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?
Oil price has fallen to a negative , and we all know that it is because of the Coronavirus pandemic. A lot of things has been stopped. The government placed a travel ban and has stopped people from moving from place to place to avoid the spread of the Coronavirus.
The only vehicles that is being use now is either under government plates or companies doing work for government to aid its people. Airlines obviously shut their operation, cruise ships docked at their last pier and land trasportation has been stopped so there would be no high usage of oil that's why the negative price happened a few days ago.
This has affected oil price seriously to the extent that sellers now have to be paying the buyers to take the oil out from them. But as for whether this is going to be affecting Bitcoin? I don’t really think so. I have once asked myself this question that you’re asking now, and it led me to do some research which I did to understand if it’s going to happen. According to an article I read on Cryptopotato.com, it’s not likely to happen.
I knew it from the start, there will be a huge impact for the oil price, the price of oil now is what as it is when the local suppliers got their stock so there will be no changes at all. Oil has nothing to do with bitcoin, I don't see any price reflection of oil to bitcoin.