Bitcoin’s Rally May Have Primarily Been Influenced By Donald Trump’s Tariffs On Chinese Imports, How Long Will It Last?

Bitcoin News Today – Markets globally felt the pull of Trump’s announcement. As bitcoin price soared higher after US President Donald Trump announced another $300 billion tariffs on Chinese goods. The world’s largest cryptocurrency reached the $10,527 high ahead of European market open, posting up to 2.47% intraday profits.

Bitcoin Price Analysis – Demand for Bitcoin to Increase in Developed Countries

Asian equity markets reported more than 1.4 percent losses, while their European mate unlocked 1% lower. As seen from cryptocurrency news update, US Future also expunged their Fed rate cut profit connoting a limited rally for the Dow Jones Index, Nasdaq Composite Index, and S&P 500 Index. The US Dollar Index fell 0.14% to 98.23, as it also experienced the pressure of the US vs China trade war as it renounced its overnight profit to Trump’s tweet.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,248.89
3.39%

After experiencing a wavering session on July 2019, Bitcoin starts the month of August on a significant surge above the important mark, as the currency was traded at $ 11,300, which declined below $ 10,000 by the end of the month July. Going by the opinion of most investors, the price spry of some assets showed that increased policy is charged with risks of global fluctuation. Binance Research experts ask “ Will the trade war continues to be a catalyst for Bitcoin’s price growth?”

The request for the cryptocurrency is driven by widespread inflation and monetary limitations in many countries including Argentina, Turkey, and Venezuela. So far Digital Gold has acted as a store of value in emergencies rather than an investment tool. Due to the decline in profits on conventional financial tools, the request for Bitcoin will increase in developed countries.

Cryptocurrency News Update – China vs United States Battle Crypto Industry Flourishes

Turning a blind eye to the benefit of trade liberalization, the US and China governments are going back and forth with import levy duties levy and raise non-tariff barriers. Consequently, export-aimed industries, consumers and shares of many companies are under the watchword safeguarding the national producer.

The analyst believes that Trump’s trade war will ramp up the advent of a new financial and economic emergency. Binance analyst pointed out an upward Bitcoin trend with multiple safe-haven assets. Gold, the Japanese Yen, the Swiss Franc, and US 10-year Treasury Bill instantly surged after Donald Trump’s tweet. Simultaneously, more unstable assets have declined – the Chinese Yuan, the Dow Jones Industrial Average (DJIA), NASDAQ 100, FTSE China A50 and WTI Crude Oil.

US President Donald Trump tweeted his regret about the US and China failed partnership. In a tweet posted August 1st, Trump repines that three months ago, China and the United States almost had an agreement for a common denominator and were prepared to sign the trade agreement. Unfortunately, China decided to play hanky-panky with the terms and conditions.

The U.S President Donald Trump in his tweet states that the United State intends to enforce a 10% tariff starting September 1st on the outstanding $300 billion in Chinese exports. He claimed that China has backsides in its promise to increase agricultural purchases and limit fentanyl sales to the United States. The president tried to frame the tariff move in positive terms, calling it a “small” tariff and stated that he looks forward to a “positive dialogue with China” after the constructive U.S. vs China trade negotiation earlier in the week.

David French, a Government relations vice president for the National Retail Federation stated in a report that “The tariff imposed over the past year hasn’t worked, and there’s no evidence another tax increase on American businesses and consumers will yield new results.”

They are prodding that the Trump administration operates with other partners such as Europe and Japan to find new ways to demand modification from Beijing without singling out U.S companies. Tariff on the rest of China’s exports to the U.S was suggested in May. If Trump goes through with 10%, one should anticipate a rise up-to 25% unless China dances to Washington’s tune.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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