Bitcoin Rally Falters as Stocks Drop Ahead of Trump’s China Speech
Stocks Drop Ahead of Trump’s China Speech
Bitcoin Rally Falters as Stocks Drop Ahead of Trump’s China Speech
Bitcoin’s bulls are taking a breather amid jitters in the traditional markets over rising tensions between the U.S. and China.
The world’s biggest cryptocurrency is trading near $9,400 at press time, having posted an eight-day high of $9,620 on Thursday. Prices have gained 8% so far this week, according to CoinDesk’s Bitcoin Price Index.
While bitcoin looks to be consolidating on recent gains, major European stock markets are flashing red for the first time this week. Leading the way lower is Germany’s DAX, down 1.5% on the day, followed by France’s CAC, which is reporting a 1% decline. Across the pond, futures tied to Wall Street’s equity index S&P 500 are down 0.5%, as per Investing.com.
Markets look to have become cautious ahead of President Trump’s response to China’s decision to implement a national security law in Hong Kong, putting the jurisdiction’s autonomy in doubt.
“We’ll be announcing what we’re doing tomorrow (Friday) with respect to China. And we are not happy with China. We are not happy with what’s happened,” Trump told reporters on Thursday. Washington warned earlier this week that it would impose sanctions on China if the law is introduced.
The expectation is that Trump will announce some symbolic sanctions against individuals and companies. That said, with the presidential elections due in November, a bigger action cannot be ruled out. The resulting geopolitical tensions could bode well for bitcoin as many analysts and investors consider it a safe haven asset.
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and the situation is going to be aggravated with the bill that wants to get Chinese companies listed on wall street; One of the main conditions for them not to be removed is that they are free from the influence of the government, of course this may take 2 to 3 years, but this scene begins to have several war fronts.