Oil price war is still on its peak,Saudi Arabia and the Russia delayed the meeting about the output dealing of oil production as the pandemic is badly hitting the prices , the demand is going to decrease each day as there is no use of the oil in the whole world.
Since more than 50 days these two countries are locked in the war of oil price , as they are mostly dependable on the the oil production and sale of the oil to almost more than half of the world.
While adding crypto currencies for the reserves to the oil ,its really looks like a profitable way to make a trade in the open market other than the U.S banking system. it will help them in few possible way To clear the international transactions in minutes And it will have very much lower transaction tax in the form of transaction fees as compare to the international transfer in the banking system Which is SWITF.
Why their is a need to think about the new type of the digital assets , As america is not able to control the there military power and they are not taking on the world they are always in fight though the financial stock market and the politics is involved there as well, on the other hand if you consider the bitcoin its i not a de-centralized system and its not effected By such thing and is not in control of any person.there is complete freedom of work and how you think and want to trade over the BTC.
But the crypto market is very volatile so it might be little risky For the Oil to trade over the open market thought the crypto currency , If the coin selected for the trade is stable coin then it might be a easy solution.
Russian also announce to supporting the crypto currencies research and high amount of bitcoin mining operations,and also want to decide to deal on the oil trade to the US dollars and looking to trade it with the other crypto coins as well.
The price is putting pressure on both side as in the lockdown the demand is going to decrease and the very large amount of crude is available so there is not buyers and all the stock and stores are filled that is how it looks like.
As from the news its is confirmed that the major countries famous for their oil production are going to arrange a meeting on the Monday ,But that meeting was turned to Thursday,So the price of the oil will be unpredictable till Thursdays the huge amount of volatility can be expected on the Friday , on Friday the traders must be ready for the bullish market and they have a great chance to trade the coins and Us dollars on that day and get some reasonable earning from that movement .
Russian aimed is to stabilized the oil market with there constructive talks but its does not have a solid words and does not have alternatives so that it can get to a supportive way,as the oil price is going to collapse soon most of the countries are trying hard to set together and decide about the future plans.
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