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Wednesday, 20 June 11:14 (GMT -05:00)



Foreign exchange market

Bitcoin Rate and US-China Trade War


The cryptocurrency market has been going down steadily for a while. According to CoinMarketCap, the Bitcoin exchange rate has been moving around 6800 USD/BTC. Ethereum, Ripple, Bitcoin Cash and Litecoin have been trading around 382, 0,49, 633, and 119 dollars per coin respectively.

 
It’s interesting to note that the trading week started with a rapid recovery after a period of weakness. However, the recovery was followed by another retracement which has been underway since then. Why
has thisbeenhappening?

Well, international experts say that the key reason why the cryptocurrency market cap has been going down is the trade war between the United States and China. By the way, they say that this reaction of cryptocurrencies to the trade war testifies to the fact that the cryptocurrency market has become more mature. Not so long ago, cryptocurrencies used to be treated as safe-haven assets for various kinds of investors. So, it seems that Bitcoin and other altcoins are now losing their status of being safe-haven assets. Digital currencies are getting more civilized and the buying craze seen in late 2017 has evolved into the pragmatic approach to investing money.
 
According to eToro analyst Mati Greenspan, cryptocurrencies are turning into risky assets like ordinary stocks. With that being said, it’s clear why some of those investors have been reducing their exposure to the crypto-market. Thejustwanttoavoidunnecessaryrisks.

Nevertheless, digital currencies are still fairly profitable assets to trade, which is why the expert believes that the investors will definitely go back to the market as soon as the relations between America and China improves.

 

 

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