Significant Increase in Oil Prices! Will Bitcoin Follow This?
Although the leading cryptocurrency later declined to $ 6,900, it continued to signal that the rise could come with both its commercial volume in the spot market and its commercial volume in the futures market. In addition, there is a change in the oil crisis, which is one of the developments that upset all the markets.
Will Bitcoin Follow Oil?
The price of crude oil, which has dropped to the lowest levels in recent years, has reached a significant increase of 24% in a few days. Bitcoin dropped below $ 8,000 after the oil market crashed 30%, leading to the thought that this increase will also benefit BTC.
If the market situation improves and the cycle returns, can Bitcoin go back to the previous price level? In fact, although oil prices and Bitcoin have shown a similar price relationship in recent weeks, BTC’s performance in recent days is a precursor to something different. BTC, which lost serious value after the investors panicked on March 12, started to prove that it was a safe asset later on. The rises seen yesterday and today are also known as the signals of this.
Now, if the market is back to its original state, investors are seen as likely to invest in other assets rather than BTC. However, it is a fact that there are many investors waiting for the market to improve and aiming to invest in BTC.