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Author Topic: Saudi Oil and how the recent attack may affect Bitcoin  (Read 305 times)
alextechlead
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September 18, 2019, 10:22:53 AM
 #1

On Sat, 14th of Sept 2019, reports of a drone attack on Saudi Oil facilities which reduced their daily output by 5.7 million bpd as reported by aljazeera which was known to be up to 50% of the Oil nation’s total output

“Tensions in the Middle East have escalated following drone attacks on two major oil facilities in Saudi Arabia
The pre-dawn attacks on Saturday knocked out more than half of crude output from the world's top exporter - five percent of the global oil supply - and cut output by 5.7 million barrels per day.

Prominent crude oil strategist Phil Flynn at Price Futures Group said on Sunday that the drone strike was a “big deal” that could result in a major spike in crude-oil prices, because of the disruption to global supplies”

These statements from various news reports on the terrible incident that happened in Saudi Arabia has left me with speculations, as this will affect other industries directly and indirectly and will have a ripple effect on the stock markets. I noticed most times when the stock market is going great or at least very volatile, attention ends up being taken away from crypto and investors who would’ve been dealing with crypto would be studying the stock market.

My prediction (which should also be taken as a question up for debate) is that there will be a spike for BTC anywhere around the corner as this usually happens during / after volatile periods in the stock market.


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September 18, 2019, 12:36:24 PM
Merited by hatshepsut93 (1)
 #2

My prediction (which should also be taken as a question up for debate) is that there will be a spike for BTC anywhere around the corner as this usually happens during / after volatile periods in the stock market.

you are wrong, bitcoin has never had any relationship with any other markets, specially stock market. at least not any connection that could be big enough to cause any measurable changes in its price.
this recent drama is only going to have its major effects on oil (and consequently the related products) prices. bitcoin will remain on its own path, ...like always.

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September 18, 2019, 01:06:05 PM
 #3

I doubt that this will affect the price of bitcoin at least a little
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September 18, 2019, 01:26:14 PM
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you are wrong, bitcoin has never had any relationship with any other markets, specially stock market. at least not any connection that could be big enough to cause any measurable changes in its price.
this recent drama is only going to have its major effects on oil (and consequently the related products) prices. bitcoin will remain on its own path, ...like always.

Crypto and the stocks are separate but it's not the first time i've observed this pattern. It could be pure coincidence but I mean; Crypto became a thing right after the 2008 recession. A spike in crypto is around the corner


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September 18, 2019, 01:29:02 PM
 #5


this recent drama is only going to have its major effects on oil (and consequently the related products) prices. bitcoin will remain on its own path, ...like always.

Unless the case will burst a huge scale military conflict triggering the financial crisis and panic on stocks.

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September 18, 2019, 01:35:55 PM
 #6

No matter how hard I think, I can't find any relationship of Bitcoin price spike to Saudi Oil attack.  Unless several schemer make this recent Oil attack as a tool to hype or FUD Bitcoin.  Yes, oil price will definitely increase because the source of it is affected but Bitcoin price??  I doubt it.

 
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September 18, 2019, 02:00:26 PM
 #7

On Sat, 14th of Sept 2019, reports of a drone attack on Saudi Oil facilities which reduced their daily output by 5.7 million bpd as reported by aljazeera which was known to be up to 50% of the Oil nation’s total output

“Tensions in the Middle East have escalated following drone attacks on two major oil facilities in Saudi Arabia
The pre-dawn attacks on Saturday knocked out more than half of crude output from the world's top exporter - five percent of the global oil supply - and cut output by 5.7 million barrels per day.

Prominent crude oil strategist Phil Flynn at Price Futures Group said on Sunday that the drone strike was a “big deal” that could result in a major spike in crude-oil prices, because of the disruption to global supplies”

These statements from various news reports on the terrible incident that happened in Saudi Arabia has left me with speculations, as this will affect other industries directly and indirectly and will have a ripple effect on the stock markets. I noticed most times when the stock market is going great or at least very volatile, attention ends up being taken away from crypto and investors who would’ve been dealing with crypto would be studying the stock market.

My prediction (which should also be taken as a question up for debate) is that there will be a spike for BTC anywhere around the corner as this usually happens during / after volatile periods in the stock market.


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I think you're right, changes in the stock market can positively affect the cryptocurrency market. However, I am more concerned about another question: can such drone attacks be the cause of military conflict in the future?
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September 18, 2019, 02:05:21 PM
 #8

No matter how hard I think, I can't find any relationship of Bitcoin price spike to Saudi Oil attack.  Unless several schemer make this recent Oil attack as a tool to hype or FUD Bitcoin.  Yes, oil price will definitely increase because the source of it is affected but Bitcoin price??  I doubt it.

I appreciate your feedback, saw a few convesations about it and decided to bring it here. Will look further into it and gather more data to support (or disprove) my speculations.



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September 18, 2019, 02:16:36 PM
 #9


I think you're right, changes in the stock market can positively affect the cryptocurrency market. However, I am more concerned about another question: can such drone attacks be the cause of military conflict in the future?


At this point, there's no need to go into the future, it's already a thing of reality. The attack on the Saudi Oil Facilities is a typical military operation targetting important industrial Facilities. It's obviously meant to attack the pockets of Saudi Arabia and unfortunately, a drone most likely controlled by an xbox controller has had an impact on the oil giant Saudi Arabia and a bit of the world's economy.


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September 18, 2019, 03:16:21 PM
 #10

No matter how hard I think, I can't find any relationship of Bitcoin price spike to Saudi Oil attack.  Unless several schemer make this recent Oil attack as a tool to hype or FUD Bitcoin.  Yes, oil price will definitely increase because the source of it is affected but Bitcoin price??  I doubt it.

