Trade Dispute: Bitcoin Sort

trade dispute: Major cryptocurrencies, increasingly seen as a refuge during distressed times, also rose, with bitcoin gaining more than 14 percent and smaller peers including XRP and litecoin each rising more than 5 percent. ; It definitely appears to be acting somewhat like a safe haven, said Brad Bechtel, head of foreign exchange at Jefferies LLC. When markets are calm and rallying, then Bitcoin sort of falls by the wayside, he wrote by email, according to The Japan Times. But every time we see turbulence in the market and it starts to sell off, you see Bitcoin and other safe-haven assets rally. Investors piled into safer securities such as sovereign bonds Monday after China struck back in its trade dispute with the U.S. and let its currency weaken through a milestone level. Risk assets across the world slumped after U.S. President Donald Trump threatened to impose a 10 percent tariff on Chinese imports that weren't yet subject to levies. Cryptocurrency trading volume increased midday Monday in Hong Kong and there was a strong uptick in exchange inflows of stablecoins, according to data from Token Analyst. China responded Monday, letting the yuan tumble to its weakest level in more than a decade and asking state-owned firms to stop importing U.S. agricultural products. (news.financializer.com). As reported in the news.