Topic: Saudi Oil and how the recent attack may affect Bitcoin (Read 684 times)

It might indirectly affect the price of bitcoin a little and a while

while the stock market, I don't know much about that ... but maybe it's just a coincidence

Saudi oil has no relevant to affect bitcoin, on which I agreed to some said here on your topic. Bitcoin was based on blockchain technology
while Oil was too differ unto it. Perhaps, if you buy oil at the lowest price for sure you could earn more than the amount you purchase but
not in bitcoin for sure dude it has no connection with it, very irrelevant.

I am sure that those who are forex traders and bought oil will receive some good profits from their businesses,  but I really don't see any correlation between the attack on the Saudi Oil base and Bitcoins,  remember that when oil ships were being attacked on the strait of hormuz, it actually brought neither negative or positive impact on Bitcoins.

The recent blast on Saudi Oil companies has caused a heavy disturbance to the economy. More and more country's economy is completely dependent on the oil industry. By that time a small fluctuation took place in the bitcoin market, causing the price to fall low to $9500. In a very short time period the market got recovered and now once again price has fallen reaching $8000.

I think we are going to go more south but I could be wrong. I am waiting for a few indications to confirm a bear trend before confirming, but it does look to me that we are going to go below four thousand bucks over the coming days or weeks. I made a little profit trading today so I put that profit straight into Tether as I am not going to risk losing my profit. Even 40 bucks in Tether is safer than losing another 30/50% in Bitcoin right now. When a bottom is confirmed then I might go back in and buy a little Bitcoin and if I can make enough together put it in Nexo get a loan and tether it to hedge the loan off. Ideally, I want to trade enough to gather funds to have one whole Bitcoin one day and just leave it be. If it ever moons then it might be nice to do something with it like buy real estate to rent out.

Its recovery time for Saudi and it looks like it doesn’t affect the whole market of Oil. Bitcoin are not dependent on any economy and that’s why the price of bitcoin remains stable and the dump with its price is not that low compare to the real bottom of bitcoin. We should calm down now and see the effect of BAKKT today since its the launching day. 

Good thing is that Saudi arabia is not a Crypto currency enthusiast therefore i don't see any great impact to Bitcoin after the series of bombing to their oil fields. Except if majority of their oil companies are using Bitcoin transactions (which is not) for their businesses then Bitcoin market will be surely affected.

Well we have proven this now that it won’t effect the price of Bitcoin,after a week nothing has we expect the price down things that I thought we can see some rollback from the value

Though economy of more country now are suffering from this Oil attack but the crypto market was not and will never be

No one will know if that is nothing to do with bitcoin or not. Perhaps, that will not give an impact directly, and it will not give the effect in a short time as the cryptocurrency can change without any reason. But I think that will impact the economy and the turn over the cash. And it could give the impact to the stock market as we know that every news that happens in real life can give the impact to the stock market. But let's hope that it will give a chance for bitcoin to increase higher after a long time of waiting.

It can have a huge impact over the fiat currencies, as crude oil trade represents the largest sector within international trade volumes. 80 million barrels of crude oil are being produced every day, worth around $5 billion. This amounts for $2 trillion per year. Countries such as Saudi Arabia uses USD for the crude oil trade, which increases the worth of that particular currency. Increased crude oil prices would mean an increase in the daily turnover of USD, and this in turn can push its value up (against other currencies such as the Euro and the Pound). If the BTC vs USD rate remains stable, it may result in an increase in the Bitcoin exchange rate against currencies such as EUR, GBP, JPY and CNY.

And with that being said, this unfortunate incident will have no impact on the Bitcoin market. I can't see the correlation as well how it might influence the bitcoin's price. Or we might not feel it's impact as of this moment.

This incident has nothing to do with Bitcoin, the only thing that can have an impact on Bitcoin going forward is information about hacking, government developments regarding crypto views. Any government that give announcement about they accept or not Bitcoin is the main thing that can affect Cryptocurrency.

Everyone was expecting that the crude prices may jump by 15% to 20% on the aftermath of the attack. But that never happened. The Brent crude price on NASDAQ was $60.22 per barrel before the attack and now it is trading at $64.60 per barrel. So there was no major impact on the oil prices, resulting from the attack. And since the rise was less than 8%, I don't think that it can have an impact elsewhere.

World economics are a bust. People are greedy and it affects all different kinds of economy all over the world. Saudi oil may have an effect on a general aspects of the stock markets etc and naturally it may have an effect on bitcoin.

I appreciate to your speculation but it seems like we have a different view of it. I just thinking that every economic cases doesn't have any relation to bitcoin price will up and down. Expect the investor of oil have an interest to bitcoin and they know the risk of bitcoin. And I just feeling that the conventional investor will find a difficult thing when they decide to invest in bitcoin, they will see the risk thing first and another negative information first before they start.However, there is some interesting news compared to this information. Bakkt bitcoin future is something that should be counted by you. I think it will effect to bitcoin price if the service will be launched.

In the first place, Saudi oil is differ to Bitcoin, therefore even the oil price down in the market pal, that has nothing to do
with the market price of bitcoin. Bitcoin has several usages were some are using as an investment form of business, then some
are for sending money, Mining and etc.

