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    Home » Crypto News » Bitcoin Remains Stable Above $10,000 as Traditional Markets Suffer Globally

    Bitcoin Remains Stable Above $10,000 as Traditional Markets Suffer Globally

    Author: George Georgiev

    Last Updated Nov 12, 2019 @ 14:15

    US President Donald Trump tweeted today that the US is “doing very well with China” in reference to their trade talks. The tweet came several weeks after the imposition of yet more tariffs which caused traditional markets to plunge. Despite his reassurances, the overall market conditions are still far from positive. Amid this economic uncertainty, Bitcoin remains relatively stable above $10,000, further showcasing its negative correlation with traditional markets. 

    Investors Uncertain Despite Trump’s Reassurances

    Trump tweeted the following:

    So interesting to read and see all of the free and interesting advice I am getting on China, from people who have tried to handle it before and failed miserably – In fact, they got taken to the cleaners. We are doing very well with China. This has never happened to them before!

    — Donald J. Trump (@realDonaldTrump) August 28, 2019

    The tweet came a few short weeks after Trump slammed yet another 10% tariffs on $300 billion worth of goods which China exports to the US. Back then, traditional markets tumbled as the S&P 500 lost more than 60 points almost immediately after the news broke out. 

    Despite Trump’s latest reassurances, it appears that investors are not having it, as US equity futures fell even lower. 

    Dow futures are down almost 1 percent on the day, highlighting uncertainty among traditional investors. 

    Pressure on All Fronts

    It’s not just the US markets that are feeling the pressure of growing international trade tensions. Today, the UK’s Prime Minister, Boris Johnson, prompted the Queen to suspend the country’s parliament in a move that many believe will produce a no-deal on the matter of Brexit. 

    This put immediate pressure on the British pound, which declined by upwards of 0.5% in a violent move following the news. 

    GBP/EUR. Source: TradingView

    Bitcoin Remains Relatively Stable

    Amid the global economic uncertainty, Bitcoin remains somewhat stable. It has been trading between $10,150 and $10,500 for the past seven days. As a matter of fact, Bitcoin has increased by around 1.5% in the past week. 

    BTC/USD. Source: CoinGecko

    In addition, Bitcoin has seen its dominance rate increase slightly over the past seven days to 69%.

    As CryptoPotato has reported, $10,000 is a critical price level because it is a proven historical support level. Should the price drop below it, we can expect a sizable move to the downside. 

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    Tags: Bitcoin Bitcoin (BTC) Price China Donald Trump
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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