Bitcoin Is Now a Less Volatile Asset Than Oil as Producers Cut Crude Supply
Large oil producers have reached an agreement to cut the global oil supply in the face of what they view as a global oversupply. The move will lift prices, and OPEC evoked those economies hurt by a two-year economic slump such as Russia and Venezuela. 558,000 barrels each day will be removed from the crude oil market. OPEC agreed already to cutting 1.2 million barrels a day in cuts already agreed to by OPEC, representing nearly 2% of global oil supply, though expert analysts claim gas prices won’t skyrocket if done right. The cuts will be carried out over the first six months of 2017.....
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The oil industry has had a chaotic two years. Crude oil prices were down early in the COVID-19 pandemic; nevertheless, the price has now topped $100 per barrel. Moreover, the worldwide benchmark, Brent crude oil, is currently trading above $111 per barrel. There has been a considerable rise in gas prices worldwide because of the rise in oil prices. If prices continue to rise, as many economists predict, it would stifle economic development, induce decreased consumption, and, in some situations, spark political instability. The increasing gasoline costs have already sparked fatal riots in....
A meetup in a vehicle warehouse in Houston served as an encounter point for oil producers and bitcoin miners to talk about possible on-site crypto mining opportunities last week. More than 200 investors attended the meeting to talk about an alliance, that would allow oil producers to make more efficient management of their resources and miners could take advantage of direct sources of energy that would be wasted otherwise.
Oil Producers and Miners Meet to Talk Bitcoin Mining
Several oil producers and bitcoin miners met last week in Texas to talk about the possibilities of on-site....
Energy Ledger CEO William Pete claims that their team has developed a decentralized ERP solution that integrates blockchain to supply chain management. Enterprise resource planning (ERP) solutions can be quite expensive, especially for smaller companies. While ERP giants like SAP try their hands at blockchain-based solutions, a relatively small team now aims to provide an alternative that delivers similar functions using decentralized apps (DApps).In a Cointelegraph interview, William Pete, the CEO of Energy Ledger explained that by integrating blockchain technology, their team was able to....
Despite the recent downfall of the crypto market, the projection of Bitcoin (BTC) to cross the $100k threshold remains seen as a matter of time. Back in December, Bloomberg Intelligence indicated that the anticipated mark would happen eventually “due to the economic basics of increasing demand vs. decreasing supply,” and new data shed some light on that idea. Bitcoin Vs. Crude Oil In a new Bloomberg Intelligence report, data shows trends that could favor Bitcoin and Ethereum prices. The report noted that “Representing advancing technology, Bitcoin is gaining traction as a....
Following the discussions concerning the inter-governmental political forum Group of Seven (G7) pledging to impose price caps on crude oil and the European Commission talking about fixing electricity prices, Russian president Vladimir Putin explained on Wednesday that Russia will not supply the industrialized economic powers and the West with energy. “We will not supply gas, oil, coal, heating oil — we will not supply anything,” Putin stressed during the Eastern Economic Forum’s plenary session.
Putin to Europe: ‘Freeze, Freeze, the Wolf’s....