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Bitcoin Price Inches Closer to $12,000 as Donald Trump Ramps Up Attacks on China

  • Alex Dovbnya
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    Donald Trump might inadvertently push the Bitcoin price to a new yearly high while escalating trade tensions with China

Bitcoin Price Inches Closer to $12,000 as Donald Trump Ramps Up Attacks on China
Cover image via news.u.today
Contents

The Bitcoin price (BTC) is vying to print $12,000 as the number one coin by market capitalization continues its stellar rally. At approximately 17:00 UTC, Bitcoin hit $11,930 after adding $150 in ten minutes.

Bitcoin price chart (1H) 
image by binance.com

Trump pumping Bitcoin

Notably, this recent price spike was preceded by yet another tweet from US President Donald Trump, in which he continued criticizing China for ‘currency manipulation’ and stealing businesses from the US.

As reported by U.Today, Bitcoin’s price growth is fueled by the escalating US-China trade war. On Aug. 1, Trump announced a new batch of tariffs on Chinese products, which coincided with BTC surging above $10,500.

Global market rout

On Aug. 4, the Chinese yuan (CNY) dropped below 7 for the first time since 2008, but the Bitcoin price was on a tear. This historic drop caused a commotion across Asian markets.

The US stock market also felt a ripple effect of Asian economic turmoil — the Dow tumbled more than 750 points (2.86 percent). The S&P 500 also experienced a very sharp drop — 74.18 (2.53 percent).

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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