Did Trump Trigger Bitcoin’s Latest Gains?

Bitcoin prices have rallied lately, pushing higher as the markets respond to continued concerns surrounding the ongoing trade war between the U.S. and China.

The cryptocurrency climbed more than 5% in 24 hours on CoinDesk after President Trump posted a tweet yesterday morning about his plans to turn up the heat on the world’s second-largest economy.

In the tweet, he stated that “the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country.” 

The digital currency rose to as much as $10,663.62 around noon EDT today, up approximately 6% from the same time yesterday, CoinDesk data showed.

At this point, the cryptocurrency had climbed more than 13% since late Monday, when it began a steady, upward trend.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] 

Trade War Concerns

When explaining bitcoin’s latest appreciation, several analysts emphasized concerns surrounding the trade war, contending that economic uncertainty was driving investors to the digital asset as a potential disaster hedge.