Bitcoin Poised for Surge as China Vows Retaliation to Trump’s 50% Tariff Threat
Bitcoin May Benefit from Rising U.S.-China Tensions
As geopolitical tensions rise, Bitcoin is once again in the spotlight with investors. While China threatened to hit back hard against Donald Trump’s proposed 50% tariff on Chinese imports, crypto analysts believe Bitcoin is on the verge of a huge breakout.
Matrixport, a Singapore blockchain company, cited similarities with 2015, when the devaluation of the yuan first caused a sell-off before Bitcoin recovered strongly by the end of the year.
Matrixport Forecasts Bitcoin Bounce Back
In a note published on X, Matrixport noted the USD/CNY exchange rate is approaching a resistance level. This, according to them, would be similar to the 2015 configuration, where Bitcoin dropped first before it surged as China devalued its currency.
We can expect to see the same scenario play out now,” the report said, highlighting long-term bullishness despite near-term turbulence from U.S. Treasury yield fears.
China Committed to “Fight to the End” on Tariffs
Beijing has condemned Trump’s tariff policy as economic blackmail. With Trump urging new duties unless China relents, the trade war has grown sharply. China has already applied 34% tariffs on American imports.
“The U.S. side’s threat… once again exposes the American side’s blackmailing nature,” a Chinese ministry of commerce spokesperson explained.
Crypto as Hedge In Uncertainty Times
Bitcoin could benefit from a weakening yuan and rising geopolitical uncertainty, says Matrixport. With traditional markets in fear, investors could turn to crypto.
They went on to say that Bitcoin prices currently could be “artificially suppressed” but “set to shoot upward sharply” if global uncertainty prevails.
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Bitcoin Poised for Surge as China Vows Retaliation to Trump’s 50% Tariff Threat
Bitcoin May Benefit from Rising U.S.-China Tensions
As geopolitical tensions rise, Bitcoin is once again in the spotlight with investors. While China threatened to hit back hard against Donald Trump’s proposed 50% tariff on Chinese imports, crypto analysts believe Bitcoin is on the verge of a huge breakout.
Matrixport, a Singapore blockchain company, cited similarities with 2015, when the devaluation of the yuan first caused a sell-off before Bitcoin recovered strongly by the end of the year.
Matrixport Forecasts Bitcoin Bounce Back
In a note published on X, Matrixport noted the USD/CNY exchange rate is approaching a resistance level. This, according to them, would be similar to the 2015 configuration, where Bitcoin dropped first before it surged as China devalued its currency.
We can expect to see the same scenario play out now,” the report said, highlighting long-term bullishness despite near-term turbulence from U.S. Treasury yield fears.
China Committed to “Fight to the End” on Tariffs
Beijing has condemned Trump’s tariff policy as economic blackmail. With Trump urging new duties unless China relents, the trade war has grown sharply. China has already applied 34% tariffs on American imports.
“The U.S. side’s threat… once again exposes the American side’s blackmailing nature,” a Chinese ministry of commerce spokesperson explained.
Crypto as Hedge In Uncertainty Times
Bitcoin could benefit from a weakening yuan and rising geopolitical uncertainty, says Matrixport. With traditional markets in fear, investors could turn to crypto.
They went on to say that Bitcoin prices currently could be “artificially suppressed” but “set to shoot upward sharply” if global uncertainty prevails.
Read More
Binance Aids Nations in Building Bitcoin Reserves and Crypto Policies, CEO Confirms