A team of analysts at FxPro said:
“Bitcoin has stabilized around $9500 after four days of decline with lows at $9300. It is worth noting that earlier in July sale also stayed near these levels. If the decline continues, it is these markers can act as an important support where there is increased buyer interest.
Sale of bitcoin and the entire cryptocurrency market as a whole coincided with a rally in the U.S. stock market after the statements of China, smegzilla concerns over a trade war. This is not the first correlation to traditional financial market and geopolitics: in the future, statistics will allow you to have more to say about this relationship.
However, it is now clear that investors are interested in bitcoin. In the near future they will get new investment tools, and then correlation to the traditional market can become more explicit and easy to follow”.
At the same time, financial expert Peter Schiff saidthat bitcoin failed the test for the status of “defensive asset”. So, amid a new round of trade war between China and the United States Japanese yen, Swiss franc, gold and silver demonstrated growth and bitcoin and the stock market fall.
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