RATE Group | Why Bitcoin lost as US and UK stocks shined?
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Why Bitcoin lost as US and UK stocks shined?

17 Dec Why Bitcoin lost as US and UK stocks shined?

Posted at 07:29h in Bitcoin News by

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  • Bitcoin caves amid the improving stock market in both the United States and the United Kingdom.
  • The latest developments from Washington eases the trade tension between the US and China.

Bitcoin has been caught in an ending vicious cycle of short term recovery, followed by a period of consolidation and finally a price drops. This cycle started after hitting a dead-end of around $13,800 in June. The latest consolidation above $7,000, as reported yesterday, appears to have been the brewing ground for the fall that almost touched $6,800.

The United States-China trade tension

The trade dispute between China and the United States was on several occasions seen as a propellant for a number of short term Bitcoin rallies in the past few months. Gold has been a  naturally accepted a haven for hedging against deteriorating stock and financial markets around the world. However, Bitcoin, bestowed as the ‘digital gold’ continues to come out as the next asset…

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