Venezuelan Petro Price Swings Wildly Off Peg, as Oil Price Plummets
The supposedly crude oil-backed Venezuelan Petro (PTR) cryptocurrency is retaining a value of almost $59 according to the official government calculator, diverging far from the current market price of about $27.70. The Petro is meant to represent the value of one barrel of crude oil.
Crude oil prices have recently collapsed from a double hit: both from the economic impacts of the COVID-19 pandemic, and from a raging price war between Saudi Arabia and Russia. The price of a barrel of crude recently dropped below $22 for the first time in nearly twenty years.