Today has been a black day for the oil market. And it is that, after several weeks in crisis, the price of a barrel of oil has finally fallen into negative territory. In an unprecedented situation, which, although it does not advance anything good for the world economy, has served Anthony Pompliano to make fun of the traditional markets in our country. Tweet Today, commenting that the Bitcoin price has never been negative:
Bitcoin price has never been negative
Today, the financial market has been shaken for the umpteenth time since the start of the Coronavirus crisis. On this occasion, the effects of the stoppage of commercial and productive activities at a global level have been seen. Well, the reduction in the demand for oil has led to such a level of oversupply of crude that it has caused the market to collapse.
Yesterday we could see how the price of oil not only reached $ 0 per barrel, but even sank below this line, reaching negative prices. That is, the oil producers would pay the buyers to take the crude. Avoiding a collapse in their storage.
Finally, the price of crude oil has managed to return to positive terrain, if only for a penny. However, this does not cause optimism in the markets, which know that with 20 million barrels left over each day, it will be very difficult for crude to recover its value soon.
A sign of the severity of the looming economic crisis. As well as an opportunity for Anthony Pompliano to mock Wall Street, comparing oil with Bitcoin on his Twitter:
“Wall Street can say what it wants about cryptocurrencies, but a shitcoin has never sold negatively”, sentence Anthony Pompliano on Twitter.
In this way, Anthony Pompliano would remember that, unlike oil, the price of Bitcoin has never been negative. What, for him, would show that in a period of instability like the one generated by the Coronavirus, the strength of cryptocurrencies is greater than even that of commodities such as oil.