{"id":402004,"date":"2019-10-22T13:00:46","date_gmt":"2019-10-22T13:00:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=402004"},"modified":"2024-06-11T11:27:14","modified_gmt":"2024-06-11T11:27:14","slug":"bitcoin-holds-gains-against-trade-deal-hopes-brexit-uncertainty","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-holds-gains-against-trade-deal-hopes-brexit-uncertainty\/","title":{"rendered":"Bitcoin Holds Gains against Trade Deal Hopes, Brexit Uncertainty"},"content":{"rendered":"

Bitcoin was maintaining its weekend gains on Tuesday as investors assess positive outcomes from the ongoing US-China trade talks but remained uncertain over the Brexit deal.<\/p>\n

The benchmark cryptocurrency established a session high of $8,296.50, up 1.05 percent from the market open. The upside move was minor in the context of bitcoin’s recent losses. Therefore, the cryptocurrency somewhat remained under the risks of further downside moves. At the same time, alternative cryptocurrencies, or altcoins, performed way better than bitcoin, indicating that traders are looking elsewhere as the number-one cryptocurrency shows low price volatility.<\/p>\n

\"bitcoin,<\/a>
Bitcoin price trending sideways | Image credits: TradingView.com<\/figcaption><\/figure>\n

Famous cryptocurrency investor, codenamed Salsa Tekila, noted that bitcoin is now consolidating around the $8,000 level for almost a month. He\u00a0said the absence of corrective trades could push the cryptocurrency lower.<\/p>\n

https:\/\/twitter.com\/SalsaTekila\/status\/03166208<\/p>\n

“I might be on a drawdown streak past few days,” Tekila tweeted. “I maybe will lose more due to my short bias if we’re bottoming. But odds that BTC\u00a0<\/span>have bottomed are slim IMO. Break down more likely.”<\/span><\/p><\/blockquote>\n

Macroeconomic Factors in Focus<\/h2>\n

The sideways trend in the bitcoin market also comes at the time when the global economy is waiting for the outcome of two of the most important events: the US-China trade war and Brexit. Bitcoin was trending upwards when concerns over the trade dispute rocked the global markets. The cryptocurrency’s move uphill in the second quarter led analysts to say that it behaves like a hedging asset.<\/p>\n

Even in the past week, Bitcoin formed a near-term negative correlation with the pound<\/a>, matching steps with the sentiments arising from an uncertain Brexit deal. As of today, the cryptocurrency remained firm as the UK Prime Minister Boris Johnson entered the parliament to secure a vote on Brexit. But the possibility of a breakthrough is highly unlike as the House of Commons looks to defeat the motion altogether.<\/p>\n

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The public doesn\u2019t want any more delays. Let\u2019s get Brexit done on October 31st and move this country forward. #GetBrexitDone<\/a> \ud83c\uddec\ud83c\udde7 pic.twitter.com\/Uo1Nn3GMOE<\/a><\/p>\n

— Boris Johnson (@BorisJohnson) October 22, 2019<\/a><\/p><\/blockquote>\n