Bitcoin has started to flow up as the US-China trade war has started again.
Bitcoin price goes high whenever the trade war between the US and China escalates. Now with the comeback of the US-China trade war, it has again jumped.
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The leading cryptocurrency was trading at $7,995.82 with 1.73 percent higher and after the beginning of the European session, there was noticed an increase in the price of the coin.
US futures and China’s Yuan have faced a bad market opening as Beijing refused to make any broad deal with the US.
The US wants to make a broad deal no matter what. For this purpose, the trade negotiators will again try to start the negotiations in Washington from Oct 10 onward.
As the economist at ING global markets research state:
The US has indicated that it wants a broad-based deal. Nothing is yet in the bag, and optimism on trade has proved time and again to be misplaced.
This announcement from the US has caused nervousness and excitement for the investors. The analysts are now expecting a list of new cut rates from the Federal Reserve.
A market maniac Holger Zschaepitz says that the Chinese officials are hesitating to agree on the broad trade deal of the US.
Global mkts edge up following Goldilock US jobs report but caution seen on trade talks. China officials signal they’re reluctant to agree to a broad trade deal pursued by President Trump, ahead of negotiations this week. Bonds gain w/US 10y yield at 1.52%. Gold 1505, Bitcoin <$8k pic.twitter.com/TbRejzwrVh
— Holger Zschaepitz (@Schuldensuehner) October 7, 2019
Last time Bitcoin kept itself separate from the dispute of the US and China. The price of the coin has been in the downtrend. But the investors believe that the leading cryptocurrency has the tendency to recover from the loss and during the US-China trade war, it will again go high.
Bitcoin has again defended historically strong price support near $7,700, keeping the hopes of a corrective rally alive.
— Gernot Lechner (@gernot_lechner) October 7, 2019
According to the report of the TIE, a platform for crypto trading, sentiment, pricing and on-chain data, the institutional interests in Bitcoin in 2019 has been low. Crypto researchers at the TIE platform say that most of the institutions are not investing in bitcoin.
Mentions of institutional interest in Bitcoin in news headlines have plummeted to a 2019 low after seeing significant growth throughout the summer.
Data from over 85,000 unique publication headlines collected since October 2017. pic.twitter.com/3JqHEpIAF8
— The TIE (@TheTIEIO) October 2, 2019
But bitcoin investors are still hoping that Bitcoin can recover itself and it has started to come back in its form after the start of the US-China trade war.