Analyst Mike Novogratz, CEO of Galaxy Digital, believes that the dynamics of the Bitcoin exchange rate in 2019 is directly related to the difficult situation in the global market, which is caused by the geopolitical situation.
On his Twitter blog, Novogratz posted a publication in which he noted that hostility between the leading states of the world led to a weakening of the Chinese yuan. Investors began to actively withdraw capital from China, which, according to Novogratz, had an impact on the BTC market. The tensions between China and the United States intensified even more after Trump announced another decision to impose duties on goods from the Middle Kingdom, which are intended for import into America. Against the backdrop of these events, the Chinese yuan is showing instability in relation to the US currency, indicators reach 11-year lows.
With the yuan over 7.0, an FX war, instability in HKG and the beginnings of capital flight, $ Btc rally could have real legs.
Michael Novogratz (@novogratz) August 5, 2019
Recall that not so long ago Novograts said that this year we can expect that the BTC rally two years ago will be repeated again. The analyst then explained that the market is now undergoing a consolidation stage, after which testing with a cryptocurrency of a psychological level of $ 20,000 starts. It is expected that this will be at the end of the year.
Note that today Bitcoin managed to overcome the $ 11,800 mark. Investor Max Keyser predicts that this week the rate will rise to $ 15,000.
