Christopher Vecchio, a senior currency strategist at DailyFX, said that the “trade war” that is currently taking place between the United States and China may result in bitcoin being again at a historical high, that is, near $ 20,000.
"Trade War" has already caused changes in the modern financial landscape. One of the key indices of the US stock market since the beginning of June went down to minus by 3%, and the Chinese yuan continued to weaken, with the result that the US dollar rose to a level of 6.9 yuan. For the American economy, this is a negative factor: the export of American goods is becoming less competitive than supplies from China on the world market. However, the economy of the Middle Kingdom is in a difficult situation, as many local companies have dollar loans, which give it becomes more difficult.
In such a stalemate, investors will increasingly pay attention to Bitcoin, as Vecchio believes. In his opinion, Bitcoin will become more and more expensive if the Chinese yuan weakens. Vecchio is not the only analyst who believes in significant Bitcoin growth.
So, Bitcoin expert Oliver Isaacs is confident that “this cryptocurrency has the potential to grow in late 2019 – early 2020 to a value of $ 25,000”, while he also, like Vechchio, referred to “trade war”, as well as its implications for the global financial market.
At the beginning of June 8, Bitcoin has returned to the mark of 8 thousand dollars, which is still another 1.1 thousand dollars lower than the level that was recorded quite recently, on May 30. Interest in cryptocurrency is not waning .
From the latest market data, Coinbase , the largest US crypto-exchange, captures a steady increase in trade turnover after in May the volume of bitcoin buying and selling transactions reached a maximum of one year and 2 months.
Publication date 09/06/2019
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