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Home Cryptocurrency

How Is The US-China Trade War Affecting The Crypto Industry?

by Nick James
May 30, 2019
in Cryptocurrency, Opinion
2 min read
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The US is currently embroiled in a nasty trade war with China, and its ripple effects are affecting the crypto industry. This is especially because the war has now caught on within the US bond market.

As is already evident, the happenings in the bond market influence the crypto market.

Cryptos And US Treasuries Are Rising

Since the trade war started, US treasuries have been rising in value, and that has also pushed up crypto prices. Bitcoin, being the crypto market leader, has been the main force behind the crypto price spikes because it’s directly influenced by the bond market.

Chinese Bond Sell-off Could Be Bullish For Bitcoin

According to Professor Panos Mourdoukoutas of Long Island University, New York, China might resort to selling off the bonds it holds in US treasuries, a move that could see some cryptos gain a bullish momentum, However, Professor Panos that such sell off is rather unlikely, but not entirely ruled out.

At the moment, China holds over $1 trillion in US treasury bonds. If a sell-off happens, other competing treasuries like German and Japanese government bonds, as well as Bitcoin, could go up in value.

In turn, Bitcoin would drag the rest of the crypto market into its bull run.

Bitcoin Is The New Gold

Going on, Panos opined that the trade war is now shifting people’s focus from Gold to Bitcoin as the best available store of value, regardless of the fact that Gold prices have remained relatively stable this year.

However, Bitcoin is more appealing in terms of ease of transfer, durability, and scarcity.

 Mining Costs In The US Increasing

Besides affect crypto price mechanisms, the trade war could make crypto mining very costly for those in the US because they have to import all mining equipment from China.

According one Dovey Wan, a twitter user, mining in the US is already 25% more expensive than in other places like China.

Tags: Bitcoin marketBitcoin NewsBitcoin PriceCrypto Marketcrypto newscrypto pricesUS China trade war
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Disclaimer

Our authors have investments in cryptocurrencies. However, NewsLogical does not endorse any cryptocurrency project referenced in any of our article. Kindly read our editorial policy. In this wise, do not use any information presented here as investment advice.

Do your personal research before making any investment in cryptocurrency, the market is generally volatile.

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Nick James

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