STOCKS DOWN YET BITCOIN SKYROCKETS AMIDST US-CHINA TRADE WAR

STOCKS DOWN YET BITCOIN SKYROCKETS AMIDST US-CHINA TRADE WAR

May has started off on an extraordinary run for Bitcoin (BTC); we have seen the price of the cryptocurrency skyrocket to above $8,100 USD.

On Friday 10th May 2019, President Trump’s administration team raised tariffs on $200 billion worth of annual Chinese imports from 10 to 25 per cent. Trump has also announced that he is ready to impose 25 per cent on yet another $300 billion worth of Chinese goods.

As a direct result of this, the Dow Jones Industrial Average (DJI) has dropped more than 590 points, with Apple down 5 per cent on the day of the announcement, Intel Corp down 2 per cent and Uber decreasing by 9 per cent.

Bitcoin skyrockets above $8,000 whilst stocks fall

However, Bitcoin has rallied, and has risen by more than 43 per cent in the last month alone, and still rising amidst the US-China trade war.

Currently, at time of writing the price of BTC sits at $8,044.96 USD +2.96 per cent.

Many experts and cryptocurrency analysts are proposing that the bull market is back, and we can expect to see the price of BTC launch to all-time highs.

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