RATE Group | Bitcoin Weak as Positive Trade Deal, Brexit Buoy Investors
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Bitcoin Weak as Positive Trade Deal, Brexit Buoy Investors

15 Dec Bitcoin Weak as Positive Trade Deal, Brexit Buoy Investors

Posted at 19:46h in Bitcoin News by

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  • So-called safe-haven asset bitcoin appears mum as Trump hints an optimistic “phase one” deal with China and Boris Johnson wins the U.K. parliamentary election.
  • The cryptocurrency risks more declines due to prevailing bearish bias.
  • Strong technical support could send the price back towards $7,500-8,500 area.

Bitcoin slipped towards $7,000 this weekend as signs of growth in the U.S.-China trade deal and Brexit buoyed investors’ sentiment in risk-on markets.

The expected sign off of a phase one deal between the U.S. and China led U.S. stocks to surge before the week close. The sentiment sent the S&P 500 and Nasdaq Composite to fresh highs.

In Europe, the pan-continental Stoxx 600 hit an all-time high after a booming electoral victory for Boris Johnson’s Conservative Party. The win raised hopes of a smoother Brexit, making the U.K. equities attractive for investors once again. The FTSE 250, for instance, surged by a record 4.5 percent, its largest upside move since May 2010.

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