RATE Group | These 3 Macroeconomic Factors Are Driving Bitcoin Price Above $12,000
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These 3 Macroeconomic Factors Are Driving Bitcoin Price Above $12,000

06 Aug These 3 Macroeconomic Factors Are Driving Bitcoin Price Above $12,000

Posted at 10:36h in Bitcoin News by

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Bitcoin (BTC) price has staged a remarkable rally in recent days, but the reasons behind it could mean higher prices stick around much longer. 

With BTC/USD now at $12,200, here are the main reasons the cryptocurrency industry considers lie behind Bitcoin’s latest surge higher.

1. Global stocks are tumbling

As Cointelegraph continues to report, the ongoing impact of the United States-China trade war is increasingly considered a boon for Bitcoin. 

On Tuesday, as tensions continued, stocks around the world showed considerable strain. As serial investor Tim Draper noted, the Dow Jones and Nasdaq fell by 2.9% and 3.4% respectively. For the Dow, it was the worst trading day of the year.

At the same time, Bitcoin gained 3.2%, the latest in a series of rebounds which ended several weeks of bearish sentiment. Just a week ago, BTC traded closer to $9,500.

2. Investors are waking up to Bitcoin as a hedge

Current price performance is fuelling attitudes that Bitcoin is becoming increasingly…

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