Main Drivers Behind Bitcoin’s 10% Surge Today

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The #1 crypto asset is showing no signs of weariness today despite the worsening China-US trade tensions and growing fears of a global recession. Here are the main reasons behind Bitcoin’s latest 10% gain. US-China Trade War Last week, US President Donald Trump said that the US was ready to introduce a new 10% import tariff on Chinese goods word $300 million starting from September 1. In response, the People’s Bank of China (PBOC) devalued the currency by almost 1.50%. As a result, both the onshore (CNY) and offshore (CNH) markets were trading above the psychological level of 7.00 against the American currency. For the CNY, this is the lowest level since April 2008. The central bank explained that the move is a reaction to upcoming tariffs on China. A cheaper Yuan helps China boost exports and offset some of the negative effects of the imposed tariffs. Unlike the US…

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