With the rising tension between the US and China, investors are plowing money into Gold and Bitcoin.
“Investors appear to be treating bitcoin as a haven asset similar to gold, given the volume of cryptocurrency trading has increased during the conflict.
There was a 284% surge in bitcoin trades between 19 May 2019 and 19 August 2019, compared to the period between 22 March and 22 June 2018 just prior to the trade war, according to data from eToro, an online trading platform.
Trading of bitcoin more than doubled during certain key moments of the trade war, the data showed â€”usually after tensions calmed.
The number of open positions in both bitcoin and gold have increased as the US-China trade war has escalated and the world’s two largest economies have slapped tariffs on each others’ goods, Simon Peters, analyst at eToro, told Markets Insider.
Bitcoin remains a more volatile asset than gold and faces additional risks, Peters said. However, investors appear to warming up to the cryptocurrency as a haven.” Read more…
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