To call it bizarre would probably be an understatement — for the first time in history, the price of the main US oil benchmark took such a massive hit that some traders had to pay buyers to take huge stashes of oil off their hands.
The price on the Futures contracts are literally agreements to buy or sell an asset on a future date and for a fixed price…. More contracts for West Texas Intermediate (WTI) crude is due to expire today and with the COVID-19 pandemic bringing the world to a virtual standstill, the production of crude has far exceeded demand.
With the price of WTI crude falling to record lows, even one bitcoin could buy quite of bit of ‘black gold.’ More on that and other important cryptocurrency news from the past 24 hours in BeinCrypto’s daily cryptocurrency news roundup for Apr 20.
One Bitcoin Now Buys Almost 7,000 Barrels of Oil
It is worth noting here that the spillover effect from the last major oil price plunge eventually slipped into the cryptocurrency market, causing Bitcoin to crash hard. However, during this latest oil price slide, Bitcoin does not seem affected in quite the same way.
Although trading down on the day, the BTC remained close to the $7,000 mark by the end of Monday.
Can Oil’s Pain Become Gold’s Gain?
As mentioned in the previous section, the last time the oil prices fell substantially was due to the oil price war between Russia and OPEC. It ended up negatively affecting pretty much every single market on the planet.
However, if we were to pay heed to what gold bugs like Peter Schiff have to say, the current state of the global oil market could actually be a blessing in disguise for gold investors.
Massive Setback for DeFi app Lendf.Me
On April 19, Lendf.Me suffered an attack and lost some $25M in assets.
According to a Medium post, the team paused Lendf.Me when they became aware of the situation. The attack was made possible by a vulnerability…