RATE Group | Bitcoin Jumps as US-China Trade Pessimism Returns |
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Bitcoin Jumps as US-China Trade Pessimism Returns |

07 Oct Bitcoin Jumps as US-China Trade Pessimism Returns |

Posted at 13:22h in Bitcoin News by

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Bitcoin returned to form on Monday as investors analyzed the possibility of an extended trade war and weak European economic data.

bitcoin, bitcoin price

Bitcoin registers mild recovery against trade pessimism | Image credits: TradingView.com

The benchmark cryptocurrency was trading 1.73 percent higher – at around $7,995.82 – as of 1053 UTC. It spiked particularly after the beginning of the European session that, in turn, wavered against mediocre industrial data from Germany. The upswing also followed a bad market opening of US futures and China’s yuan, both of which fell earlier during the Asian session as Beijing hinted a no-broad deal with the US.

Trade Pessimism

Trade negotiators will reinitiate talks in Washington from October 10. The US side has indicated that it wants a broad deal, which includes pledges on changing Chinese industrial policy or the government subsidies, but its Chinese counterparts want to keep the issues out of the negotiations.

“The US has indicated that it wants a…

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