Cryptocurrency | US-China Trade War Affects Bitcoin Prices

The price of Bitcoin is currently at $ 10,700. This happened after the Yuan devaluation which reached the lowest level of the USD since 2010. This was part of a trade war between the United States and China.

Because current macroeconomic growth is getting worse, Bitcoin seems to be a hedge against market turmoil. The price of the Chinese Yuan against the US Dollar has fallen to its lowest since 10 years ago.

Price fluctuations between the US dollar and the yuan are related to trade tensions between the US and China. US President Donald Trump imposes tariffs for products originating from China, this makes companies from China difficult to compete with companies from other countries.

Circle CEO suggested that the most popular cryptocurrency can be positively influenced by global economic uncertainty.

Regarding this issue, he commented:
"You can see the macro correlation very clearly there. I think the broader theme, you know, Bitcoin, in particular, the wider crypto participating in global macro forces are becoming increasingly clear. "

He also added that currency conflicts and trade war conflicts are one example that causes someone to use Bitcoin, which cannot be controlled by anyone.

Don't have Bitcoin? Buy it now at Coinbase, or get 14 USD for free here and buy a trusted hardware wallet HERE
Cryptocurrency | US-China Trade War Affects Bitcoin Prices Cryptocurrency | US-China Trade War Affects Bitcoin Prices Reviewed by sheffter on August 07, 2019 Rating: 5

No comments:

Powered by Blogger.