RATE Group | Bitcoin Sells Off at $9K Again as US-China Tensions Dent Risk Sentiment
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Bitcoin Sells Off at $9K Again as US-China Tensions Dent Risk Sentiment

04 May Bitcoin Sells Off at $9K Again as US-China Tensions Dent Risk Sentiment

Posted at 05:15h in Bitcoin News by

  • Bitcoin failed to maintain a floor above $9,000 as renewed US-China trade tensions dented global risk sentiment.
  • The cryptocurrency got off to poor start this week, but the market remained convinced about a long-term price rally.
  • The bullish sentiment disregarded Bitcoin’s correlation with the S&P 500, the U.S. benchmark looking to close Q2 in losses.

Bitcoin sold off at $9,000 all over again as investors anticipated the beginning of a new U.S.-China trade war atop the market-shattering coronavirus pandemic.

The benchmark cryptocurrency fell 3.09 percent to hit its intraday low at $8,633 in early trading on Monday, a day after it topped at $9,203. The move downhill reflected traders’ inability to hold a bitcoin support near $9,000, especially ahead of its mining reward halving.

The May 12 event will see bitcoin’s daily supply rate going down from 1,800 BTC to 900 BTC. Traders think it would make the cryptocurrency scarcer and, therefore, more valuable. A popular price…

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