Binance research, the research arm of the largest crypto exchange in the world, claims that the US President Donald Trump was the reason why bitcoin spiked over the past few days. Let’s find out more about it in the latest cryptocurrency news below.
Binance Research made the claim on Twitter where it says that ‘’BTC has rallied together with multiple safe-haven assets after Trump’s latest tariff storm. Will the trade war continue to be a catalyst for Bitcoin price growth?’’
The research branch suggested that the price of bitcoin this week rallied only because Trump escalated the trade war with China. The implication is that the uncertainty that is surrounding the geopolitical issues is causing the investors to find refuge in the safe-haven assets such as Bitcoin and gold. Safe haven assets usually offer better protection against stock market downturns. Binance Research claims that there is a correlation in the price movements of Bitcoin, gold and the 10-year Treasury Bill. The exchange tried to tie the trade rhetoric of the president with the rising of the bitcoin prices but there was not a lot of evidence that can confirm the same. The CEO of Binance Changpeng Zhao also stated that Trump’s criticism is extremely bullish for the industry. He says that the tweet raised bitcoin’s global profile by making the entire world talk about crypto:
“Trump so far has not done anything positive or negative. He just said that he’s not a fan. The fact that he tweeted about it, and the President of the United States is talking about cryptocurrency, is a good thing.”
Zhao is correct that Trump didn’t influence at all into hampering the growth of the crypto industry in the United States because he only said that he is not a fan of cryptocurrencies because of their volatility. Trump also noted that he is concerned that Bitcoin could undermine the US dollar and could be used in money laundering activities and other crimes. There is no real evidence that can support the facts about the growth of the bitcoin price but some crypto analysts believe that the bull market is around the corner.
As noted in the altcoin news previously, crypto analyst Willy Woo stated that the latest dip of bitcoin prices was caused due to the transitional phase before the things start to heat up again.
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