Can Bitcoin’s Price Decrease Be Explained by the Oil Crash?

[Shahinaz]

April 20 marked an unprecedented event for the oil price, whose futures at one point traded at negative prices.

While the price has rebounded since, opening at $20 the next day, the 99.99% daily decrease cannot be ignored and could have an effect on the market at large. Well-known trader @Skewdotcom outlined a chart showing that the Bitcoin price has fallen back below $7,000, after trading above this level for several days. He suggests that this decrease was caused by oil-related anxiety, due to the aforementioned rapid crash in the oil price.

In this article, we will take a closer look at the price of both BTC and oil, attempting to analyze their correlation and see if yesterday’s decrease was really caused by the oil crash.


more : https://beincrypto.com/can-bitcoins-decrease-be-explained-by-the-oil-crash/

give your opinion about this news?

[Nestle]

Bitcoin has experienced it since the price drop from $ 10,000 to now at $ 7,000. Now it's time for Bitcoin to prove that investing and using Bitcoin is better and more profitable

[Istiak]

I am not sure oil is somehow related to crypto or not. The Crypto market already faces some consequences of that epidemic and if something like that happens again then it will be a very bad situation for the crypto market. But the market is now almost stable and showing some good move upward and hope this will continue.

[DogeTalk]

I also think the same when oil prices go down and have an effect on crypto later. I'm just optimistic that crypto can pass the downtrend and increase again.

[I-Bit]

Theoretically, it won't effect to crypto market because indeed it has no correlation with crypto. But practically, it can influence crypto market because investor's fear of the world economy condition after the oil crash. But I don't want to think much about it, we are better to focus on our own jobs incrypto.

[zendicator]

There is no such correlation between the two. Oil is not dependent on bitcoin. It will be more realistic if you relate it with gold. Gold and bitcoin are somehow the same. Not totally but gold and bitcoin are made for this crisis.

[mlawson71]

I too don't think there is a correlation. Also, the halving may cause a new rally.

[Millionaire]

I can't think what BTC has to do with oil.
what I think is that BTC prices are starting to improve again. expect to touch $ 10k

[Fenix]

I don’t think that there is a direct correlation between the fall in world oil prices and the drop in the price of bitcoin. Although it cannot be completely ruled out either, we see that many events in traditional markets ultimately affect the cryptocurrency price. In any case, if such a connection exists, then it is not too substantial. Now, a lot of factors can affect the price of bitcoin.