16 Aug Bitcoin Plunges Back Down to $9,600 After Rising Above $12,000
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Last week, a spike in the Bitcoin price pushed it past the $12,000 mark.
At the same time, Bitcoin dominance continues to squeeze the rest of the market, closing in on 70%. The highest it’s been since April 2017.
Reported volume lends supports to the Bitcoin price movement. At the start of August, this stood at $16.5 billion, topping out at a month to date high of $24 billion around August, 6th.
Since the start of August, Bitcoin has been on a steady ascension, having peaked at a 21% gain in less than a week. Analysts have attributed this to the deterioration of US-China trade talks, which has seen a devalued Yuan, and tit-for-tat accusations of currency manipulation.
China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!
— Donald J. Trump (@realDonaldTrump) August 5, 2019
Bitcoin Gains From Deepening Trade War
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