RATE Group | Market Wrap: Bitcoin Slides, Stocks Tread Water on Trump China Comments
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Market Wrap: Bitcoin Slides, Stocks Tread Water on Trump China Comments

30 May Market Wrap: Bitcoin Slides, Stocks Tread Water on Trump China Comments

Posted at 03:20h in Cryptocurrency News by

Bitcoin declined for the first time in three days as traders in digital-asset markets and more traditional stocks considered the implications of U.S. President Donald Trump’s latest broadsides against China on the coronavirus and Hong Kong. 

Bitcoin (BTC) was changing hands around $9,400 as of 20:00 UTC (4 p.m. ET), slipping less than a percent over the previous 24 hours after a two-day rally when it rose to $9,600 on Thursday from $8,800 early Wednesday. 

Some analysts had warned Trump’s White House press conference might include announcement of draconian actions against China that could lead to a deeper rift (giving traders the jitters earlier Friday). That didn’t happen, however. While he announced new, targeted sanctions against Chinese officials and directed his administration to revoke special trade exemptions for Hong Kong, he said he would keep a “phase one” trade deal with China intact.

Stocks fell as Trump started speaking Friday afternoon and recovered as he…

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