The Bitcoin price has recently surged above $11,500 for the first time since July 13 after enduring a painful correction. According to CoinMarketCap data, BTC is sitting at $11,554.76 after a 9 percent price increase over the last 24 hours.
Meanwhile, Bitcoin evangelist Max Keiser stands by his earlier claim that Bitcoin will likely touch $15,000 by the end of the week while the global economy is in turmoil.
Fiat chaos engulfing global economy. A perfect storm for #Bitcoin — up $1,000 since I mentioned earlier today; my gut feeling is, we see $15,000 this week.— Max Keiser, tweet poet. (@maxkeiser) August 5, 2019
A shot across the bow
On Aug. 5, the Chinese yuan fell below 7 to the US dollar, its lowest level since the 2008 global financial crisis. According to Bloomberg, this could be a warning to the US as both countries strive to weaken their respective currencies.
That triggered a painful sell-off across Asian markets with Hong Kong’s Hang Seng Index (HSI) and Japan’s Nikkei dropping 3.1 percent and 2.4 percent respectively.
Keiser tweets Bitcoin and gold, the two hedge assets, are ‘reaping’ the chaos that surrounds China’s economy.
Thriving during currency wars
The yuan’s drop further exacerbates the ongoing trade war between the US and China that, as many experts believe, is a gift for the cryptocurrency market.
As reported earlier by U.Today, Bitcoin’s latest revival coincidentally came on the heels of President Donald Trump’s tweet about imposing new tariffs on Chinese goods.
Considering the yuan’s rapid depreciation, it’s not far-fetched to assume that Bitcoin could soon hit new yearly highs.