Bitcoin Awaits Big Bull Run as China Hits U.S. Back with New Tariffs
The bitcoin price surged 10 percent in the 24 hours and the sentiments are switching back to the buying side as tensions in the global markets escalate.
The Chinese Finance Ministry announced Monday that it plans to raise tariffs on $60 billion worth of US imports. Beijing said they would increase duty tax on U.S. goods from 10 percent to 25 percent as it battled a similar action from Washington in the ongoing US-China trade war.
Analyst: Bitcoin Could Hit $9,000 Should Bearish Breakdown Occur; Here’s Why
Saturday July 13, 2019
Bitcoin and the entire cryptocurrency markets have been caught in the throes of volatility as of late, which has resulted in the formation of a period of consolidation for BTC. This period of consolidation...
The post Analyst: Bitcoin Could Hit $9,000 Should Bearish Breakdown Occur; Here’s Why appeared first on 12bitplay - Bitcoin Play.
I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!
— Donald J. Trump (@realDonaldTrump) May 13, 2019
Ethereum Vulnerable, ETH Price Below Three-Month Support
Friday July 12, 2019
Ethereum (ETH) is down 3.2 percent Omar Reyes, a candidate vying for a Congress seat in Florida, wants to issue an Ethereum token Props, an ERC-20 token, is compliant with a key regulation. As...
The post Ethereum Vulnerable, ETH Price Below Three-Month Support appeared first on 12bitplay - Bitcoin Play.
The move increased global investors’ risk exposure in the market, with almost all the significant futures’ indexes posting losses. The S&P 500 Futures, for instance, was down 1.98 percent to 2,829 points as of 1325 UTC. At the same time, Dow Futures dropped to 25,428.5 points after falling 2.06 percent, while Nasdaq futures plunged 2.45 percent towards 7,431 points.
Global Markets Fall as US-China Trade War Escalates | Image Credits: Holger Zschaepitz
Holger Zschaepitz, the financial editor at Germany-based Welt news service, believed the growing positive correlation between the trade war and the global stock market would benefit safe haven assets like gold and bitcoin. He stated ahead of China’s tariff increase:
“Global markets start in Risk-Off mode to the week. Stocks fell along with Yuan & Treasury yields amid US-China trade war escalation. Investors awaited details on possible China counter-measures. US 10 year yields drop to 2.44%, Yen and Bitcoin strengthen on haven bids.”
Bitcoin Surge Continues
The bitcoin price today appreciated up to 10 percent against the US dollar since the market open. The cryptocurrency settled a lower high towards $8,000, suggesting that it may still be inside a bearish correction phase from its 2019 peak. However, Alex Krüger, a prominent cryptocurrency analyst, said the bitcoin price is looking to extend its gains in the long run.
“Sanity reigned in over BTC overnight, correcting 11% lower,” he stated. “Yesterday’s move above $7000 had started making many, including me, doubt that a strong correction would ensue anytime soon.”
Krüger added that there were no hints of bitcoin buying at the retail level, arguing that the size of the asset’s appreciation is too big to back by small investors. Nevertheless, the analyst credited positive market fundamentals surrounding Fidelity Investments, TL Ameritrade, and E*Trade Financial. The US companies either announced or hinted that they would launch bitcoin trading services.
Ripple Price (XRP) Could Underperform: Recovery Could Face Hurdles
Friday July 12, 2019
Ripple price declined heavily below the $0.3800 and $0.3500 support levels against the US dollar. The price even traded close to the $0.3000 support level and it is currently correcting higher. There is a...
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What drove $BTC up this week?
A handful of large players, that started buying in waves. Systematic buying.
Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.
Not retail driven.
— Alex Krüger (@krugermacro) May 12, 2019
Gold, Yen Up Too
The bitcoin price recovery Monday mirrored market biases in the haven assets, Gold and the Japanese Yen. The XAU/USD spot rate today rose up to 1.08 percent to 1299.738, while the JPY/USD surged as high as 0.64 percent to settle an intraday high towards 0.009171.
“The overall reaction by currencies has been limited, however, as there are also factors that support hopes for an eventual settlement, such as the possibility of the US and China presidents meeting at the G20,” said Masafumi Yamamoto, chief forex strategist at Tokyo-based Mizuho Securities.
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