Blockchain Consortium

Bitcoin’s Sudden Price Jump as Oil Prices rise by 24%

Within the last 24 hour period, the price of Bitcoin has managed to jump above the $7,200 levels but now the trading of BTC is $7,000.

There is a sudden rise in the price of Bitcoin in the last 24 hours period and it has risen above $7,000. Currently BTC is trading at $6,899.21 (+3.68%). There is a price recovery of Altcoin following the rise of Bitcoin. Even there is a rise in XRP and Ethereum (ETH) where XRP is up by 1.96% and Ethereum (ETH) is up by 4.38%. This jump in the prices was also followed by the oil market as it also witnessed a rise in the market by 24% after the announcement was done which stated about a possible end of the oil price war in the market.

The dominance which Bitcoin carried has not been changed by any other as it is still around 65.4%. This is an indication that the first of the cryptos are still having a rule over the crypto space. 

Futures Markets drives Bitcoin (BTC) Price

Bitcoin futures markets have a positive effect on Bitcoin price and it drives the prices of Bitcoin is still a belief by many people among the crypto space. There are large volumes of orders for the major futures markets which are yet to be3 processed as stated by the sources. Similar conditions have been witnessed by other bitcoin and cryptocurrency futures platforms.

Many other companies like ByBit, Deribit, Huobi, OKEx, Binance futures, have been witnessing a large number of processing requests and the reason for it, as many would like to believe, is not really far fetched.

Previously there was a decline in the prices of cryptocurrencies and Bitcoin especially in early March because of the CoronaVirus Outbreak. The major factor which contributed to the drop in Bitcoin prices was The dual cryptocurrency outages that occurred on 12th March. The prices dropped below $4,000 at this time of the month.