RATE Group | Will Bitcoin Price Plunge Again as US-China Trade War Reignites?
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Will Bitcoin Price Plunge Again as US-China Trade War Reignites?

19 May Will Bitcoin Price Plunge Again as US-China Trade War Reignites?

Posted at 10:53h in Bitcoin News by

The trade war between the United States and China began in January 2018. When tariffs were imposed on Chinese goods in July of the same year, the price of Bitcoin (BTC) plunged 31% from $8,487 to $6,000.

Now the U.S. and China are on the verge of reigniting a new trade war as the two nations battle over the origin of the coronavirus. U.S. President Donald Trump recently warned that the signed phase one trade deal “doesn’t feel the same to me,” expressing his intent to walk away from it.

The price of the top-ranked digital asset on CoinMarketCap faces the risk of a major pullback if a full-scale trade war between the two superpowers reemerges due to the decline in institutional appetite and China’s large share of the Tether (USDT) market.

China accounts for a fairly large share of the Bitcoin market

According to a mid-2019 report from Diar, demand for Tether in China exceeded $10 billion by as early as June 2019, accounting for 62% of all on-chain Tether inflow in the second…

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