Saudi Oil and how the recent attack may affect Bitcoin

[Red-Apple]

i could see how that would affect bitcoin price. for example as the stocks market (or generally other markets that have a lot of investors with a lot of money) start performing badly, the same investors will start thinking about pulling their money out. that money doesn't just get out to stay in fiat form. it wants to go somewhere else. and one of many options could be bitcoin, so it could help bitcoin price rise.

but the real question which i think we can't answer, is how big that effect is going to be. for example are we talking about only a 10% rise for example, or is it a big surge to $30k because of it?

[sureshverma]

These markets do not overlap, so do not panic

[jake zyrus]

So I was expecting that you would link bitcoin and Saudi oil facilities and what happened in Saudi but I didn't see any. I had to read it twice to find or look for the relationship brtween the two but I don't think there is. If it could affect bitcoin, I bet it's very minimal so I think we don't have worry much about how it would affect bitcoin

[lixer]

The fact is quite baseless to me because I don’t see any correlation, there are so many of these bombing happening a lot in other parts of the world and they are not having effect on bitcoin, it is happening in Africa almost daily and yet, we don’t attribute that to bitcoin, the fact you heard of Saudi’s own does not mean it will have both positive or negative effect on bitcoin because they just don’t relate.

What can affect bitcoin is when there is spike in the exchange rate of the country, which means those who are investing there would need more dollar to pump into cryptocurrency and how many people in Saudi are really into the investment, except maybe I am not seeing it the way that you are seeing it but I really do not see any relationship between the two at all.

[samcrypto]

Bitcoin is not depended on stock market but depended on a few news  published Bitcoin-related hacked phishing top exchanger likely probable news twitter or other cryptocurrency-related blogs But Bitcoin has nothing to do with Saudi Oil.

Bitcoin is a good market compare to those that you've mention, and yeah Saudi Oil incident has nothing to do with cryptomarket and as far as I know, they already recover and they give the assurance the the oil price will remain stable. The recent attack is just a pure terrorism against the government of Saudi, and they never say that bitcoin is the reason of that attack, the price of bitcoin is still good and not dumping because of that incident.

[acroman08]

Bitcoin is not depended on stock market but depended on a few news  published Bitcoin-related hacked phishing top exchanger likely probable news twitter or other cryptocurrency-related blogs But Bitcoin has nothing to do with Saudi Oil.

What? since when did bitcoin's market became dependent on news about bitcoin? can you please elaborate? sure news can have
effects on bitcoin's price in some way but I doubt it's market is dependent on news about bitcoin alone. as far as I know
bitcoin's price is dependent on supply and demand, mining difficulty etc..

[shoreno]

What? since when did bitcoin's market became dependent on news about bitcoin? can you please elaborate? sure news can have
effects on bitcoin's price in some way but I doubt it's market is dependent on news about bitcoin alone. as far as I know
bitcoin's price is dependent on supply and demand, mining difficulty etc..

Although it does not work directly on the news it does have some effect As you may know Bitcoin is not dependent on anything specific Other coins or tokens and working with them agree with you that Bitcoin is not entirely dependent on News.
However, due to the news will be affected when the transaction increases.

what do you mean news will be affected when the transaction increases ?  bitcoin and other crypto do really depend sometimes on news . what if there is a news about huge whales selling thier crypto assets  ? the price will surely fall if the news is legit but if its a hoax , no changes will be made but maybe it can cause for people to panic and sell early so the price will still become affected however i dont think that this news ( oil attack ) will have an impact to btc  . oil is local stock and not related to cryptos somehow but money or local currency are only possibly affected .

[kryptqnick]

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.

Yes, this makes sense to me. Bitcoin is not really an integrated part of the investments' market. Some are holding it, some are trading, some are using it as money. This means that even if some people are interested both in oil and Bitcoin, these people might act according to the predictions stated by the op. But they won't affect the price much, because these people are not in control of the majority of coins. So anything can happen with Bitcoin but it won't be the result of what's happening in Saudi Arabia or elsewhere.

[fiulpro]

If I remember correctly In Saudi Arabia Bitcoin are banned implicitly, how would a thing already discouraged to be used by the government still have ties with the legal stuff in that country or maybe world wide ,,


It's not world war 3 or some alien attack .. I think this would ... Cause nothing at all .

If we would have been talking about Japan and Philippines I would have taken that into consideration.

[xamxam]

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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In the first place, Saudi oil is differ to Bitcoin, therefore even the oil price down in the market pal, that has nothing to do
with the market price of bitcoin. Bitcoin has several usages were some are using as an investment form of business, then some
are for sending money, Mining and etc.

