Fed, oil and record hash rate: 5 things to know in Bitcoin this week

Fed, oil and record hash rate: 5 things to know in Bitcoin this week


Bitcoin (BTC) starts a new week in uncertain territory as $10,000 stays in place but fundamentals shift to bullish.

Cointelegraph highlights five things that could shape BTC price action in the coming days.

Peak oil demand was in 2019

In what will likely become a frequently-quoted announcement, oil giant BP said this weekend that the world has hit peak demand for the black gold. 

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In a report quoted by Bloomberg, BP said that demand for oil would stay “broadly flat” for the next twenty years, with pressure coming from alternative fuels and coronavirus.

“It subsequently recovers but never back to pre-Covid levels,” Spencer Dale, the firm’s chief economist said. 

“It brings forward the point at which oil demand peaks to 2019.”

Macro asset year-to-date returns. Source: Skew

The startling admission is yet another surprise to come out of the global economy, at the same time as central banks admit that unconventional monetary policy has become the

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