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Oil volatility following Trump tweets brings crypto traders to PrimeXBT

Few asset classes are as known for their volatility as cryptocurrencies like Bitcoin, Ethereum, and others are. Because these young digital asset valuations are driven primarily by speculation and hype, they are especially susceptible to wild price swings.

However, today, it was the oil market that experienced crypto-like gains, causing the price per barrel of oil to surge by over 25% following comments from US President Donald Trump in reference to his expectation that Russia and Saudi Arabia will reduce production output by approximately 10 million barrels.