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Bitcoin Touted As Safe Haven Amid US-China Trade Tensions
A safe haven is any investment which is anticipated to increase the value of a stock or a commodity and investors take their exposure in such an instrument to limit their downside in other assets due to market turbulence.
And after the recent performance in bitcoin which made the digital token to top levels of $8,320.82 in just 6 days, making whopping gains of 32%, the nervousness around the instrument again gathered as these cryptos declined by over 20% and is trading below by 8% at $7,295.35.
The sudden gains in the crypto have been sparked due to the US-China trade war which has pushed huge order sell-off and large investors are taking shelter in these currencies to shrug off any vast order losses for them in current times of economic and political turmoil.
Notably, the bittersweet performance of cryptos has not still shaken the belief of analysts and some even foresee it to scale the worth of over a million in future.
