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

Libra Coin News
Mon, 08/05/2019 - 18:32
Alex Dovbnya
Donald Trump might inadvertently push the Bitcoin price to a new yearly high while escalating trade tensions with China
Cover image via U.Today

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.

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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).

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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