Can the hike in price of crude oil can effect cryptocurrency market?

[kojoannan]

Cryptocurrency does not takes it price from crude oil so I don't think a hike in price will one way or other affect cryptocurrency market unless other  wise traders in cryptocurrencies are using their funds to purchase crude oil or invest in it.

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[rajkr]

The rise in crude oil prices will not have much impact on the price of special currencies. The encryption market is still a small market, and there are not many large organizations involved. I have seen a related survey. The total market value of the encrypted market is only 1% of the world economy, and the situation in the past shows that bitcoin and crude oil do not have a strong linkage.

Yes I am agreed to your opinion. Market capitalisation of crypto is very less in comparison of other market.As crypto  market is increasing ,the impact of fluctuations in share market,oil will also be seen in future.

[melonbtchunter]

The price of crude oil can affect the cryptocourse market, Although crypto coins do not depend on direct oil or any other goods. Everything else in the world is connected to something, but how much will be linked later we will look after it. It depends on the market, when the market is off.

[TianaStam]

Oil prices have effect only on those countries which produce or trade oil. Bitcoin has nothing with that by my opinion, so I doubt that oil prices and bitcoin price changing will ever be connected in the sense that the OS means.

[KennyR]

The oil market is completely doesn't have any relation with the cryptocurrency market. The world economy has a dependence upon the oil market. Even when the world economy was under collapse bitcoin was flourishing which shows that bitcoin and world economy doesn't have a big relation. A small impact might happen with regards to oil market variation.