As war rages in Ukraine, oil seems to be doing a bitcoin, racing above $115 for WTI, jumping nearly 7% in one day.
These price levels have not been seen since 2008, 14 years ago, with oil seeing its biggest one week rise since data began.
Stocks have been down during that week, while bitcoin is back to $39,000 after briefly rising to $45,000.
That rise suggests no direct correlation between bitcoin and oil as numerous factors go into the price of crypto, including its own factors, but some sort of macro correlation is probable in as far as Europeans and Americans will be spending more in necessities, and thus will have less in savings to invest on bitcoin.
As such, what oil does may well be relevant to what bitcoin does, although in a weak and temporary correlation as there are other factors, including the seizure of now three Russian yachts that maybe should have been bit coined, Italy being the latest to seize one after Germany and France.
That unique aspect of bitcoin in also having some sort of gold qualities makes any isolated analysis complex, but it is probably safe to say that if people have more savings, then more of it will go into bitcoin. And thus while oil or gas prices might not directly move the price of bitcoin, the crypto would probably rise more or fall less if consumers did not have to pay more for necessities.
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