Bitcoin falls on day three amid rising US China tensions
Software

Bitcoin falls on day three amid rising US-China tensions

The current escalation in tensions between the US and China has impacted global markets, including cryptocurrency One – Bitcoin has fallen for the third straight day, Bloomberg writes. On Tuesday, the first cryptocurrency fell 2.76% to $22,693 and was trading at $22,810 at the time of the note’s publication. The cost of Ethereum fell even more – prices of other digital coins also fell by 6.9%.

    Image source: Kanchanara/unsplash.com

Image source: Kanchanara/unsplash.com

As Bloomberg noted, the risk of escalation related to the upcoming visit of US House Speaker Nancy Pelosi (Nancy Pelosi) to Taiwan has forced investors to ditch US stocks and futures.

Prior to these events, Bitcoin showed a positive trend after surging 27% in July, its biggest one-month rise since last October. Over the weekend, its value narrowly approached $25,000, raising hopes that the worst for the cryptocurrency market this year is over “Cryptocurrency Winter” may end soon.

    Image source: Bloomberg

Image source: Bloomberg

According to Craig Erlam, Senior Market Analyst at Oanda, Bitcoin’s surge has been over the past month “Completely similar to the bear market rally seen in stock markets.” He acknowledged that the cryptocurrency could continue to grow.

According to Coinglass, Bitcoin will soon be trading in the $20,000 to $25,000 range.

RELATED TOPICS

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment