Cryptocurrency surges past $11000 amid trade worries

Bitcoin soared 9% on Monday, performing like a safe haven asset as it edged past $11,000 for the first time since around mid-July.

The price of the world’s largest cryptocurrency climbed as high as $11,860, according to CoinDesk data, hitting a more than 3-week high. Bitcoin’s value now accounts for nearly 70% of the global crypto market, according to CoinMarketCap.

Global stock markets on the other hand have been sliding lower on the back of renewed trade uncertainty, after President Donald Trump said last week that Washington would impose 10% tariffs on another $300 billion worth of Chinese goods.

The pan-European Stoxx 600 index slipped 1.6% on Monday while the MSCI’s broadest index of Asia-Pacific shares outside Japan plummeted 2.5%. Dow futures meanwhile were off by about 100 points.

Analysts have previously argued the case that bitcoin could be a safe haven asset, with…