BTC vs. OIL: Did the Negative Oil Prices Impact Bitcoin’s Bustling Performance?

[Ozark]

The major crash in oil prices - going into negative levels - and the WTI futures down by more than 90% has been a major catalyst in the current economic downturn with a very possible influence on the downturn in the crypto markets.  Read the full story on ZyCrypto.

[pelana vreo]

A very difficult situation has occurred in early 2020, the existence of a pandemic made a lot of decline in world oil prices, but I see Bitcoin still maintains its price above $ 6k.
Oil and BTC have many differences, but all options are for traders and investors. Whether they will buy Bitcoin for investment or choose oil.

[Andruha1993]

I think only whales and no one else can affect the price of bitcoin. Therefore, it seems to me the price of Bitcoin does not depend on oil.

[Millionaire]

I think this is strange. why does everyone think oil prices have an effect on BTC prices.
actually what affects BTC prices is not oil but how many investors invest in BTC

[Loedong]

I think this is strange. why does everyone think oil prices have an effect on BTC prices.
actually what affects BTC prices is not oil but how many investors invest in BTC

the fall in oil prices was influenced by global stock prices, and the price of bitcoin was influenced by investor demand, positive news about crypto and also market adoption.

[alvi6]

No doubt there was a time when stock market was at the top and not was 2nd choice for the people to invest, But now the time has changed and Crypto is in the business. Now we have both choices for investment crypto and stocks and we need now to have platform like Koinpro where crypto and stocks trading at one spot.

[SRShanuka2020]

Some well-known crypto analysts are pointing out to the oil markets, suggesting that Bitcoin might be a much stronger SoV than most of the actual commodities. However, this does not mean Bitcoin is directly reacting to this crash, nor that investors are turning their heads to the cryptomarkets.

Correlation is not causation. Bitcoin (as any other market) could be affected by this crisis. It is hard to know by how much, but it is easy to foresee a future where Bitcoin is considered as a mainstream commodity, more stable than oil and more useful than fiat money itself.

[MrSpasybo]

The COVID-19 epidemic affected the economy, causing many factories to shut down, and people were advised to stay at home => the demand for oil decreased to 30 million barrels a day. Meanwhile, oil producing countries only reduce their output by 10 million barrels a day. The difference of 20 million barrels was the main reason for the sharp decline in oil prices.
In addition, the futures contract in the oil sector has caused oil prices to fall below $0/barrel at the end of April, not due to epidemics.

On the contrary, the more unstable the economy, the more demand for ownership and payment of BTC will increase. Therefore, I do not think that oil price will affect BTC price.

[I-Bit]

I think this is strange. why does everyone think oil prices have an effect on BTC prices.

It is not strange, people may think negative oil prices can give negative impacts on the world's economy. Then, the bad world's economic condition may impact Bitcoin's price on the market. Oil price doesn't affect directly Bitcoin's price but it can trigger the decrease in its value by bringing negative impacts to the world's economic condition.