RATE Group | Bitcoin Tanks After Oil’s Colossal Collapse, but the Bull Case Remains Strong
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Bitcoin Tanks After Oil’s Colossal Collapse, but the Bull Case Remains Strong

21 Apr Bitcoin Tanks After Oil’s Colossal Collapse, but the Bull Case Remains Strong

Posted at 06:05h in Bitcoin News by

  • Bitcoin fell 4.30 percent as US oil futures slipped below zero for the first time.
  • The cryptocurrency does not correlate with the black gold, albeit it remains under the influence of equities.
  • Its crash Monday has not deterred bulls from the market – yet.

Bitcoin was in for a surprise plunge this Monday as investors assessed the situation in a worrisome oil market.

The benchmark cryptocurrency fell by 4.30 percent to circa $6,748 per token shortly after the US oil futures price slipped into negative territory for the first time. The two assets remain non-correlated, but bitcoin’s growing correspondence to the stock market amid the fast-spreading coronavirus pandemic might have led its prices to decline.

The Dow Jones Industrial Average slipped 2.4 percent to 23650.44 on Monday, taking cues from the oil market. The S&P 500 and Nasdaq Composite, too, plunged by 1.8 percent and 1 percent, respectively, showing that investors continued to seek safety away from risk-on…

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