Should the Crypto Community Be Worried About the Oil Crash?

[Dixbless]

Hello, guys! What do you think? Can crypto and the oil industry be connected?

[seoincorporation]

Hello, guys! What do you think? Can crypto and the oil industry be connected?

i think the current bitcoin crash is some way connected to bitcoin, because of the big whales moving their founds to backup a lil the markets.

Everything is crashing, but some areas will recover faster than others, will be hard to see the Oil recovering fast, but bitcoin will do. Don't forget about the halving on the other side of the corner.

[Tipstar]

We are still learning the economics of Cryptocurrency. The coronavirus outbreak seems to be causing a selling of everything from stocks to crypto.
The current crash in price of oil is a strategy to hurt Russian economy. The oil consumption were decreasing anyway and lower oil prices would certainly be a boost for post virus economic rebuild. For crypto prices, it's just wait and observe.

[GreatArkansas]

For me, it is not totally connected, just like what they are talking about on Gold or stock markets.
Oil started to fall at the start or year 2020 which in january, oil already lost more than 40% since January 2020, so in that case I don't find any reason that Bitcoin and Oil is totally connected.
Please do note also that most of the market now are in dumps, just like stock markets.

[Charles-Tim]

Hello, guys! What do you think? Can crypto and the oil industry be connected?

After the price pump to $9100, the whales tend to convert their bitcoin and altcoins into fist and I see not connection of the latest bear market with the crude oil price fall. The price fall by the whales can be the prepaid for bitcoin halving effect as i know history will repeat itself.

Hello, guys! What do you think? Can crypto and the oil industry be connected?

Everything is crashing, but some areas will recover faster than others, will be hard to see the Oil recovering fast, but bitcoin will do. Don't forget about the halving on the other side of the corner.

I support this. You are right. Cryptocurrencies  will recover fast because the whales that are moving there money out will anticipate for bitcoin halving as well and invest back on bitcoin and altcoins. So, I think this is the right time to wait and see the market fall and invest after the bear market is over.

[germanking3]

I think there is no relationship between the price of bitcoin and the price of oil. The price of oil, according to some analysts, is being affected by the coronavirus as demand decreases, and there was no agreement in OPEC regarding reducing production levels. In the case of bitcoin, the causes of its variation are generally not precise, and usually some of those possible causes are just speculation.
I believe, as has happened before, that the price of bitcoin and other cryptocurrencies will be counted in a short term. Now is the time to invest in them.

[Yatsan]

We are still learning the economics of Cryptocurrency. The coronavirus outbreak seems to be causing a selling of everything from stocks to crypto.

The virus might be the very reason why we have such prices in the market now but there is no data to prove that it really is. The economics for cryptocurrency is complex due to its volatility rate, nonetheless overcoming it would be nice and great for all of us.

The current crash in price of oil is a strategy to hurt Russian economy. The oil consumption were decreasing anyway and lower oil prices would certainly be a boost for post virus economic rebuild. For crypto prices, it's just wait and observe.

I guess every market is rattling from oil to stocks and to crypto market due to the corona virus outbreak, we don't have anything to point here but the huge thing in front of us. Found out that the oil price crashed is the lowest since 1991 . Hurting the Russian economy is not the concern here, just remember that Russia is one of those who founded the OPEC alliance in 2106.

[coupable]

We will all crash by the Corona virus. Corona may infect bitcoin then 

[ChronoGN]

Cheap oil=Cheap energy=Cheaper mining=Cheaper Bitcoin

[crwth]

Hello, guys! What do you think? Can crypto and the oil industry be connected?

All I could think about is how they will be connected industry-based? When the oil is used for energy, it's possible that it could be used for powering up the mining farms and it is somehow connected, so when oil prices go decreases, energy will be cheaper. More Bitcoin will be kept and saved in the miner's pockets. It could also be connected when they accept cryptocurrencies as their payment.

https://www.pymnts.com/blockchain/bitcoin/2020/plunge-in-oil-prices-triggers-crypto-sell-off/

It has some effects on the current situation that we have with the Covid-19. It can be a coincidence or not but it has something to do with this for sure.

[yazher]

This is to be expected because of our current epidemic problem, with the Corona Virus. not only the Oil industry, more industries out there are crashing and losing some sales because of this epidemic. as for Bitcoin, I don't think they have some kind of connection. Because those two are from different pages.

[odolvlobo]

Cheap oil=Cheap energy=Cheaper mining=Cheaper Bitcoin Higher difficulty

FTFY

[Bitcoinislife09]

Oil market is down to 30% happened in just a single day,

In the other side bitcoin is broken below 8000$  for the first time since January 10 from the market price of 10000$.


https://bitcoinist.com/should-the-crypto-community-be-worried-about-the-oil-market-crash/

[pakhitheboss]

To those who said Coronavirus outbreak will not affect the cryptocurrency market.

