Bitcoin up by 63% in May
The month is May is the time when traders and investors sell off their stocks, CFD’s and crypto coins. It’s the month where they go on their luxury vacations and dramatically affect the S&P 500, which is down by 5% for this month. However, Bitcoin is poised to outperform every other financial asset for May. Industry analysts estimate that BTC rose by 63% in the last thirty days, indicating that the Crypto Winter is over and that new investors are moving into the crypto industry.
There could be numerous reasons as to why Bitcoin has risen dramatically in the last thirty days. However, it appears that the main culprit is the Chinese, as indicated by the head of digital assets at Susquehanna, Bart Smith. Chinese investors and traders are rushing to buy as a result of the trade war between the United States and China.
Trump, the Fool
The king of tariffs himself, Donald Trump, has rocked financial markets globally by introducing numerous tariffs on Chinese imports. He has continually threatened to implement more tariffs, which will cause the Chinese to frequently purchase Bitcoin, even if it is frowned upon by their government. It’s the only way for citizens in China to ensure that their capital is protected and unaffected by the trade war. While these tariffs might be favourable for investors & traders foreign to the Chinese, it’s harmful to all other global financial markets.
Michael Novogratz, the Galaxy Digital Head of Cryptocurrency, commented by saying, “Bitcoin is not going to be a payment currency — it’s going to be just like gold. It won that lane.”
The crypto community, as a result, had sparked dramatically since January 2019, amidst a time when critics were continually saying that Bitcoin was soon to be extinct. However, as a result of these tariffs, it appears that BTC has another chance for survival and to become a stable financial platform worldwide. Additionally, CySEC has introduced new product intervention measures that will benefit high-risk investors and low-risk investors alike. There’s never been a better time to get in on Bitcoin.
Tom Arran
