Author: JVHMetalArt Site Owner
Mon Mar 09 2020
WORLD - This is one of those things that is really disturbing and confusing all at once. With Bitcoin trying to leverage itself with the world economy, you would expect that its peaks and valleys would more or less coincide with the stock markets of the world. And it does, kind of. When the stock market starting tanking due to the CoronaBeer Virus, Bitcoin moved too... It moved up. But just yesterday the two big players in the world of crude oil got into a bit of a lover's spat, and suddenly oil prices tanked (pun not intended exactly). And Bitcoin tanked right along with it. The crypto markets as a whole lost some 10% (~$23.5 billion) overnight!
Things are so volitile in the world's markets right now that as of the moment that I am writing this, the US markets have suspended trading! Holy flocking schnit! That is just not good news.
I'm not one for any sort of conspiracy. But this seems very strange to me. How could it be that a boatload of the world's BTC is tied up in oil futures? Such to a point that when oil prices fall, large investors are selling their BTC also? That can't just be a coincidence. One theory is that a lot of the people that have heavily invested in oil need to free up cash now that oil has crashed, and their holdings in BTC are now being sold. I suppose that it a pretty good explanation.
There is a bright side to this... I don't normally give advice on this blog. But if you were to follow what other analysts are saying, this is a grand time to buy. If you were looking for a long term BTC investment, now is the time. Because even thought BTC is up some 10% for the year, it's in a slump right now.
#oil #bitcoin #cryptocurrency #stockmarket
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BTC Follows Oil, Evidently
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