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OIL IS RISING, CRYPTO IS FALLING. WHY?
A ten-year study based on weekly data shows that there is no direct relationship between Oil and Crypto. So why then do previous events show that a surge in oil prices is followed by a decline in BTC? For example, from January to mid-March this year, Brent crude rose from $73 per barrel to $119,50, influenced by the US-Iran-Israel conflict. Bitcoin also experienced a decline during the same period from $97.000 to around $65.000. Another example is the 2022 oil shock (from $77 per barrel to $139), influenced by the Russia-Ukraine conflict, which caused Bitcoin to drop from $44.000 to $38.100.
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