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.
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.
China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the U.S. with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago!— Donald J. Trump (@realDonaldTrump) August 5, 2019
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).