RATE Group | First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices
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First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices

22 Apr First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices

Posted at 01:37h in Cryptocurrency News by

U.S. oil futures prices turned negative Monday for the first time ever. Is it good or bad for bitcoin?

The coronavirus pandemic has so completely upended the global economy that energy demand has fallen off a cliff. People are barely driving. People are barely flying. 

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The imbalance came to a head this week as oil storage tanks started to fill up, forcing traders to pay extra to get rid of their delivery obligations – resulting in negative prices. The May futures contract on West Texas Intermediate crude, which expires Tuesday, tumbled to minus $37.63 a barrel, from a positive price of about $30 on Friday. The June contract slid 15 percent…

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