zugg

BTC pierced $12,000 today as the traders are looking for a refuge from the global instability on the traditional markets as we are reading in the past few days in the altcoin news.

The global stock markets are insecure mainly because of the trade war between the United States and China. For this reason, Bitcoin increased more than 20 percent in less than five days and that’s how BTC pierced $12,000 on Coinbase. The upward move was accompanied by the strongest volume in the last two weeks. The Bitcoin price rally happened after the stock markets suffered their worst days of the year. Dow Jones lost more than 1,000 points during the Monday trading session after China returned the hit in the war threats with Donald Trump. China allowed for the national currency its yuan to fall beyond the key level of $7 which prompts a huge capital flow out of the Chinese currency. Some analysts even expect that some money will flow into bitcoin in the next 24 hours. Circle’s CEO Jeremy Allaire praised Bitcoin as a store of value during this uncertainty:

“Humanity has now created a non sovereign, highly secure mechanism to store value that can exist anywhere that the internet exists. It’s uncensorable, it’s unseizable.”

Trader Josh Rager also commented about the bitcoin price and confirmed on the Telegram channel as we are reading in the latest cryptocurrency news:

 “I do believe BTC needs to have a slight pullback sometime. Bitcoin is clear skies on the weekly and monthly chart. Not much stands in the way of previous $13,880.”

Many of the analysts believe that people will turn to bitcoin because of the massive uncertainty that is going on in the traditional markets. The stock markets are crashing daily while bitcoin is only increasing. People are turning to bitcoin as a shield in order to protect themselves from the consequences that can emerge from the trade war between the United States and China. The trade war has been too long and a lot of people have suffered in both of the countries. The consequences are high so maybe it is a smart idea to turn to a decentralized source as bitcoin.