Bitcoin Breaks 11K as Stocks Slump – The Trump Effect?
Bitcoin Breaks 11K as Stocks Slump – Coincidence or Confidence? Bitcoin has been on the march the past week up nearly 12% and regained ground to over $11,000 today – for the first time in a long time – as all major US stock markets plunged on President Trump’s announcement of crushing tariffs on aluminum and steel.
Bitcoin Breaks 11K as stocks slump must include the facts that Canada and China are absolutely furious by these tariff announcements and with good reason. Canada and China are making BOAT LOADS of money on their exports as domestic markets in the US continue to be hammered. Investors have always hated tariff wars which they see as bad news. Bitcoin investors and Bitcoin miners should see this as great news!
It shouldn’t be considered a coincidence by anyone that Bitcoin breaks 11K as stocks slump seemingly simultaneously. Bitcoin, not tied to any one government, is independent of any particular market force – such as tariffs Steel stocks rallied on this news and I feel Bitcoin rallied today for the same reason. As a Bitcoin miner I am seeing a spike in Bitcoin transactions today which points to more investors buying Bitcoin which would explain the price surge past $11,000. It’s not a stretch of the imagination to consider stock investors pulling their funds out of stocks (leading to the S&P 500, DJIA and Nasdaq plunge) and putting those funds into Bitcoin.
The wider cryptocoin markets are mixed today with lots of red and green so I don’t see a “sympathy” rise here. All of the core coins (Litecoin, Ethereum, Bitcoin Cash and Bitcoin) are up quite a lot today while many altcoins are not. As Bitcoin breaks 11K as stocks slump I interpret this as investors seeing Bitcoin as a safe haven while this new global trade war erupts.