Crude oil futures fell below the screen, and Bitcoin also collapsed? This wave of market turmoil caught investors off guard. The plunge in crude oil futures prices has caused the market to think deeply, and the collapse of Bitcoin is even more surprising. In this era where digital currencies and commodities coexist, the changes in the market are jaw-dropping.

 Crude oil futures: a thrilling scene that broke the screen

Crude oil futures prices fell all the way and even broke the screen. This thrilling scene makes people wonder about the pulse of the market. There are many reasons for the plunge in crude oil futures prices, from oversupply to global economic slowdown, and various factors are intertwined to constitute this price collapse.

In the past few months, the crude oil market has been the focus of attention. On the supply side, the game between oil-producing countries has become increasingly fierce, and the production cut agreement of the Organization of Petroleum Exporting Countries (OPEC) has failed to effectively stabilize the market. At the same time, the continued growth of shale oil production in the United States has added uncertainty to the market.

 The collapse of Bitcoin: the hot and cold of the digital currency market

The collapse of Bitcoin is even more surprising. Once known as the darling of emerging markets, Bitcoin has suffered a heavy blow in this round of market fluctuations. From its historical high of hundreds of thousands of dollars to thousands of dollars, the price fluctuations of Bitcoin are shocking.

The digital currency market has always been controversial. The nature of virtual currency makes its price fluctuate violently, and investors need to bear great risks. The uncertainty of regulatory policies and market manipulation have also made the digital currency market questionable.

 Commodities and digital currencies: the interweaving and impact of the market

Crude oil futures fell below the screen, and Bitcoin also collapsed. There seems to be no much connection between the two. However, from a macro perspective, the commodity market and the digital currency market are inextricably linked.

Fluctuations in the commodity market often trigger shocks in the global market. As an important representative of energy, the price fluctuations of crude oil will directly affect the global economic landscape. As a new thing in financial technology, the price fluctuations of digital currency are more affected by market sentiment and capital enthusiasm.

 Future Outlook: Market Uncertainty and Opportunities

Faced with the plunge in crude oil futures and the collapse of Bitcoin, investors need to remain calm. Market uncertainty brings challenges to investors, but it also contains opportunities.

In the future, both crude oil futures and digital currency markets will face more challenges and opportunities. Investors need to maintain keen insight, grasp the pulse of the market, and make wise investment decisions.

 Conclusion

Crude oil futures fell below the screen, and Bitcoin also collapsed. This wave of market ups and downs is jaw-dropping. In an era where digital currencies and commodities coexist, the market is ever-changing. Investors need to stay calm, seize opportunities, and meet future challenges. May the market always prosper and investors always make profits.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Crude oil futures fell below the screen, and Bitcoin also collapsed? I thought that zero was the worst outcome, but who knew it would really fall below the screen. In the oil price crash that refreshed the world in the early hours of Tuesday, WTI May crude oil futures first fell below the unprecedented $1 per barrel. Just when everyone had no time to sigh about the zero, the oil price further accelerated its decline, closing down $55.90, a drop of 305.97%, at -$37.63 per barrel. The negative oil price also means that the cost of transporting oil to refineries or storing it has exceeded the value of the oil itself.

The bottomless plunge in oil prices has caused the originally unrelated cryptocurrency market to be infected with a plunge. According to data from qkl123.com, after the oil price fell below the screen, the price of Bitcoin quickly plummeted from $7050 to a minimum of $6751. As of press time, the price of Bitcoin has rebounded to around $6858.

Why did May crude oil futures fall below $0?

Due to the impact of the COVID-19 pandemic, social isolation around the world has reduced oil demand to almost zero. Even if OPEC and its allies reached a historic production cut agreement, it did not provide the impetus needed to curb the surplus. According to the International Energy Agency's forecast last week, global oil demand in April will decrease by 29 million barrels per day year-on-year, falling to the lowest level since 1995, and US crude oil inventories have recently hit a record high for two consecutive weeks. This imbalance between supply and demand has resulted in insufficient space for crude oil storage. For traders, if they do not close their long contracts in May, it means that they will receive spot oil. Therefore, the May contract has become a hot potato for traders who trade purely virtual.

In contrast, the decline in the June WTI contract is relatively normal.

The correlation between Bitcoin and oil?

Although the epic performance of oil in the early morning this morning has driven Bitcoin and other cryptocurrencies, historical data tells us that the correlation between the two is not strong. According to a study in January this year, the correlation between oil (WTI) and Bitcoin prices is not strong. The correlation between the two in 2018 was about 0.22. The correlation in 2019 was -0.037.

The situation in the early morning this morning is a special case. In the long run, the two are still unrelated. The good news is that cryptocurrencies will only return to zero at most, and there is no possibility of falling through the screen.