Trading Volume of Bitcoin and Gold hiked due to US-China Trading Strife
The CCN markets report that President Donald Trump has revealed his intentions of raising the stakes and has decided to increase the tariff rates on the Chinese good. He said in a tweet that two of them can play this game. He raised the tariff rate from 30 to 25 percent on $250 billion worth of Chinese goods. The tariff rate for 1st September will be now from 15 to on the remaining $3000 billion.
For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight….
— Donald J. Trump (@realDonaldTrump) August 23, 2019
As the President of China, Xi Jingping had already revealed his intentions of slapping the fresh tariff on $75 billion in US goods, so China had to face this coming from President Trump.
Liz Ann Sonders, the Chief Investment Strategist of Charles Schwab says that there is no longer skirmish between the Presidents of the US and China.
Anyone out there still calling this a “skirmish?”
— Liz Ann Sonders (@LizAnnSonders) August 23, 2019
Before the tweet of Trump, the stocks in the market were already losing their balance and now the investors are fearing that how bad things will happen in the market on Monday.
Bitcoin and Gold Catching the attention of Investors
Investors have now started to think about the other assets that can be helpful for them in the market. Bitcoin and Gold are catching the attention of investors because of the reason that both are safe-haven assets. The traders who have not yet consider Bitcoin and Gold would now know that both of these are trading in green.
The price of Bitcoin is flowing up at $10,407 approximately 2% after diving down under $10,000 yesterday.
#Gold is the #Bitcoin for those that haven’t found Bitcoin
— Brendan Blumer (@BrendanBlumer) August 23, 2019
Similarly like Bitcoin, the price of Gold has also corrected and it has pulled back to its original trend as the market strategists call it. Gold bulls say that by adding 2 percent to $1,526 with $1,600 within the reach, gold is proving to be a true safe-haven asset in the trading market.
Gold correction is over. Next stop $1600 & likely higher from there.
— David Hunter (@DaveHcontrarian) August 23, 2019
There is a competition going on between the investors for the sake of safe-haven. Last time, when the tensions of the US and China extended, it was bitcoin price who gave consolation and this time it is proving more helpful and mature than before.
Chervinsky’s List of reasons to hold Bitcoin
Attorney Jake Chervinsky presented the list of reasons to hold bitcoin before the revelation of the rift of US/China. And the point of President Trump tweets is listed in these points.
The list of reasons to hold bitcoin keeps growing:
– sovereign debt bubble
– unfunded pension crisis
– auto loan bubble
– student debt crisis
– consumer credit bubble
– fiat currency crises
– asset price inflation
– negative interest rates
– the president's tweets#SafetyInSats— Jake Chervinsky (@jchervinsky) August 23, 2019
There is uncertainty about the trade as last time President Trump called President Jingping his friend but now they are enemy, this is the thing that most rattles investors.
President Xi and I have a very strong and personal relationship. He and I are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations. A solution for North Korea is a great thing for China and ALL!
— Donald J. Trump (@realDonaldTrump) December 3, 2018
Conclusion
Bitcoin and Gold both are proving to be the safe-haven assets and with the rift of US/China, both of these are shining brightly and they are now trading in green.
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