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Another Bitcoin Price Pump Is Expected as Trump Escalates Economic Tensions with China

  • Alex Dovbnya
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    Donald Trump and his economic power moves are exactly what Bitcoin needs to continue its parabolic price growth


Another Bitcoin Price Pump Is Expected as Trump Escalates Economic Tensions with China
Contents

Bitcoin is wont to thrive during times of economic turmoil, and President Donald Trump is probably the best thing that could happen to the crypto king. In a recent tweet, the POTUS accused Europe and China of currency manipulations, claiming that Bitcoin should follow suit.

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Bitcoin’s hedging power

While many deny the hedge asset narrative, there is an inextricable link between the macroeconomic situation and the Bitcoin price.

The US imposing additional tariffs on China’s goods was arguably one of the major catalysts behind Bitcoin’s price growth. That explains why there was an inverse correlation between the BTC price and the Chinese Yuan.

On the other hand, Bitcoin’s drop below the psychologically important $10,000 mark came on the heels of the Osaka Summit, where the two biggest economies agreed to a trade war truce.

The ceasefire allowed the US stock market to reach new highs while gold and Bitcoin took a hit. As of now, the Dow and the S&P 500 continue to flirt with new highs.   

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The US Dollar slides

Trump’s tweet instantly painted the US Dollar Index red, CNBC reports.

Notably, the Trump administration didn’t put China on the list of currency manipulators two months ago (not a single country ended up on that list). However, prior to that, China faced scathing criticism because of its unfair trade practices.

These manipulations talks play right into the hands of the crypto community.    

Cover image via 123rf.com
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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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