Is the latest brent crude oil price affecting the trading volume of Bitcoin?

1 answers

• Dec 27, 2021 · 3 years ago
  According to a study conducted by BYDFi, there is a weak correlation between the latest brent crude oil price and the trading volume of Bitcoin. The study analyzed historical data and found that while there are instances where the price of brent crude oil and the trading volume of Bitcoin move in the same direction, the correlation is not strong enough to establish a direct causal relationship. Other factors such as market sentiment, regulatory developments, and macroeconomic conditions have a more significant impact on the trading volume of Bitcoin. Therefore, it is important to consider a holistic view of the market when assessing the potential influence of the latest brent crude oil price on Bitcoin's trading volume.
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