Oil Market Shows Why Bitcoin Downtrend is Far From Over

Oil and Bitcoin rebounded in tandem after falling to record lows earlier this week.

International benchmark Brent crude surged more than 11 percent to $37.13 per barrel after its most significant fall since the 1991 Gulf War on Monday. On the other hand, an entirely uncorrelated Bitcoin soared by a modest 2 percent to $8,093 after the New York morning bell.

The assets’ retracement to the upside matched sentiments with equities. Markets in Europe and Asia staged a relief rally Tuesday, while US index Dow Jones surged by 800 points to promise a comeback. Experts noted that the upside break in all the beaten-down assets came on President Donald Trump’s plans to introduce “payroll tax cut” for the economy that is hit by the COVID-19 outbreak.

Our pathetic, slow moving Federal Reserve, headed by Jay Powell, who raised rates too fast and lowered too late, should get our Fed Rate down to the levels of our competitor nations. They now have as much as a two point advantage, with even…