Is the 'beached whale' crisis blocking the Suez Canal to blame for the recent price drop?

Is the 'beached whale' crisis blocking the Suez Canal to blame for the recent price drop?


The Ever Given vessel was carrying containers through the Suez Canal when it went off course and found itself stuck blocking traffic across the bustling trade route. It is now blocking the path vertically stretching across as seen below.
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Despite Egyptian authorities claiming that they are close to resolving the issue, you can clearly see that they are struggling to make headway using diggers and eight tugs to attempt to dislodge the vehicle. Many sources have also reported that the vessel may need to disembark some of its cargo in order to break free.

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With losses of 3 billion dollars a day, this is having a very real effect on global trade and specifically oil prices seemed to gain in response to the crisis but later dropped due to COVID-19 lockdown woes. The cost of shipping will also see a massive hike if the vessel is not moved soon since the Suez Canal is a very important shipping route.

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The price of Bitcoin had already been in a downward trend but fears that this incident may have a major impact on commodity markets has definitely caused sell-offs.
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Joker1919
Joker1919

Ethereum Classic enthusias, in the game since 2015.


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