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At press time, bitcoin – the granddaddy of all crypto – is trading for just over $10,500. This is about $400 less than where it stood yesterday and nearly $1,000 less than where it stood just last week.
Bitcoin Has Taken Another Nasty Tumble
For the most part, bitcoin has been going through serious up-and-down phases since the end of June. Originally, the currency struck the $13,000 mark and seemed poised to jump up to $14,000. Unfortunately, the coin ultimately fell before this task could be tackled properly, and it’s been trapped in a “lava lamp” of sorts ever since. The currency moves up, then it moves back down, and nothing that significant appears to be occurring as of late.
While bitcoin did strike a new low since its bullish behavior began in April of this year – ultimately falling to about $9,400 just a few weeks ago – the currency later rose back up into the $10,000 range and then $11,000. It seemed ready to head for $12,000 next thanks, in large part, to the U.S.-China trade war that’s been hitting the markets hard over the past month. Such global strife caused many to see bitcoin as a form of digital gold; a tool designed to battle the incoming signs of a recession and keep holders safe from financial woe.
But now, it appears the effects and the tension of the trade war are subsiding a little, which means that rather than spiking to $12,000 like so many analysts predicted, bitcoin has fallen to the mid-$10,000 range.
Stocks are still trapped in a dismal position, but they did experience a dead cat bounce over the past 24 hours. Yet, it appears as though bitcoin and gold are still slated to spike higher. Many analysts say that while the effects of the trade war have lessened a bit, markets aren’t completely out of the dark. Many consumers and traders alike are still experiencing fear of the future and are stocking up what they can to keep themselves safe.
As the Trade War Subsides, Many Are Using This Time to Shield Their Portfolios
Gold experienced its highest price earlier this year, spiking beyond the $1,500 mark, though it has ultimately fallen since then, and some do not believe the asset will touch this range again by the time 2019 ceases.
At the same time, the dismal state of stocks isn’t likely to last long. For the most part, shares in several companies did go up less than a day ago thanks to President Trump delaying new China tariffs by approximately three months. While this is good news, it is only temporary and likely to take us into darker territory by the end of the year. Traders have been quite emotional regarding this news and have been looking to sell quickly before things get too rough.