Bitcoin Rally Falters as Stocks Drop Ahead of Trump’s China Speech

Bitcoin’s bulls are taking a breather amid jitters in the traditional markets over rising tensions between the U.S. and China. 

The world’s biggest cryptocurrency is trading near $9,400 at press time, having posted an eight-day high of $9,620 on Thursday. Prices have gained 8% so far this week, according to CoinDesk’s Bitcoin Price Index. 

While bitcoin looks to be consolidating on recent gains, major European stock markets are flashing red for the first time this week. Leading the way lower is Germany’s DAX, down 1.5% on the day, followed by France’s CAC, which is reporting a 1% decline. Across the pond, futures tied to Wall Street’s equity index S&P 500 are down 0.5%, as per Investing.com.

Markets look to have become cautious ahead of President Trump’s response to China’s decision to implement a national security law in Hong Kong, putting the jurisdiction’s autonomy in doubt. 

“We’ll be announcing what we’re doing tomorrow (Friday)…