In a period less than 24 hours, a sum of $26 Billion was gone from the digitized market, namely the cryptocurrency one. This event proceeded to happen after a cutback on oil prices, as reported on the news. Economic markets all either hindered or went down after the reduction, cryptocurrency, and stock included. This link can only be proven as logical since every time oil prices go down, all stock markets are in a complete frenzy.
Data shown on websites shows that the total market from a day earlier was around $26.43 billion, 1:17 p.m Singapore time. As time proceeded, the prices went downhill. Bitcoin, one of the digital coin hegemons, went down by value too by 10% in a period of less than a day. The limited amount of Bitcoins in the world only supports the narrative that it is bound to descend in terms of value whenever at threat. When international oil prices hit the lowest levels in the last four years, this also came as a consequence. Moreover, OPEC did not agree to come at a reasonable agreement for certain cuts regarding production. This threatened the stock markets and the cryptocurrency markets and was thought to trigger a war for the oil price.
Bitcoin price has hit an all-time high in the last year, at around $13,000. This price was the highest value Bitcoin has encountered for quite a long time. People kept on investing in cryptocurrencies, fully aware that it is a safe spot where their money can flourish. The global market has almost standardized Bitcoin as a monetary currency, and in some states, you can even use Bitcoin (BTC) ATMs. It has grown large in the industry of digitized money exchange. Many applications, such as the Bitcoin Trader app will be able to incentivize the growth of cryptocurrencies in your account balance automatically.
Bitcoin (BTC) went through a severe loss after the oil price differed so rapidly through the night, but it was not the only digital coin to suffer in this reign. Ethereum, XRP, as well as bitcoin cash, had almost a loss twice as bad. This fact does not hinder people from seeking futuristic opportunities in cryptocurrency trading. Even though its prices go up and down in thousands, it stands as a thoughtful investment. Thus, buying bitcoins is the perfect opportunity if one wants to increase their long-term budget and capital.
Whenever oil prices crash, the digital economy destabilizes. Since it was unprecedented, it also had an impact it had in the Bitcoin industry. This does not mean that prospects are not optimistic regarding the futuristic values it will hold. Time after time, such crashes bring the prices down; however, the recovery is almost instant and can happen overnight just as swiftly. Whenever there is a high rise in Bitcoin’s value, critics and prospects say it was unprecedented. Hence, the unpredictability is what makes Bitcoin attractive as a value.