Bitcoin Under Pressure After Oil Prices Crash to Record Lows

By Omkar Godbole

Bitcoin is looking weak after Monday’s big crash in the oil markets.

The top cryptocurrency by market value is changing hands near $6,820 at time of writing, having faced rejection above $7,200 yesterday., according to CoinDesk’s Bitcoin Price Index.

Bitcoin’s fall came as the price of oil, popularly known as “black gold,” tanked on oversupply fears. Notably, traders fled from the May futures contract on the West Texas Intermediate’s (WTI) crude, the main oil benchmark for North America, sending prices below zero for the first time on record.

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