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Bitcoin Awaits Big Bull Run

Refresh time:2019-05-15

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.

https://www.newsbtc.com/2019/05/14/bitcoin-awaits-big-bull-run-as-china-hits-u-s-back-with-new-tariffs/