Will Bitcoin Price Plunge Again as US-China Trade War Reignites?

Will Bitcoin Price Plunge Again as US-China Trade War Reignites?

Gate Trade News Tuesday, May 19, 2020 23 0

The trade war between the United States and China began in January 2018. When tariffs were imposed on Chinese goods in July of the same year, the price of Bitcoin (BTC) plunged 31% from $8,487 to $6,000.

Now the U.S. and China are on the verge of reigniting a new trade war as the two nations battle over the origin of the coronavirus. U.S. President Donald Trump recently warned that the signed phase one trade deal “doesn’t feel the same to me,” expressing his intent to walk away from it.

The price of the top-ranked digital asset on CoinMarketCap faces the risk of a major pullback if a full-scale trade war between the two superpowers reemerges due to the decline in institutional appetite and China’s large share of the Tether (USDT) market.