RATE Group | Bitcoin Rises Minutes After China Announces Additional Tariffs on US |
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Bitcoin Rises Minutes After China Announces Additional Tariffs on US |

23 Aug Bitcoin Rises Minutes After China Announces Additional Tariffs on US |

Posted at 15:42h in Bitcoin News by

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Bitcoin began an impressive price surge minutes after China announced that it would slap additional tariffs on US goods.

Beijing said late Friday that it would increase taxes on $70 billion worth of US imports of between 5 and 10 percent. That progressed its already worsening trade dispute with Washington which last week had announced a similar tariff on $300 billion of Chinese imports.

bitcoin, US-China trade war

Bitcoin spikes after China announced additional tariffs on US goods | Image credits: TradingView.com

The BTC/USD instrument spiked by $355, or 3.52 percent, to establish a local high towards $10,449.52 on San Francisco-based Coinbase exchange. The move uphill appeared shortly after China’s announcement, validating bitcoin’s growing correlation with the global trade dispute. Investors/speculators evidently went bullish on the cryptocurrency’s near-term price prospects, a move similar to many ever since the US-China trade war picked momentum.

Renminbi Down

Sentiments towards the Chinese Renminbi…

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