and XRP army (worse), even the World Health Organisation had around that time started pushing the idea that Covid could be being spread by banknotes (while simultaneously recommending that people should not wear masks), now thought to be “very unlikely”. Even if banknotes were a key transmission vector, however, we are not sure that “dirty fiat” itself could be held responsible, given that the vast majority of it only exists in digital form. Why would you use bitcoin, or XRP, or any other crypto token when you can transact digitally using fiat currencies?

Yet in some ways, the crypto crowd were not wrong. In the almost 18 months since Covid-19 was declared a pandemic, the price of bitcoin has risen by about 525 per cent, from just under $8,000 to a three-month high just above $50,000 on Monday. XRP has climbed by a similar amount to trade around the $1.25 mark.

And that, we regret to inform you, has led to some rather silly thinking (highly unusual in the crypto community, we know), specifically of the chart-crime variety:

Want to see an interesting relation?

Check the relation between COVID case numbers and $ETH, #BTC.

Numbers go up?

(Credit to @JohnWRichKid‘s for first noticing). pic.twitter.com/7IBTyhZ9Xb

— unusual_whales (@unusual_whales) August 22, 2021

Yes, a most “interesting relation” indeed. When Ethereum (or “ether” as the token that powers the network is called) hit its record high of just under $4,200 in early May (not of course higher than the bitcoin price at the time though you wouldn’t know that from the above), the chart shows Covid cases falling towards their lowest levels since April 2020. When bitcoin hit its record high of around $63,000 just a few weeks earlier, Covid cases had already fallen very steeply, according to the chart. And when Covid cases hit their highest levels in early January, bitcoin suffered its worst crash in eight months. It’s almost as if there is no correlation between crypto prices and Covid cases whatsoever, isn’t it? (Both crypto coins have risen in recent days, while cases have also risen; there’s not an inverse relationship either.)

It should be noted that crypto prices also started rising more quickly when Donald Trump lost the presidential election, so we should probably have a think about the notion that Trump might actually be Satoshi, and that now with more free time on his hands he is focusing on pumping the market. After all it is highly likely that he is a Japanese-trained quantum physicist (do make sure you get to 2:09 in this for proof of his knowledge of thermodynamics, and to 2:45 for evidence of his reading Japanese):


OK perhaps that’s a little far-fetched. But what is behind crypto’s crazy climb over the past 18 months, we hear you ask? We don’t mean to suggest that the pandemic hasn’t been involved, because we think it has, but not in the way that this chart criminal implies — not, in other words, because it’s some kind of safe haven that traders flock to when they are worried about Covid cases rising; the data don’t bear that idea out.

It’s always hard to know exactly what is driving crypto prices given the opacity of the market and a certain rather large player whose name rhymes with weather, but we think it’s probably partly related to the same market madness that drove GameStop to da moon, as well as to a desire for an alternative to central-bank-issued money due to worries about the government overreach (by means of Covid restrictions), and also endorsements from chief executives at the likes of PayPal, Tesla and Twitter/Square.

We should also point out that if we had been given labels on the Y-axis (which obviously we are not), it might become clear that these “daily Covid cases” refer to US Covid cases. Because while a US chart looks exactly like the one above, a chart showing worldwide Covid cases doesn’t; instead it looks like this (according to Google):

Perhaps a bit odd, then, to decide to chart crypto prices against US Covid cases rather than global cases, given crypto is traded globally.

Very generously our tweeter credits another crypto fanatic for the remarkable analysis, who had drawn up his own chart just days earlier:

When Covid numbers goes up, Bitcoin goes up. Based on this analysis I am issuing a BUY order on Bitcoin with a price target of $1 million by September. Attached is my analysis with the Bitcoin chart just above the Covid chart. All thoughts welcome. pic.twitter.com/AeMAEAixn9

— John W. Rich Kid (Wendy’s Fry Cook) (@JohnWRichKid) August 18, 2021

Now one can ever be sure in this “space” but we *think* given that the blue line is so vertical that it literally bends backwards, and that the guy seems to have a sense of humour in his other tweets, this is a joke. We’re not sure “@unusual_whales” got the memo, did he, oh well. Can someone please make sure someone at Citi did?

Related links:
Coronavirus is “good for bitcoin” — FT Alphaville
The many chart crimes of *that* Citi bitcoin report — FT Alphaville
Hey Citi, your bitcoin report is embarrassingly bad — FT Alphaville



Source link

Views: 1
CasesCorrelationCovidCryptoprices
Share
0
FacebookTwitterPinterestEmail
previous post
El Salvador Sets Up 200 ATMS and 50 Kiosks for Exchanging Bitcoin (BTC)
next post
CFTC Commissioner Clarifies the Agency’s Sweeping Rights to Regulate Crypto Derivatives

Related Posts

Iran Bans Crypto Mining to Avert Major Blackouts...

12/29/2021

Italian Sports Car Maker Ferrari Inks Multi-Year Deal...

12/29/2021

ProShares Files for New Metaverse ETF With U.S....

12/28/2021

Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute...

12/28/2021

Binance Trading Platform Licenses in Bahrain, Canada

12/28/2021

Tokenized Bitcoin in Circulation Nears a Half Million...

12/28/2021

Ethereum 2.0 Full Upgrade Will Prompt a 1%...

12/28/2021

Iranian Crypto Miners get Cut Off as Country...

12/28/2021

Kraken Develops NFT Trading Platform, Offering Token-Backed Loans

12/27/2021

Crypto Review 2021 | Blockchain News

12/27/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • XRP, Chainlink, VeChain Price Analysis: 25 June 

  • Does SHIB, the ‘Dogecoin rip-off,’ have any advantages over the ‘boomer memecoin’

  • DEX Tokens Goes on Growth Rampage

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Mining (0)
  • Ripple (149)
  • Uncategorized (0)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,749.001.50%
  • ethereumEthereum(ETH)$1,968.25-0.17%
  • tetherTether(USDT)$1.00-0.14%
  • binancecoinBNB(BNB)$331.933.06%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • rippleXRP(XRP)$0.399798-1.39%
  • Binance USDBinance USD(BUSD)$1.00-0.12%
  • cardanoCardano(ADA)$0.520.35%
  • SolanaSolana(SOL)$48.94-0.95%
  • polkadotPolkadot(DOT)$10.092.40%
  • dogecoinDogecoin(DOGE)$0.083137-0.45%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,704.001.37%
  • Lido Staked EtherLido Staked Ether(STETH)$1,924.13-0.24%
  • AvalancheAvalanche(AVAX)$28.54-0.64%
  • tronTRON(TRX)$0.080841-0.85%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.000012-0.47%
  • daiDai(DAI)$1.00-0.17%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$69.31-0.75%
  • CronosCronos(CRO)$0.1875960.67%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.880.20%
  • matic-networkPolygon(MATIC)$0.640.82%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.830.42%
  • HederaHedera(HBAR)$0.389473-3.44%
  • FTX TokenFTX Token(FTT)$29.600.02%
  • bitcoin-cashBitcoin Cash(BCH)$192.550.47%
  • RareRare(RARE)$0.0461220.00%
  • moneroMonero(XMR)$200.565.86%