If I remember correctly In Saudi Arabia Bitcoin are banned implicitly, how would a thing already discouraged to be used by the government still have ties with the legal stuff in that country or maybe world wide ,,


It's not world war 3 or some alien attack .. I think this would ... Cause nothing at all .

If we would have been talking about Japan and Philippines I would have taken that into consideration.

Yes, this makes sense to me. Bitcoin is not really an integrated part of the investments' market. Some are holding it, some are trading, some are using it as money. This means that even if some people are interested both in oil and Bitcoin, these people might act according to the predictions stated by the op. But they won't affect the price much, because these people are not in control of the majority of coins. So anything can happen with Bitcoin but it won't be the result of what's happening in Saudi Arabia or elsewhere.

what do you mean news will be affected when the transaction increases ?  bitcoin and other crypto do really depend sometimes on news . what if there is a news about huge whales selling thier crypto assets  ? the price will surely fall if the news is legit but if its a hoax , no changes will be made but maybe it can cause for people to panic and sell early so the price will still become affected however i dont think that this news ( oil attack ) will have an impact to btc  . oil is local stock and not related to cryptos somehow but money or local currency are only possibly affected .

What? since when did bitcoin's market became dependent on news about bitcoin? can you please elaborate? sure news can have
effects on bitcoin's price in some way but I doubt it's market is dependent on news about bitcoin alone. as far as I know
bitcoin's price is dependent on supply and demand, mining difficulty etc..

Bitcoin is a good market compare to those that you've mention, and yeah Saudi Oil incident has nothing to do with cryptomarket and as far as I know, they already recover and they give the assurance the the oil price will remain stable. The recent attack is just a pure terrorism against the government of Saudi, and they never say that bitcoin is the reason of that attack, the price of bitcoin is still good and not dumping because of that incident.

The fact is quite baseless to me because I don’t see any correlation, there are so many of these bombing happening a lot in other parts of the world and they are not having effect on bitcoin, it is happening in Africa almost daily and yet, we don’t attribute that to bitcoin, the fact you heard of Saudi’s own does not mean it will have both positive or negative effect on bitcoin because they just don’t relate.

What can affect bitcoin is when there is spike in the exchange rate of the country, which means those who are investing there would need more dollar to pump into cryptocurrency and how many people in Saudi are really into the investment, except maybe I am not seeing it the way that you are seeing it but I really do not see any relationship between the two at all.

So I was expecting that you would link bitcoin and Saudi oil facilities and what happened in Saudi but I didn't see any. I had to read it twice to find or look for the relationship brtween the two but I don't think there is. If it could affect bitcoin, I bet it's very minimal so I think we don't have worry much about how it would affect bitcoin

These markets do not overlap, so do not panic

i could see how that would affect bitcoin price. for example as the stocks market (or generally other markets that have a lot of investors with a lot of money) start performing badly, the same investors will start thinking about pulling their money out. that money doesn't just get out to stay in fiat form. it wants to go somewhere else. and one of many options could be bitcoin, so it could help bitcoin price rise.

but the real question which i think we can't answer, is how big that effect is going to be. for example are we talking about only a 10% rise for example, or is it a big surge to $30k because of it?

This may have no immediate effect on the price of bitcoin, except there is a decline in the economic performance of Saudi Arabia, which will affect some countries in the middle east forcing these nations citizens to look for a more stable way to beat their falling currency, if they turn to bitcoin, then we will see a positive effect on the price of bitcoin, but this region  won't have a massive impact since they are not economic powers of the world.

The Saudi Oil facilities are already back to full production, so they hardly felt the impact of those attacks. Yes, we cannot deny that tension in the Middle East cause economic instability and that the traders on the Stock markets would over react on any bad news, but I doubt if any of this would have a positive impact on the Bitcoin price.

We have to remember that the institutional investors are not 100% exposed to Bitcoin investments at the moment, so that capital will not flow into Bitcoin, when things like this happens. < It is not as if Bitcoin are listed on the Nasdaq Stock Market >  

Bitcoin has got its market independent from the external sources. Here with large volume of funds manipulation used to take place. This will be done by the whales, and this happens at some unexpected time. A small impact of world market can be experienced over the market of bitcoin. This way bitcoin will stay strong, and this question has got raised thinking of the world market where every sector has been experiencing big drop in the market as each and everything gets linked to the oil industry. Particularly automobile industry is experiencing a big downtrend, now this makes the situation even worse.

in that case, it would be a special scenario, not the normal thing that we currently have. and i see a big difference there which could have the potential to even affect bitcoin.
by the way i don't think there will be any military conflict, at least not anytime soon. so far US is trying to build a fire and push others in to watch from a safe distance while the world burns. and others have been reluctant to play along.

I agree. From what I have seen during the past 10 years or so, there is no relation between Bitcoin exchange rates and stock market crashes. This was confirmed during many occasions, including the Greek financial crisis and the China stock market crash. I would go one step further and say that so far none of the global financial crises had any impact on the exchange rates.