[Ridwan Fauzi]

I appreciate to your speculation but it seems like we have a different view of it. I just thinking that every economic cases doesn't have any relation to bitcoin price will up and down. Expect the investor of oil have an interest to bitcoin and they know the risk of bitcoin. And I just feeling that the conventional investor will find a difficult thing when they decide to invest in bitcoin, they will see the risk thing first and another negative information first before they start.However, there is some interesting news compared to this information. Bakkt bitcoin future is something that should be counted by you. I think it will effect to bitcoin price if the service will be launched.

[soraxas01]

World economics are a bust. People are greedy and it affects all different kinds of economy all over the world. Saudi oil may have an effect on a general aspects of the stock markets etc and naturally it may have an effect on bitcoin.

[Vishnu.Reang]

Everyone was expecting that the crude prices may jump by 15% to 20% on the aftermath of the attack. But that never happened. The Brent crude price on NASDAQ was $60.22 per barrel before the attack and now it is trading at $64.60 per barrel. So there was no major impact on the oil prices, resulting from the attack. And since the rise was less than 8%, I don't think that it can have an impact elsewhere.

[b3llsf1l3s]

This incident has nothing to do with Bitcoin, the only thing that can have an impact on Bitcoin going forward is information about hacking, government developments regarding crypto views. Any government that give announcement about they accept or not Bitcoin is the main thing that can affect Cryptocurrency.

[tippytoes]

Everyone was expecting that the crude prices may jump by 15% to 20% on the aftermath of the attack. But that never happened. The Brent crude price on NASDAQ was $60.22 per barrel before the attack and now it is trading at $64.60 per barrel. So there was no major impact on the oil prices, resulting from the attack. And since the rise was less than 8%, I don't think that it can have an impact elsewhere.

And with that being said, this unfortunate incident will have no impact on the Bitcoin market. I can't see the correlation as well how it might influence the bitcoin's price. Or we might not feel it's impact as of this moment.

[bryant.coleman]

Everyone was expecting that the crude prices may jump by 15% to 20% on the aftermath of the attack. But that never happened. The Brent crude price on NASDAQ was $60.22 per barrel before the attack and now it is trading at $64.60 per barrel. So there was no major impact on the oil prices, resulting from the attack. And since the rise was less than 8%, I don't think that it can have an impact elsewhere.

And with that being said, this unfortunate incident will have no impact on the Bitcoin market. I can't see the correlation as well how it might influence the bitcoin's price. Or we might not feel it's impact as of this moment.

It can have a huge impact over the fiat currencies, as crude oil trade represents the largest sector within international trade volumes. 80 million barrels of crude oil are being produced every day, worth around $5 billion. This amounts for $2 trillion per year. Countries such as Saudi Arabia uses USD for the crude oil trade, which increases the worth of that particular currency. Increased crude oil prices would mean an increase in the daily turnover of USD, and this in turn can push its value up (against other currencies such as the Euro and the Pound). If the BTC vs USD rate remains stable, it may result in an increase in the Bitcoin exchange rate against currencies such as EUR, GBP, JPY and CNY.

[maydna]

This incident has nothing to do with Bitcoin, the only thing that can have an impact on Bitcoin going forward is information about hacking, government developments regarding crypto views. Any government that give announcement about they accept or not Bitcoin is the main thing that can affect Cryptocurrency.

No one will know if that is nothing to do with bitcoin or not. Perhaps, that will not give an impact directly, and it will not give the effect in a short time as the cryptocurrency can change without any reason. But I think that will impact the economy and the turn over the cash. And it could give the impact to the stock market as we know that every news that happens in real life can give the impact to the stock market. But let's hope that it will give a chance for bitcoin to increase higher after a long time of waiting.

[Reatim]

I doubt that this will affect the price of bitcoin at least a little

Well we have proven this now that it won’t effect the price of Bitcoin,after a week nothing has we expect the price down things that I thought we can see some rollback from the value

Though economy of more country now are suffering from this Oil attack but the crypto market was not and will never be

[Flor1982]

Good thing is that Saudi arabia is not a Crypto currency enthusiast therefore i don't see any great impact to Bitcoin after the series of bombing to their oil fields. Except if majority of their oil companies are using Bitcoin transactions (which is not) for their businesses then Bitcoin market will be surely affected.

[crzy]

I doubt that this will affect the price of bitcoin at least a little

Well we have proven this now that it won’t effect the price of Bitcoin,after a week nothing has we expect the price down things that I thought we can see some rollback from the value

Though economy of more country now are suffering from this Oil attack but the crypto market was not and will never be

Its recovery time for Saudi and it looks like it doesn’t affect the whole market of Oil. Bitcoin are not dependent on any economy and that’s why the price of bitcoin remains stable and the dump with its price is not that low compare to the real bottom of bitcoin. We should calm down now and see the effect of BAKKT today since its the launching day.