Oil crisis wiped off $26 billion cryptocurrency market in 24 hours

Oil crash, Stock crash, Gold drops, and all crypto falls.

Is there no market balance and safe heaven anymore? “I don’t think any asset is safe right now – except cash, U.S. dollars,” said Ali Khedery, formerly Exxon’s senior Middle East adviser and now CEO of U.S.-based strategy firm Dragoman Ventures. We are seeing this all over the place in times of the Coronavirus and one can only assume that many people and nation is on panic mode

The sell-off in the cryptocurrency market comes after international oil benchmark Brent crude futures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. We might see oil prices fall as low as $20 in 2020, twetted Ali Khedery. What started off as Saudi changed the price/production on oil which Russia did not agree to, hence the start of the current oil market chaos that has become a power struggle between Russia and Saudi Arabia.

$20 oil in 2020 is coming. Huge geopolitical implications. Timely stimulus for net consumers. Catastrophic for failed/failing petro-kleptocracies Iraq, Iran, etc – may prove existential 1-2 punch when paired with COVID19.

Ali Khedery –

Should Crypto not be safe heaven when Oil falls?

For those who have long term investment horizons, bitcoin is absolutely a buy during these dips,” Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups. “We can expect more of this volatility sparked by macro health and financial shocks, but ultimately long term investments in the digital future and it’s key asset Bitcoin will be a winning strategy” 

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