As reported earlier by Cointelegraph, the May 2020 Futures contract for West Texas Intermediate (WTI) Crude dropped more than 100% on Monday. At its worst the price reached negative $37.63, a phenomenon which has never occurred before. WTI May futures (CL1). Source: TradingView The June WTI contract with a May 19 expiry date also dropped nearly 20% to $20.43 per barrel and Barclays IPATH ETN (OIL) fell to $3.50. OIL drops to $3.50. Source: TradingView Less than a month ago, OPEC and Russia ended their oil war by agreeing to cut production by 9.7 million barrels per day on May …

An unprecedented sell-off has taken Bitcoin’s purchasing power sky high. Following a market downturn, crude oil is now so cheap that a single Bitcoin (BTC) can buy over 600 barrels. According to data from monitoring resources, including Bloomberg on April 20, futures for a barrel of WTI expiring in May shed 36% on the day. BTC holds $7K as oil turns back clock to 1983 At press time, the contracts were worth $11.37 — heading for their lowest since inception back in 1983. Despite attempts to cut supply, it appears oil markets may well fulfill the prophecy of Bitcoin proponents …

Bitcoin (BTC) was fighting to keep $7,000 support on April 17 as China saw a historical GDP contraction and oil sank to prices last seen in 1987. Cryptocurrency market daily overview. Source: Coin360 BTC price uncertain at $7,000 Data from Coin360 and Cointelegraph Markets showed BTC/USD repeatedly testing the $7,000 mark as the week drew to a close, having reached highs of $7,195 on Thursday. At press time, the pair circled $7,050 amid choppy conditions as traditional markets continued to shock investors. Bitcoin 1-day price chart. Source: Coin360 Oil saw fresh woes despite last week’s deal to cut production. CFDs …

Mining Bitcoin (BTC) has often been criticised for its exorbitant power usage, but podcaster Marty Bent has embraced a solution that he says actually reduces waste in the oil and gas (O&G) sector. In an April 15 blog post, Bent revealed that since last year he had been mining Bitcoin with the Great American Mining (GAM) company, using excess gas formed as a byproduct of mining oil to power the rigs. GAM deployed their first small mining operation in the form of a shipping container in an oil field last December. Bent said it was the first step in encouraging …

Bitcoin (BTC) will see a historic “inflection point” in its life thanks to coronavirus, says entrepreneur Cameron Winklevoss. In a series of tweets on April 12, one-half of the Winklevoss twins who own cryptocurrency exchange Gemini, underlined the importance of Covid-19 for Bitcoin and its users. Cameron Winklevoss: Hodl your BTC “This pandemic will be an inflection point for Bitcoin and the Metaverse,” he wrote. Telling followers to “hodl” their BTC, Winklevoss implied that Bitcoin’s public profile would undergo a metamorphosis under current conditions. His optimism echoes that of various well-known industry figures. Bitcoin, they argue, was born out of …

Many investors hold Bitcoin (BTC) as a hedge against the global financial system. However, as the numbers show, Bitcoin has not been spared from the recent COVID-19 financial crisis. This article will analyze the movement of global financial markets and its correlation with Bitcoin during the COVID-19 crisis. We’ll consider the following sources as price measures for the following. Bitcoin’s price from CoinMarketCap. Bond prices from Vanguard Total Bond Market Index. Stock prices from the S&P 500. Gold from the price of gold futures traded on COMEX. Real Estate from the Dow Jones U.S. Real Estate Index. Oil as the …

Bitcoin (BTC) was pushing to flip $7,000 resistance to support on April 3 amid warnings that oil markets really will hit $10 a barrel this month. Cryptocurrency market daily overview. Source: Coin360 Media: $10 oil could last the whole Q2 Data from Coin360 and Cointelegraph Markets tracked multiple attempts by Bitcoin bulls to push the market definitively over the $7,000 mark on Thursday and Friday. At press time, all those attempts had failed to deliver support, with BTC/USD in each case falling back to the high $6,000 range. Bitcoin 1-day price chart. Source: Coin360 Bitcoin surged higher earlier on Thursday, …

In a new report Binance Research found a ‘moderate’ positive correlation between Bitcoin and US equities during the first quarter of 2020 — but neither was correlated to gold. Bitcoin was down 10% over the quarter but still outperformed the S&P 500 which experienced a 19% drop. According to the report, the correlation was fairly high at 0.57, as shown through similar patterns in daily business day returns. Gold and long-term treasuries showed no relationship to other markets as they rose by 8% and 23% respectively. The good news for hodlers is that the Binance Research analysts concluded their report …

After inadvertently advertising Bitcoin (BTC) last week, United States President Donald Trump has now hinted that he expects oil to crash to just $9. In a press conference on March 31, Trump reiterated what has become a penchant for lower oil prices. Trump: $9 could “get you what you wanted” He was speaking amid talks with both Russia and Saudi Arabia, both of which plan to increase oil production this month despite the plunge in demand caused by coronavirus. WTI crude prices have lost more than 50% in the past 30 days alone. “Look, it’s $22, but it’s really much …

Oil is central to the growth of the global economy and maintenance of political stability. But for an industry that plays such an important role in both shaping and maintaining the world around us, its business model is quickly becoming outdated. As the industry struggles to adapt to the demands of a rapidly changing and politically charged world, some of the largest oil companies are looking to modernize through blockchain. Moreover, governments around the world are struggling to come to terms with the consequences of climate change, and the extraction of fossil fuels does nothing to help reduce emissions. As …

Saudi Arabia’s state oil company, Saudi Aramco, has bought into the blockchain-based oil trading company Vakt, Reuters reports on Jan. 28. Saudi Aramco’s Energy Ventures branch has bought $5 million in new shares, according to Vakt’s press release. The investment will be used to develop the platform, with a focus on expansion into the Asian market. In addition to investment, the oil conglomerate’s trading subsidiary Aramco Trading is set to use the Vakt platform. The platform is currently live in the North Sea Brent, Forties, Oseberg, Ekofisk and Troll crude oil markets, where it reports to have a high market …

Venezuela will soon sell oil from reserves of a state-run oil and gas company for its national oil-pegged cryptocurrency, the Petro (PTR). Venezuelan President Nicolas Maduro has signed a decree to sell 4.5 million barrels of oil from the certified 30 million-barrel reserve maintained by Petroleum of Venezuela (PDVSA), the state-owned company officially announced on Jan. 14. According to PDVSA, Maduro announced the news in a speech before the Constituent National Assembly — an assembly elected in 2017 to draft a new constitution for Venezuela. Oil sales to be an exploration mechanism Once the initial sale of 4.5 million barrels …