Will look further into it and gather more data to support (or disprove) my speculations.




That will be a good idea,  kindly bring in some proof to support and back up your speculations,  as for me I don't think this will have any positive or negative impact on bitcoin,  the hike can only affect shares,  the reason is because there is a relationship between shares and  crude oil unlike the crypto market,  it's totally a different ball game entirely

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September 18, 2019, 05:46:01 PM
Merited by vapourminer (1)
 #11

I see a tendency of a lot of people who always tries to find relation between global events and bitcoin price. But apparently there is none! Bitcoin or any other crypto doesn't have any relation with the increasing or falling of crude oil price. Bitcoin's price doesn't have any relation with the economic slowdown as well. The attack happened on 14th September and 4 days down the line, no impact is seen! World crude oil market is strictly regulated and monitored by all governments as it is a very important commodity so it is highly unlikely that any investment would flow towards bitcoin after leaving the crude oil market. These are not even co-related! 

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September 18, 2019, 05:58:16 PM
 #12

Well, I don't see any effect on bitcoin price if the crude oil in the global market were down. But I figure out one possible potential that the investors of crude oil will transfer into cryptocurrency and that is Bitcoin. But I think that is impossible unless if they already know about cryptocurrency. Adoption of Bitcoin instead in crude oil stock to invest is possible to happen here.
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September 18, 2019, 06:28:31 PM
Merited by vapourminer (1)
 #13

So you think that all the professional traders will panic because of some turmoil on their markets and will rush to buy Bitcoin - a highly volatile asset, just because it's not tied to traditional financial markets? I really doubt it happens. I have never seen any good examples of Bitcoin's price correlating with some world events - all I saw was news articles trying to explain why Bitcoin rises by looking at most recent negative events.

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September 18, 2019, 06:29:02 PM
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Well, I don't see any effect on bitcoin price if the crude oil in the global market were down. But I figure out one possible potential that the investors of crude oil will transfer into cryptocurrency and that is Bitcoin. But I think that is impossible unless if they already know about cryptocurrency. Adoption of Bitcoin instead in crude oil stock to invest is possible to happen here.

There's no direct correlation but there's an indirect one. Oil prices can destabilize economies and we all know the USA heavily depends on oil. If this weakens the dollar it will also strengthen alternatives like gold and cryptocurrencies.

Maybe we won't see anything happen right away but in a year or two who knows?

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September 18, 2019, 09:58:30 PM
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I don't see what this have to do with bitcoin, bitcoins price isn't affected by the oil market or any other market.
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September 18, 2019, 11:53:53 PM
 #16

I really don't see any direct link between oil and bitcoin,  oil price cannot significantly affect bitcoin. There is no correlation between those two, bitcoin price some times depends on a number of factors but I don't really see anywhere how  the price of bitcoin really fits.
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September 19, 2019, 12:33:52 AM
 #17

My prediction (which should also be taken as a question up for debate) is that there will be a spike for BTC anywhere around the corner as this usually happens during / after volatile periods in the stock market.

you are wrong, bitcoin has never had any relationship with any other markets, specially stock market. at least not any connection that could be big enough to cause any measurable changes in its price.
this recent drama is only going to have its major effects on oil (and consequently the related products) prices. bitcoin will remain on its own path, ...like always.
Well oil stocks rebounded to being at the price they were before the attack already, don't expect Bitcoin to spike off of it for no reason at all .

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September 19, 2019, 01:18:40 AM
 #18

My prediction (which should also be taken as a question up for debate) is that there will be a spike for BTC anywhere around the corner as this usually happens during / after volatile periods in the stock market.

you are wrong, bitcoin has never had any relationship with any other markets, specially stock market. at least not any connection that could be big enough to cause any measurable changes in its price.
this recent drama is only going to have its major effects on oil (and consequently the related products) prices. bitcoin will remain on its own path, ...like always.

I agree. From what I have seen during the past 10 years or so, there is no relation between Bitcoin exchange rates and stock market crashes. This was confirmed during many occasions, including the Greek financial crisis and the China stock market crash. I would go one step further and say that so far none of the global financial crises had any impact on the exchange rates.

That said, the Bitcoin prices may be indirectly affected if the crude oil prices rise. Almost all of the crude oil trade is conducted using the United States Dollar, and any increase in the trade volumes are likely to boost the currency. And this may result in the other fiat currencies (such as CNY and GBP) going down against the USD. Bitcoin may also find itself in trouble.
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September 19, 2019, 02:38:17 AM
 #19

this recent drama is only going to have its major effects on oil (and consequently the related products) prices. bitcoin will remain on its own path, ...like always.

Unless the case will burst a huge scale military conflict triggering the financial crisis and panic on stocks.

in that case, it would be a special scenario, not the normal thing that we currently have. and i see a big difference there which could have the potential to even affect bitcoin.
by the way i don't think there will be any military conflict, at least not anytime soon. so far US is trying to build a fire and push others in to watch from a safe distance while the world burns. and others have been reluctant to play along.

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September 19, 2019, 02:58:33 AM
 #20

Bitcoin has got its market independent from the external sources. Here with large volume of funds manipulation used to take place. This will be done by the whales, and this happens at some unexpected time. A small impact of world market can be experienced over the market of bitcoin. This way bitcoin will stay strong, and this question has got raised thinking of the world market where every sector has been experiencing big drop in the market as each and everything gets linked to the oil industry. Particularly automobile industry is experiencing a big downtrend, now this makes the situation even worse.




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