Bitcoin price (BTCUSD) pulls back sharply after brief spell above $12,000

Bitcoin price (BTCUSD) pulls back sharply after brief spell above $12,000

Some analysts have suggested that recent Bitcoin price surge might have been triggered by growing concerns over the ongoing trade war between the US and China, especially in the wake of US president Donald Trump’s recent threat to impose a new import tariff on Chinese goods. Some believe that the escalating tensions between the two countries boost BTC’s safe haven appeal. However, others view this as a speculative bet on investors’ part.

Marcus Swanepoel, chief executive officer of London-based cryptocurrency platform Luno, earlier this week told Reuters that in times of market fluctuations, investors tend to move small proportions of their portfolios into Bitcoin, with the hope of achieving outsize gains.

“If you’re wrong, you’re not losing lots of money, but if you’re right we are talking outsized returns,” said Swanepoel, as quoted by Reuters.

In today’s trading, the Bitcoin price stood at $11,581.39, as of 08:50 BST. The digital currency has lost 4.6% of its value in the past 24 hour, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $206.9 billion, which represents 68.3% of the combined value of all digital currencies.

Featured image: chanchai howharn /

More Resources

The post Bitcoin price (BTCUSD) pulls back sharply after brief spell above $12,000 appeared first on The Independent Republic.


source: is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network tool!

Share your thoughts, add a comment!

You must be logged in in order to place a comment.

Article comments

No comments yet, be the first to comment this article