RATE Group | Bitcoin price nears $12,000 as stocks slip on trade tension
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Bitcoin price nears $12,000 as stocks slip on trade tension

05 Aug Bitcoin price nears $12,000 as stocks slip on trade tension

Posted at 22:25h in Bitcoin News by

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  • Bitcoin surged Monday amid a trade-war-driven rout that saw all major US indexes plunge.
  • As market volatility increases, some experts see investors increasingly looking to cryptocurrency as a safe-haven asset similar to gold.
  • Bitcoin could see new highs in the next six to 12 months, wrote Thomas Lee of Fundstrat.
  • Watch Bitcoin trade live on Markets Insider.

Bitcoin gained as much as 15% Monday as investors piled into the cryptocurrency, seeking a hedge against a broad market sell-off that saw equities plunge amid escalating trade tensions between the US and China.

The cryptocurrency soared to a 3-week high when it climbed as high as $11,947, according to Bloomberg data.

Other cryptocurrencies also jumped: Ethereum gained more than 4% and Litecoin gained roughly 5%. Bitcoin is the largest cryptocurrency, making up nearly 70% of the global market according to CoinMarketCap.

“Bitcoin is proving itself to be a macro hedge against market risks,” wrote Thomas Lee, managing partner of…

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