Today was a black day for the oil market. And the fact is that the price of a barrel of oil has finally fallen into negative territory after several weeks in the crisis. In an unprecedented situation, which, although it does no good for the global economy, has served Anthony Pompliano to make fun of the traditional markets in our country. Tweet Today commented that the Bitcoin price was never negative:
The Bitcoin price has never been negative
Today, the financial market has been shaken for the umpteenth time since the onset of the coronavirus crisis. On this occasion, the effects of the cessation of commercial and productive activities on a global scale were observed. Well, the drop in oil demand has led to such an oversupply of crude oil that the market has collapsed.
Yesterday we saw how the oil price not only hit $ 0 a barrel, but even dropped below that level and reached negative prices. That means the oil producers would pay buyers to take the crude oil. Avoiding a breakdown in their storage.
After all, the price of crude oil has managed to return to positive territory, if only for a cent. However, this does not lead to optimism in the markets, who know that crude oil with 20 million barrels a day will be very difficult to regain its value soon.
A sign of the severity of the looming economic crisis. In addition to the opportunity for Anthony Pompliano to make fun of Wall Street and compare oil to Bitcoin on his Twitter:
“Wall Street can say what it wants from cryptocurrencies, but shit has never sold negative.”, Sentence Anthony Pompliano on Twitter.
That way, Anthony Pompliano would remember that unlike oil, Bitcoin’s price was never negative. Which would show him that in an era of instability like that of the corona virus, the strength of cryptocurrencies is greater than that of goods like oil.