Brent Crude Is Now Trading Above $100. What Does That Mean For the Crypto Market?
High oil prices would normally be very bearish for crypto, but that hasn't been the case this time around.
Overview
The price of oil factors into pretty much everything else, as it's one of the primary energy inputs to the processes that make the modern world function. With the benchmark price of Brent crude oil at $103.64 on Oct. 1, up 34% over the prior 90 days, and 62% so far this year, it's reasonable to say that the price of oil is quite high right now.
Bitcoin (CRYPTO: BTC) has risen by 42% in the last three months, so rising oil prices have not been damaging to the crypto market. But what effect might high oil prices have moving forward?
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.