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Bitcoin and cryptocurrency, are rising with high trade tensions

2019-08-02 01:39 pm | Resource: News | No Views : 33

Bitcoin and cryptocurrency, are rising with high trade tensions Bitcoin and cryptocurrency rose on Friday after US President Donald Trump announced another $ 300 billion tariff on Chinese goods.

The world's highest cryptocurrency hit a record high of $ 1027 before the opening of the European market, recording day-to-day gains of 2.47 per cent. The bullish movement pushed its weekly profit to close to 11 per cent, accompanied by a sharp rise in spot trading. This move further affected the rest of the cryptocurrency market to follow, as the combined market capitalization of the key cryptocurrency rose from $ 91.149 billion on July 29 to $ 97.697 billion today.

At the same time, the global markets felt the pressure of the Trump announcement. Asian stock markets recorded more than 1.4% of losses, while their European counterparts opened a 1% drop on Friday morning. US futures, at the time of writing, were erasing gains to lower federal interest rates, signaling a weaker session for the Dow Jones, the Nasdaq Composite Index and the S & P 500 on Friday.
The US dollar index also felt the heat of the escalating US-Chinese trade war as it dropped its gains overnight and fell 0.14% to 98.23.

Analysts analyze the potential relationship between the US-China trade dispute and Bitcoin's price. They believe that rising tensions between the two superpowers weaken their national currencies, especially the Chinese yuan, which is still under the strict capital control imposed by the Chinese government.

Between May 5 - the day Trump announced that he would increase tariffs on Chinese imports - and June 26, Bitcoin rose by more than 142 percent. The period also saw the yuan fall to its lowest level in six months after Beijing attacked Trump's tariff in its own kind.

The basics are the same until today. Shortly after yesterday's Trump ting, the yuan was hit and fell 0.83 percent against the dollar.

cryptocurrency trades
  • The Bitcoin currency rose 0.20% to $ 10438.8.
  • Etherum 0.30% rose to $ 220.79.
  • The XRP rose 0.26% to 0.31010.
  • While Litcoin traded 0.17% to $ 97.508.

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