Bitcoin Remains Stable Above $10,000 as Traditional Markets Suffer Globally

US President Donald Trump tweeted today that the US is “doing very well with China” in reference to their trade talks. The tweet came several weeks after the imposition of yet more tariffs which caused traditional markets to plunge. Despite his reassurances, the overall market conditions are still far from positive. Amid this economic uncertainty, Bitcoin remains relatively stable above $10,000, further showcasing its negative correlation with traditional markets. 

Investors Uncertain Despite Trump’s Reassurances

Trump tweeted the following:

The tweet came a few short weeks after Trump slammed yet another 10% tariffs on $300 billion worth of goods which China exports to the US. Back then, traditional markets tumbled as the S&P 500 lost more than 60 points almost immediately after the news broke out. 

Despite Trump’s latest reassurances, it appears that investors are not having it, as US equity futures fell even lower. 

Dow futures are down almost 1 percent on the day, highlighting uncertainty among traditional investors. 

Pressure on All Fronts

It’s not just the US markets that are feeling the pressure of growing international trade tensions. Today, the UK’s Prime Minister, Boris Johnson, prompted the Queen to suspend the country’s parliament in a move that many believe will produce a no-deal on the matter of Brexit. 

This put immediate pressure on the British pound, which declined by upwards of 0.5% in a violent move following the news. 

GBP/EUR. Source: TradingView

Bitcoin Remains Relatively Stable

Amid the global economic uncertainty, Bitcoin remains somewhat stable. It has been trading between $10,150 and $10,500 for the past seven days. As a matter of fact, Bitcoin has increased by around 1.5% in the past week. 

BTC/USD. Source: CoinGecko

In addition, Bitcoin has seen its dominance rate increase slightly over the past seven days to 69%.

As CryptoPotato has reported, $10,000 is a critical price level because it is a proven historical support level. Should the price drop below it, we can expect a sizable move to the downside. 

The post Bitcoin Remains Stable Above $10,000 as Traditional Markets Suffer Globally appeared first on CryptoPotato.


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