That said, the Bitcoin prices may be indirectly affected if the crude oil prices rise. Almost all of the crude oil trade is conducted using the United States Dollar, and any increase in the trade volumes are likely to boost the currency. And this may result in the other fiat currencies (such as CNY and GBP) going down against the USD. Bitcoin may also find itself in trouble.

Well oil stocks rebounded to being at the price they were before the attack already, don't expect Bitcoin to spike off of it for no reason at all .

I really don't see any direct link between oil and bitcoin,  oil price cannot significantly affect bitcoin. There is no correlation between those two, bitcoin price some times depends on a number of factors but I don't really see anywhere how  the price of bitcoin really fits.

I don't see what this have to do with bitcoin, bitcoins price isn't affected by the oil market or any other market.

There's no direct correlation but there's an indirect one. Oil prices can destabilize economies and we all know the USA heavily depends on oil. If this weakens the dollar it will also strengthen alternatives like gold and cryptocurrencies.

Maybe we won't see anything happen right away but in a year or two who knows?

So you think that all the professional traders will panic because of some turmoil on their markets and will rush to buy Bitcoin - a highly volatile asset, just because it's not tied to traditional financial markets? I really doubt it happens. I have never seen any good examples of Bitcoin's price correlating with some world events - all I saw was news articles trying to explain why Bitcoin rises by looking at most recent negative events.

Well, I don't see any effect on bitcoin price if the crude oil in the global market were down. But I figure out one possible potential that the investors of crude oil will transfer into cryptocurrency and that is Bitcoin. But I think that is impossible unless if they already know about cryptocurrency. Adoption of Bitcoin instead in crude oil stock to invest is possible to happen here.

I see a tendency of a lot of people who always tries to find relation between global events and bitcoin price. But apparently there is none! Bitcoin or any other crypto doesn't have any relation with the increasing or falling of crude oil price. Bitcoin's price doesn't have any relation with the economic slowdown as well. The attack happened on 14th September and 4 days down the line, no impact is seen! World crude oil market is strictly regulated and monitored by all governments as it is a very important commodity so it is highly unlikely that any investment would flow towards bitcoin after leaving the crude oil market. These are not even co-related! 

That will be a good idea,  kindly bring in some proof to support and back up your speculations,  as for me I don't think this will have any positive or negative impact on bitcoin,  the hike can only affect shares,  the reason is because there is a relationship between shares and  crude oil unlike the crypto market,  it's totally a different ball game entirely

At this point, there's no need to go into the future, it's already a thing of reality. The attack on the Saudi Oil Facilities is a typical military operation targetting important industrial Facilities. It's obviously meant to attack the pockets of Saudi Arabia and unfortunately, a drone most likely controlled by an xbox controller has had an impact on the oil giant Saudi Arabia and a bit of the world's economy.


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I appreciate your feedback, saw a few convesations about it and decided to bring it here. Will look further into it and gather more data to support (or disprove) my speculations.



Alex Ginsburg, TechLead
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I think you're right, changes in the stock market can positively affect the cryptocurrency market. However, I am more concerned about another question: can such drone attacks be the cause of military conflict in the future?

No matter how hard I think, I can't find any relationship of Bitcoin price spike to Saudi Oil attack.  Unless several schemer make this recent Oil attack as a tool to hype or FUD Bitcoin.  Yes, oil price will definitely increase because the source of it is affected but Bitcoin price??  I doubt it.

Unless the case will burst a huge scale military conflict triggering the financial crisis and panic on stocks.

Crypto and the stocks are separate but it's not the first time i've observed this pattern. It could be pure coincidence but I mean; Crypto became a thing right after the 2008 recession. A spike in crypto is around the corner


Alex Ginsburg, TechLead
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you are wrong, bitcoin has never had any relationship with any other markets, specially stock market. at least not any connection that could be big enough to cause any measurable changes in its price.
this recent drama is only going to have its major effects on oil (and consequently the related products) prices. bitcoin will remain on its own path, ...like always.

On Sat, 14th of Sept 2019, reports of a drone attack on Saudi Oil facilities which reduced their daily output by 5.7 million bpd as reported by aljazeera which was known to be up to 50% of the Oil nation’s total output

“Tensions in the Middle East have escalated following drone attacks on two major oil facilities in Saudi Arabia
The pre-dawn attacks on Saturday knocked out more than half of crude output from the world's top exporter - five percent of the global oil supply - and cut output by 5.7 million barrels per day.

Prominent crude oil strategist Phil Flynn at Price Futures Group said on Sunday that the drone strike was a “big deal” that could result in a major spike in crude-oil prices, because of the disruption to global supplies”

These statements from various news reports on the terrible incident that happened in Saudi Arabia has left me with speculations, as this will affect other industries directly and indirectly and will have a ripple effect on the stock markets. I noticed most times when the stock market is going great or at least very volatile, attention ends up being taken away from crypto and investors who would’ve been dealing with crypto would be studying the stock market.

My prediction (which should also be taken as a question up for debate) is that there will be a spike for BTC anywhere around the corner as this usually happens during / after volatile periods in the stock market.


Alex Ginsburg, TechLead
100% Certified Financial Loss Recovery Agent, we will recover what you lost regardless of how it happened.

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