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    Gold Explodes & Global Market Shook After President Donald Trump's Tweet; Where is Bitcoin?

    Stocks, US Dollar, and yields crashed Friday after President Donal Trump ordered the US manufacturers to find alternatives to China, in a series of Tweets.

    Trump’s tweets came after China announced new tariffs on another $75 million worth of US goods including autos. These tariffs that range between 5% and 10% will be implemented in two batches on September 1st and December 15.

    Trump also announced additional tariff increase of 5% on imports from China.

    The market reacted badly, with red spilling all over.

    The Dow Jones Industrial Average closed over 623 points lower, dropping 2.4%. The S&P 500 fell 2.6% while Nasdaq composite slid 3%.

    The yield curves also inverted briefly on Friday but then fall flat. It has been a reliable recession indicator in the past.

    Surprisingly, US Dollar plunged as traders feared that Trump might announce an outright currency war. The dollar index suffered its biggest one day drop in more than a month.

    Meanwhile, gold scored gains of more than $24 an ounce, hitting a six and a half year high of $1,530.

    Bitcoin also jumped above $10,400 on this news as economist and trader Alex Kruger commented, “first time BTC reacted sharply in *real-time* to a Trade War breaking headline or USDCNY fix,” an event outside of crypto.

    But since then, we have dropped back down to the level before the spike.

    Source: TradingView

    Altcoins went red, following bitcoin. Total market cap lost about $10 billion with BTC dominance at 70.6%, as per TradingView.

    Source: Coin360.com

    About Trump’s move, Art Hogan chief market strategist at National Securities said,

    “The threats have always been out there but there’s been no need to provoke that. It’s almost like the administration was expecting the Fed to announce a rate cut at the Jackson Hole meeting.”

    Trump further Tweeted, “As usual, the Fed did NOTHING!” after Fed Chairman Jerome Powell’s speech in Jackson Hole, Wyoming.

    In his speech, Powelll said that “after a decade of progress toward maximum employment and price stability, the economy is close to both goals.”

    These comments didn’t alleviate traders hoping for an aggressive easing cycle.

    “He’s walking a tightrope,” said Michael Arone, chief investment strategist at State Street Global Advisors. “He’s balancing so many things that no other Fed chairman has had to do.”

    Elsewhere, Bank of England governor, Mark Carney challenged dollar’s position as a world’ digital reserve currency, arguing that USD could be replaced by a global digital alternative.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$9,704.4424 change ~ -1.46%

    Coin Market Cap

    $176.85 Billion

    24 Hour Volume

    $6.84 Billion

    24 Hour VWAP

    $9.68 K

    24 Hour Change

    $-141.7231

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    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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