BITCOIN, GOLD & SILVER SPIKED AS THE U.S. & CHINA TRADE WAR GETS MORE HEATED
Bitcoin jumped nearly $400 on the day
I woke up today to an unexpectedly higher Bitcoin price. More than ever, Bitcoin and Gold have increasingly indicated instability in the global markets. The U.S. economy along with other countries' have shown a slow down in GDP with the addition of an ongoing U.S. and China trade war. The U.S. bond market has signaled a coming recession after the 2 year and 10 year bond yield inverted for the first time last week.
Understanding these current fundamentals, I discovered from a news headliner that China raised tariffs, once gain, on the U.S. imports. Therefore, I easily connected the Bitcoin price spike to this event. Simultaneously, the Dow Jones, S &P, and Nasdaq dived. Markets shuttered from the tariffs announcement. However, Bitcoin, Gold and Silver were up. Cash flowed to these assets as safe havens.
Despite the surprise, I couldn't help to realize the current situation the U.S. economy is in. There seemed to be some real issues with slowed growth, likely suppressed interest rates, piled debt and a stock market managed by Federal reserve monetary policy. Outside of these safe havens, how else can investors bet against a unstable markets?
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-Dewon Trades
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