Boutique Media & consulting group
BTC$64265
ETH$3137
BNB$610
XRP$0.53
Since WTI contracts started in 1983, crude oil plunged to the lowest prices ever. On the other hand, Bitcoin remains broadly range bound between 6800 USD and 7100 USD.
The record sell-off has taken the purchasing power of Bitcoin sky high, as compared to that of crude oil. Subsequent to a market slump, crude oil is now so low-priced that a single Bitcoin can purchase more than six hundred barrels.
As per data from several monitoring resources on 20th April, futures for a barrel of WTI expiring in May decreased by around thirty six percent on the day.
In spite of efforts to cut supply, it seems oil markets may well realize the foretelling of BTC protagonists and drop to ten USD per barrel or even lower.
According to previous media reports, even US President Donald Trump predict a barrel trading at nine USD, at the time apparently unfazed by the outlook.
Bitcoin has been largely unresponsive to the oil market in recent weeks. It appears to be more thoroughly tracking movements in key stock markets.
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