This is what has happened

Due to the outbreak the demand for crude oil has reduced significantly across the globe. In China it has declined by more than 20 percent. Since, the demand is low and the supply was unchanged two of the biggest supplier of crude oil globally, Russia and Saudi Arabia had a fight on reducing the production.

Since Russia opposed to Saudis request on reducing the production. The kindom country in oder to teach a lesson to Russia suddenly increased the production of crude oil, resulting the price to go down significantly.

This caused a ripple effect and the global market crashed. The effect of this crash can be also witnessed in crypto market as the price of Bitcoin went down by more than 10%.

[tsaroz]

To those who said Coronavirus outbreak will not affect the cryptocurrency market.

This is what has happened

Due to the outbreak the demand for crude oil has reduced significantly across the globe. In China it has declined by more than 20 percent. Since, the demand is low and the supply was unchanged two of the biggest supplier of crude oil globally, Russia and Saudi Arabia had a fight on reducing the production.

Since Russia opposed to Saudis request on reducing the production. The kindom country in oder to teach a lesson to Russia suddenly increased the production of crude oil, resulting the price to go down significantly.

This caused a ripple effect and the global market crashed. The effect of this crash can be also witnessed in crypto market as the price of Bitcoin went down by more than 10%.

Cornona pandemic is a new experience in the modern world and the whole world is in panic state.
This could be a reason but the sudden crash in bitcoin price is also being linked to the selling off of 13 thousand bitcoins (0.07% of total Bitcoins circulating supply) by the plustoken scam. Such large sell off would have a larger effect than the price on oil.
https://cointelegraph.com/news/bitcoin-drop-due-to-13k-btc-plustoken-scam-not-coronavirus-analysts/amp

[pooya87]

ask yourself this:
for the past 11 years do you know of even one case where bitcoin price was affected from any other market crashing or pumping? the answer is simply no. and 11 years is not a small time either. if bitcoin were to be affected by any of them then it should have shown something so far but it has never done that.
so why should things change now?!!

the only explanation i have for the current market state is a lot of panic sells with a strong manipulation.

[senin]

To those who said Coronavirus outbreak will not affect the cryptocurrency market.

This is what has happened

Due to the outbreak the demand for crude oil has reduced significantly across the globe. In China it has declined by more than 20 percent. Since, the demand is low and the supply was unchanged two of the biggest supplier of crude oil globally, Russia and Saudi Arabia had a fight on reducing the production.

Since Russia opposed to Saudis request on reducing the production. The kindom country in oder to teach a lesson to Russia suddenly increased the production of crude oil, resulting the price to go down significantly.

This caused a ripple effect and the global market crashed. The effect of this crash can be also witnessed in crypto market as the price of Bitcoin went down by more than 10%.

Cornona pandemic is a new experience in the modern world and the whole world is in panic state.
This could be a reason but the sudden crash in bitcoin price is also being linked to the selling off of 13 thousand bitcoins (0.07% of total Bitcoins circulating supply) by the plustoken scam. Such large sell off would have a larger effect than the price on oil.
https://cointelegraph.com/news/bitcoin-drop-due-to-13k-btc-plustoken-scam-not-coronavirus-analysts/amp

Most likely, it was the sale of 13,000 bitcoins that led to the current drop in the price of bitcoin, and not the coronavirus epidemic. Cryptocurrency, in particular trading on the stock exchange, can be dealt with without leaving your apartment. Therefore, the spread of coronavirus is unlikely to have so lowered the price of bitcoin.
We remember how the cryptocurrency market collapsed after Mr. Fox sold several batches of bitcoins at 8,000 in each lot. The release of a large number of bitcoins on the market usually lowers its price for a short time, after which it is usually restored. Today we see a decent increase in the price of bitcoin to $ 7,944. Therefore, I think that in the near future the growth of the cryptocurrency market will continue.

[FaithInCrypto]

We will all crash by the Corona virus. Corona may infect bitcoin then 

It has been a global problem and everything is crashing! Everything is affected by this virus not only crypto.

But I think we shouldn't be worried. The virus is somehow controlled now and the government is doing its best for it not to spread. Cross fingers that it really won't spread and I am sure everything will be back to normal again.

[davis196]

Hello, guys! What do you think? Can crypto and the oil industry be connected?

No.The oil price crash is caused by a trade war between Saudi Arabia and Russia.They just can't negotiate a reduction of their oil production.If they manage the reduce the oil production,the oil prices will go up.This is a temporary situation.And no,cryptocurrency markets have nothing to do with oil prices.I don't think the crypto community should be worried about the oil market.Having lower oil prices is usually good for most countries that mostly import oil and for the global economy in general.

[Jating]

Hello, guys! What do you think? Can crypto and the oil industry be connected?

I think it's not just about crypto enthusiast that should be worried with the ongoing oil war.

I personally believed that everything is connected here, global stock market, crypto's and other form of investments such as gold and oil. One scary though, is that we might be closer to another global recession because of what is happening around the world.