In this video emergency update. Believe it or not, this is a daily candle for the oil price. And look how much it has plunged in one single day as I am recording this. It is down 36 percent. I want to talk about why this is happening, how this could affect the eith comprise and how this is correlated with other markets. Because right now in this financial crisis, we are seeing different assets being much more correlated than usual. And if you think that that sounds interesting, then I think that you should definitely be. Hello, guys. Welcome to the moon. Call it. I’m bringing this crew because of the video. And first off, in his video, in this emergency update, this is my second video for today. I am going to take a look at the oil price because this is the big news. Twitter is going completely crazy and the news outlets are starting to write about this currently because this is obviously a historic day for the oil price seeing its plunge this much. And this is the famous oil price, dot.com. And what a crazy day when you look at the price here and you see negative 32 percent in one single day. This is just something that does not happen every day. And interestingly, we can see here the oil price that ever since January the 8th, two 20. So just a few months ago, the oil price has now plunged almost 83 percent. That is completely unheard of. So why is this happening? Let’s take a look at this article. U.S. oil prices crashed below fifteen dollars a barrel. Global stocks are mixed. Of course, all of these articles that have been coming out for the past hours, they are outdated as soon as they publish because the oil price has been plunging every single minute for the past two hours. And let’s take a look at this article. So U.S. oil prices crashed Monday to a twenty-one year low. As the market continues to be roiled by an epic collapse in demand caused by the Coronavirus pandemic, global stocks are mixed as investors brace for more companies to reveal how much the crisis is costing them. And just taking a quick look at the futures here, we see the Dow Jones futures is down. We see the Nikkei is down. So we are seeing the futures for these stock indices the following oil. And we are also seeing Bitcoin getting a small dump as oil started to fall. I am going to talk about bitcoin in a minute, but let’s continue with this article. Monday’s plunge comes after prices hit an 18 year low last week as markets realized that record output cuts agreed by OPEC, Russia and other producers aren’t nearly enough to offset the loss in demand. Basically, there is too much oil and there is no demand curve the end. This, according to this article, is causing this plunge in the price, according to Stephen ins-, the chief global market strategist at Exec. Corp. He says, quote, It hasn’t taken long for the markets to recognize that the opaque plus deal will not, in its present form, be enough to balance oil markets. And according to Bjorn Tone Hagan, head of oil markets at Restart Energy, he said that the frantic last-minute trading is compounding concerns about how much oil the U.S. will be able to store. Ask demand dries up and this is the leading cause of these bigger price swings, according to him. And I mean, just look at this chart. For the past few days, the oil prices down more than 50 percent in just a few days. And just like I said in this tweet, it looks like the oil, has come sooner than the bitcoin having is coming up in twenty-one days and 19 hours, 53 minutes. And I’m going to talk about how the oil price could affect the bitcoin price. But before I do that, I just want to thank everyone for liking and subscribing to my videos. If you are still not a subscriber, please click subscribe below this video. You can also click this little button and click all and you will be notified as soon as I upload my daily videos. All right. So here is a chart of the beat comprise the S&P Futures and Oil Futures. And you can see that on the short time here. All of these prices have been quite correlated. Here we can see the oil price in red. And up here, we have the big comprise. You can see that the oil price starting to fall and then will the price continue to go sideways. But when we saw this continued plunge in oil, eventually Bitcoin did see a small sell-off. Nothing extraordinary. But there is some correlation going on here. And why I am bringing this up is because we can see how oil has been a leading indicator for many assets in the past few weeks. Let me just show you. This is the Dow Jones. Let me just bring out the oil price over the Dow Jones. We can see that the oil prices started to fall already back in January here. And of course, the Dow Jones continued to head up and we even saw a small little breather here, just as we saw a small breather in the Dow Jones. But eventually, as the oil prices continued to really tumble down, we saw the s in the Dow Jones eventually fall to the downside. Now, the big question is we have seen a breather in the Dow Jones and also in the oil. But now eventually we did see the oil prices continue to head down. Will this lead to another big sell-off in the stock markets? Well, we have seen big. In between all assets, we’ve seen a correlation between gold, bitcoin stocks or oil. Everything seems to be somehow correlated as the fear in the world is currently at record highs. People are very, very fearful. And of course, the virus pandemic is a big part of that. But of course, there is so much more to the story than just that. And I thought this was an interesting tweet by Alex Saunders. He says This is what the stock markets would look like if central banks didn’t print trillions and bail everyone out, $11 oil down 80 percent in weeks. And I think there’s a very good point. What would happen if governments didn’t print trillions and prop up the stock markets? Well, the stock market would probably look very similar to how oil is looking currently. And by the way, guys, if you still don’t have a VPN to hide your privacy online, I suggest you go down to the PIN comment right now and get nor do VPN. It is extremely cheap here. You can get a three-year plan for only three dollars and forty-nine cents per month. And like I’ve said before, I think everyone who is dealing with cryptocurrencies should have a VPN and ignored VPN is extremely easy to set up and use. So click the link and the pinned comment or at the top of the description. I would love to know what you guys think. Do you believe that the oil plunge now is going to lead to a sell-off in the stock market? Do you think it will lead to a sell-off in the bitcoin price? Please leave your comments down below. And also, do you think that the oil price could go to $5 in the next two months? Please vote in this poll, yes or no. Thank you very much for watching. Let’s see if we can put this video up to two thousand five hundred likes. That would be amazing. Thank you very much for watching. And if you haven’t seen my BYB it’s tutorial, I think you should definitely click right there right now. And I’ll see you guys tomorrow.