Stocks and oil prices continue to plummet, what will Bitcoin look like?


On March 19, the stock market and oil market continued to witness a new decline, as investors have not stopped selling in the context of the corona virus pandemic. Over the past few weeks, Bitcoin (BTC) in particular and the cryptocurrency market in general have shown a strong correlation with the traditional market. But it seems the king has escaped that correlation in the latest crash of stocks and oil. This cryptocurrency is flat and sustains above the price of $ 5,300.

Oil prices fell to their lowest level in 18 years

The US crude oil market in the last 10 days plunged the most since 1983.

Closing the session on March 18, Brent crude oil dropped by 3.85 USD or 13.4% to 24.88 USD / barrel. West Texas WTI crude oil fell $ 6.58, or 24.4%, to $ 20.37 / barrel. In the past 10 days, US crude oil prices fell 56%.

US crude oil prices fell despite weekly US data showing gasoline and diesel inventories fell. Crude inventories rose by 2 million barrels, while gasoline and distillate inventories fell by 6.2 million and 2.9 million, respectively.

S&P 500 dropped to its lowest level in 3 years

The S&P 500 has dropped nearly 8% at 6:35 PM UTC, updating its lowest level since February 2017. Meanwhile, the Dow Jones has dropped nearly 10% to its lowest level since November 2016. Both The two indices have lost about 30% from their highest level in February.

Investors are dumping even with assets that are considered safe havens such as gold, silver and government bonds. This proves that everyone is just wanting to hold cash. The irony is that even cash is devalued. Because central banks are cutting interest rates and pumping money by easing quantitative measures.

Is Bitcoin a safe haven?

At the time of writing, Bitcoin price has increased slightly by 1.5% and is being traded at $ 5,380 on Bitstamp exchange.

BTC / USD price chart on Bitstamp. Source: TradingView.
BTC / USD price chart on Bitstamp. Source: TradingView.

While Bitcoin may go against current financial carnage, this cryptocurrency can still retest new lows tomorrow or in the coming days. Because the panic of investors seems to have no end.

The number of people infected with corona virus worldwide has exceeded 200,000, doubling within 2 weeks. Governments are taking measures to prevent the spread of disease. Such as stopping the supply of visas, banning flights from abroad ... seriously affected the entire industry.

Some analysts predict Bitcoin will drop to as low as $ 1,000 if the $ 3,000 level breaks down.

It remains to be seen whether Bitcoin can be a safe haven asset when panic is wreaking havoc on the market further. On BitMEX, futures contracts on 27/3 and 26/6 are trading above $ 5,200, proving that investors are still confident in Bitcoin.

The only certainty is that nothing is safe at this time, there is no absolute asset as a safe haven.

But, one thing you can believe is that Bitcoin will be the first asset to wake up after the panic is over. Seize the opportunity to buy cheap goods!

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