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8/5/2019, 7:21 PM (Source: TeleTrader)
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Bitcoin rallies almost 9% amid trade war, stock drop

The most traded cryptocurrency extended gains on Monday as equities on Wall Street were piercing bottom after bottom. Bitcoin was looking to reach $12,000 for the first time since July 11 as futures already topped the psychological level. It has seen an increase in correlation this year with volatility in stocks together with gold as investors are scrambling to preserve value. Bitcoin and some of the accompanying assets have also benefited in episodes of escalation in the trade war between the United States and China. Jumps have also coincided with capital flight from the world's second-largest economy.

The friction intensified today as the most populous nation allowed the yuan to weaken above seven per dollar, prompting US President Donald Trump to accuse it of currency manipulation. Furthermore, the government in Beijing suspended purchases of agricultural goods from the other side, effectively scrapping bilateral negotiations.

Bitcoin surged 8.32% at 7:19 pm CET to $11,886 after rising to $11,939. August futures spiked 14.71% to $12,085 compared to the session high of $12,130. The digital currency was 7.33% in the green at €10,611.45.

Breaking the News / IT