- The trade war between China and the US seems to be cooling off
- The price is retreating
- Will Bitcoin follow the price trend of gold?
Bitcoin News Today – Trade tensions between China and America seem to be cooling off, as both powerhouses recently came to an agreement. They want to lift tariffs, which is great for economic stimulus. Nevertheless, safe-haven assets like gold are beginning to head south, will Bitcoin (BTC) follow suit?
Is the Trade War between the US and China Over?
Yesterday, officials from the two powerhouses said that they could roll back tariffs as part of the first phase of a wider deal. According to a report by Reuters, they are yet to fix a date, but the US and China are in agreement that a trade deal can be made. Some experts believe that there is so much work to be done and the situation can still fall apart quickly as it is fragile.
Bitcoin (BTC) Price Today – BTC / USD
The development has brought optimism back to the market as global stocks were boosted yesterday. However, the benefits of the easing of trade tensions did not rob off on all assets. After testing a six-year high in September, gold has retreated. The price of gold has plunged by 5.3 percent since its weekly high and it has plunged by about 2.7 percent this week according to goldprice.org.
Peter Schiff – goldbug and undecided BTC detractor – did not miss the opportunity to come out to say that the precious metal is still worthy of investment. In a tweet, Schiff said:
“Gold is selling off on the prospects of the trade war ending. But it’s not the trade war, but the war on savings waged by central banks that is behind gold’s rise. Future U.S. trade & budget deficits will now be larger than ever, making gold ownership more important than ever!”
The goldbug seems to be a little undecided at the moment. When it was a trade war between the US and China, it was that causing the increase of gold, but now it is the decreasing interest rate of the FED. He really should look towards Bitcoin again.
Will Bitcoin (BTC) Follow the Trend of Gold?
Gold is losing steam; will Bitcoin (BTC) follow the price of gold and also plunge lower? At the press time, the digital currency is still strongly supported over the $9k level, where it has been over the past week. Analysts are just on the fence as the technical signals and next direction of Bitcoin are ambiguous. Nevertheless, due to the present credit, banking, or debt crisis, there would still be strong need for safe-haven assets such as Bitcoin (BTC) or gold.