Crypto Market Gains $19 Billion While Global Stocks Fall on US-China Trade War

Cryptocurrency market is charged by bulls as crypto prices keep on soaring. Bitcoin (BTC) is up by over 5%, Ethereum (ETH) 8.25%, Ripple (XRP) 7.50%, IOTA (MIOTA) 10%, Tron (TRX) about 20% and similar significant hikes can be seen in the market right now. While the crypto market is riding high on bulls, global stocks are plunging amidst US-China trade war.

Cryptocurrencies soar

Cryptocurrency market is thriving today as bulls have taken the charge from the bears. Hefty gains, some even in double digits can be seen right now. After weeks of the slow movement, finally market is enjoying a bull momentum. The overall market cap is coming close to $300 billion as it sits on $293,052,377,737 on Coinmarketcap, at the time of writing. 

The market has gained over $19 billion in the past 24 hours as it moves from just about $274 billion yesterday to the current $293 billion. Bitcoin has crossed the $6,500 price threshold and right now is at $6,790 with a gain of about 5 percent in the last 24-hours. While the crypto market is covered in green, Chinese stocks closed down 3.8% while plummeting 5% at one point. About 1,000 of Chinese stocks took a nosedive below 10%.

Also, read: Weiss Rating Says “If Bitcoin is Digital Money, ThenEthereum is Petroleum & EOS Real Estate”

China-US trade war: Stocks plummet

The global stocks plunged after US President Trump announced new tariffs on goods of worth $200 billion. The reason for same was stated by Trump as:

“Unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports. China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology. Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong.”

The president also added, “Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship.”

Though the taxes haven’t imposed yet,

“if China refuses to change its practices”, they will be put into motion. In response, China has declared a trade war, stating: “The United States has initiated a trade war that violates market laws and is not in accordance with current global development trends.”

This led to a global stocks sell off and Dow futures are down 350 points. However, crypto market and the dollar are up while pound and yuan are down. This news also resulted in the fall of France’s CAC 40 and Germany’s DAX. Meanwhile, Chinese cryptocurrency market is preparing for the inflow of capital as the investors are planning to establish funds. Apparently, the volatility of the market and fund establishment will drive the bulls, as per Chinese crypto experts.

What are your views on global stock falling and crypto market enjoying a bull momentum in the market? Do you think this is the start of another bull run? Share your thoughts with us!