Quote from: Darker45 on April 23, 2020, 09:09:30 AM

Quote from: AniviaBtc on April 23, 2020, 06:50:12 AM

Quote from: Darker45 on April 23, 2020, 02:12:26 AM

Quote from: bakasabo on April 22, 2020, 07:51:22 PM

Quote from: Charles-Tim on April 22, 2020, 05:31:38 PM

Quote from: Malvika_sitlani on April 22, 2020, 09:54:19 AM

The stock market is impacted heavily due to the drop in oil prices. Do you all think it will impact the BTC prices as well?

Our focus now is on bitcoin halving, not on oil affecting bitcoin market price. I hardly see any connection, the crude oil is now very low but bitcoin can not be affected. The price may even increase as well as it moves towards halving against what analysts are predicting.

Take a look on oil price on March 12-14 and on bitcoin price on March 13-15. Dont you think these two price drops are connected? I will never believe that bitcoin's recent price drop happened by itself.

I'm not saying that bitcoin price primary relies on oil price, but these two sure are connected.

Any price drop of Bitcoin does not happen by itself because there are so many factors out there coming into play. If by itself you mean that it just drops for no external reason at all. Bitcoin is more than a hundred-billion market, and a public one, it does not just drop significantly without large players playing the game.

But I don't think it has something to do with the price of oil. I cannot see a connection. Why does Bitcoin's price fall when oil price falls? In what way should they be connected?

~snip~

What I am pointing out is that I cannot see any relevant connection between Bitcoin's price and oil's price. It does not mean that since the price of Bitcoin was going down on the exact day when the price of oil hit the bottom, the former must be absorbing the impact of the latter. That does not make sense to me.

Of course, both markets are affected by the current crisis. I am not arguing against that. This is a global crisis that must have affected all the markets in one way or another. But I don't think Bitcoin will suffer the way oil suffered. Their markets are not that closely intertwined.

I think there is a small impact about bitcoin;s price because oil's price is also regulated in the market. They are both manipulated in the market and somehow their demand is related because they are both material in the economy. The crisis in oil's price will surely affect a lot of matter and I know that it is not the easy to manipulate some assets when you know that oil's nowadays aren't in demand. This virus really affects a lot of aspects or sectors, especially those who are in a agricultural and financial sectors. The government will surely not focus on the production of oil and the use of oil because they know that the supply is plenty compared to other necessities like foods, mask ,and etc that can be used to find the pandemic.