The Bitcoin bull run is gaining new strength in today’s trading. The bull run comes after controversial tweets from the US president Donald Trump. The movement is an interesting look at the relation between the cryptocurrencies and the traditional market.
Bitcoin Bull Run Fueled By Trump Tweets
In a tweet, The president of the United States, Donald Trump hinted at a possible increase in Tariffs on Chinese goods. In the Tweet, trump mentioned “With China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!”
Surprisingly, the stock market was able to bounce back in just a day. The Bitcoin soon followed with a rise of its own.
In the past, the bitcoin’s relationship with the stock market was inversely proportional with the Bitcoin serving as a hedge against the traditional investment in stocks. This recent Bitcoin bull run suggests that this trend is over. This trend may actually suggest that the institutions are warming up to the idea of Bitcoin and maybe even Crypto currency over all
Bitcoin Bull Run Pushed it to New 2019 Highs
The surging price of the bitcoin was fueled by the Bitcoin bull run to push it to new year highs. It has surpassed the highs it reached in the 3rd of May and is now poised to move above $6000. As of today’s trading the Bitcoin has reached $5933 in the online exchange Coinbase.
Bitcoin Bull Run May Have Been Pushed By Whale Using SegWit
Using the trade solution, Segwit, the Whale known as Loaded was able to make a trade for 40,000 BTC. This is a transaction worth $229 million and only paid a fee of $57 cents. This could be a game changer for the crypto coin as it allows movement efficiently without the need for excessive fees.
Ethereum Recover to $180
After a weak showing the last few days, the Ethereum has shown signs of strength today. The Ethereum was boosted when Elon Musk unexpectedly tweeted “Ethereum” before the end of April. Continues strength will push it above the resistance level at $180 and could be more if the momentum continues.