Bitcoin flirts with $12,000 threshold as traders scarred by the trade war turn to it for refuge

5cb76c960ed7be285f1972ac 200

David Ryder/Stringer Bitcoin surged Monday amid a trade-war-driven rout that saw all major US indexes plunge. As market volatility increases, some experts see investors increasingly looking to cryptocurrency as a safe-haven asset similar to gold. Bitcoin could see new highs in the next six to 12 months, wrote Thomas Lee of Fundstrat. Watch Bitcoin trade live on Markets Insider. Bitcoin gained as much as 15% Monday as investors piled into the cryptocurrency, seeking a hedge against a broad market sell-off that saw equities plunge amid escalating trade tensions between the US and China. The cryptocurrency soared to a 3-week high when it climbed as high as $US11,947, according to Bloomberg data. Other cryptocurrencies also jumped: Ethereum gained more than 4% and Litecoin gained roughly 5%. Bitcoin is the largest cryptocurrency, making up nearly 70% of the global market according to CoinMarketCap. “Bitcoin is proving itself to be a macro hedge…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE