RATE Group | Investors have been plowing money into bitcoin since the start of the US-China trade war
59298
post-template-default,single,single-post,postid-59298,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Investors have been plowing money into bitcoin since the start of the US-China trade war

24 Aug Investors have been plowing money into bitcoin since the start of the US-China trade war

Posted at 16:43h in Cryptocurrency News by

[ad_1]

FILE PHOTO: Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. REUTERS/Dado Ruvic/Illustration

  • Many investors have bought gold, a conventional haven asset, as the US-China trade war continues to weigh on global growth and market sentiment.
  • People also plowed money into bitcoin during key moments in the trade war, according to eToro data.
  • Trading of bitcoin surged 140% during these key moments.
  • However, the cryptocurrency remains much more volatile than gold. 
  • View Markets Insider’s homepage for more stories. 

Investors appear to be treating bitcoin as a haven asset similar to gold, given the volume of cryptocurrency trading has increased during the conflict.

There was a 284% surge in bitcoin trades between 19 May 2019 and 19 August 2019, compared to the period between 22 March and 22 June 2018 just prior to the trade war, according to data from eToro, an online trading platform.

Gold — a popular asset to hold during times of uncertainty — rose by a less dramatic 73% over the same period.

Trading of bitcoin more than doubled during certain key moments…

[ad_2]

Source link

Tags:
, , , , , , ,