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HomeNewsBitcoin NewsBitcoin Slumps as Crude Oil Crashes Over the years, it became accepted wisdom that Bitcoin was a store of value, and that it could work as a hedge against market fluctuations. However, this has not turned out to be the case during the course of the current prolonged market turmoil.
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Global markets had a historical day on Monday, as the price of oil dropped below zero and closed the day at -$36 per barrel of crude. The oil crash below zero has never happened in anyone’s lifetime and economists worldwide are uncertain about the future of the world’s financial system
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In brief: The price of US Crude oil fell hard to $0 with its futures contracts going as far down as $-40. The once in a lifetime event, shook the crypto markets with Bitcoin (BTC) going back below $7,000. At the time of writing this, the price of Ethereum (ETH) is holding the
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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: TradingViewThe June WTI contract with a May 19 expiry
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Bitcoin briefly dipped below $7,000 as the US oil prices collapsed to their two-decade low.The cryptocurrency’s price declined alongside US equities and Gold markets, again exhibiting a risk-on behavior.The US dollar, on the other hand, jumped on safe-haven demand.Bitcoin briefly fell below its $7,000-support in what appears to be a
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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: Coin360BTC price uncertain at $7,000Data from Coin360 and Cointelegraph Markets showed BTC/USD repeatedly testing the $7,000 mark as
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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
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The Malaysian Palm Oil Council (MPOC) and blockchain startup BloomBloc have developed a blockchain app that enables users to trace palm oil throughout the entire supply chain.Following a successful test, the blockchain-based system is available in a pilot roll out to local oil palm growers, palm oil processors, plantations
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Extreme volatility. Sudden loss of value. A purported store of value. An economic hedge. An alternative to gold. On the face of
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Monday’s historic financial tumult reached beyond stocks, sinking commodities and even bitcoin markets.“I don’t think any asset is safe right now – except cash, U.S. dollars,” said Ali Khedery, formerly Exxon’s senior Middle East advisor and now CEO of U.S.-based strategy firm Dragoman Ventures.While bitcoin prices dropped nearly 10 percent
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