RATE Group | More Troubles for Bitcoin as Trump Fuels Trade Hopes
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More Troubles for Bitcoin as Trump Fuels Trade Hopes

26 Sep More Troubles for Bitcoin as Trump Fuels Trade Hopes

Posted at 13:17h in Bitcoin News by

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Bitcoin was trading in the negative zone on Thursday as US President Donald Trump raised hopes for a potential trade deal with China.

The benchmark cryptocurrency plunged another 0.34 percent to $8,408.01 on San Francisco-based Coinbase exchange. Earlier this week, it had experienced a massive sell-off that sent the price down by more than $1,500 in a day. Analysts blamed BitMEX, a controversial bitcoin derivatives exchange, for causing the said crash, accusing the firm of liquidating Long positions worth more than a billion-dollar. Bitcoin has stabilized ever since but remains under the fear of slipping further.

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Bitcoin consolidating sideways but downside risks remain | Image credits: TradingView.com

That is partially due to a lack of institutional interest as investors switch positions between mainstream risk-on and risk-off assets. On Thursday, they maintained refuge in equities after Trump raised hopes for a peaceful trade negotiation with China. The president said that the end of…

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