Few asset classes are as known for their volatility as cryptocurrencies like Bitcoin, Ethereum, and others are. Because these young digital asset valuations are driven primarily by speculation and hype, they are especially susceptible to wild price swings.
However, today, it was the oil market that experienced crypto-like gains, causing the price per barrel of oil to surge by over 25% following comments from US President Donald Trump in reference to his expectation that Russia and Saudi Arabia will reduce production output by approximately 10 million barrels.
Trump Tweets and Oil Prices Spike: Russia and Saudi Arabia to Cut Production
According to a Trump tweet, the US President claims that Saudi Arabia’s Crown Prince Mohammed bin Salman discussed a potential oil production cut with he and Russian President Vladimir Putin. He believes that the two major oil producers across the globe will announce the production cut in the coming days.
Trump points to a possible production cut of as much as 10 million barrels of oil, but notes that it could be “substantially more” due to less demand for the commodity in the market.
The news caused WTI Crude oil prices to surge by over 35%, and Brent oil, the global benchmark, gained over 47% before pulling back.
Meanwhile, Bitcoin also rallied on the day, only surging by 7% by comparison, showing just how much more volatile and profitable oil trading has been compared to cryptocurrencies.
Explosive Traditional Market Volatility Lures Crypto Traders
Bitcoin and altcoins continue to be the primary focus of cryptocurrency investors and traders, however, the recent volatility in traditional markets like commodities, the stock market, and even forex has caused a massive spike in interest in these assets.
During 2019, more crypto investors became interested in precious metals like gold and silver as the Bitcoin as a safe haven asset narrative began to take hold across the crypto market.
As most learned this past March, no assets were safe from the coronavirus and resulting market crash caused by the pandemic.
Cryptocurrencies, gold, oil, stocks, and more all suffered historic losses and dropped to extreme lows. And while this sort of hellish environment is brutal on longer-term investors or those looking to pad their retirement, the recent volatility is ideal for traders to profit from.
It’s resulted in more and more investors turning to trading to earn back losses suffered during the crash, and more and more crypto traders turning to traditional markets where additional volatility and profit opportunities lie.
There’s Never Been a More Profitable Time As a Trader
With all markets more volatile than they have been in over a decade, and prices rapidly moving in either direction back and forth, it’s the best time possible to be a trader.
Traders can use tools like long or short positions to profit from any direction price moves. Stop losses and other risk management strategies can keep losses to a minimum, and professional tools such as leverage can ensure that only little upfront capital is ever put on the line.
All that’s left is to choose the asset or assets for you, and get started trading. And with more people working from home due to the quarantine measures put into place by most local and national governments, it’s an ideal time to start day trading and profiting from these wildly volatile price swings.
Trade Traditional Markets and Crypto Under One Roof With PrimeXBT
To address the growing demand by crypto traders seeking exposure to a variety of traditional assets in addition to Bitcoin, Ethereum, and others, PrimeXBT, a Bitcoin-based margin trading platform also offers forex, commodities, stock indices, and more, alongside crypto assets.
Assets like WTI Oil, Brent Oil, gold, silver, Natural Gas, and more can all be traded with up to 1000x leverage, allowing traders to not only profit from these volatile markets, but amplify any profits using the power of margin.
Traders can build a diverse portfolio using the PrimeXBT trading platform’s advanced trading tools. These tools include everything from long and short positions, build-in charting software, and innovative products like the all-new PrimeXBT Turbo platform, offering profits of up to 90% in 30 seconds and the Covesting Fund Management Module.
The Covesting Fund Management Module beta launched this week on PrimeXBT, letting traders of varying experience levels profit alongside one another. The tool allows traders to become fund managers, who can then build a name for themselves in the platform’s public ratings system. Fund managers can then trade assets like oil, crypto and others found on the platform, and enticing less experienced investors to add their capital to the professional trader’s fund.
With so many tools designed to extract the most profit possible from the current market volatility seen across all asset types, there’s no more well-rounded trading platform than PrimeXBT.
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