BTC Surged Again as A Safe Haven Asset During Global Tensions
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- India – China Border Conflict
After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.
- North and South Korea Clash
Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries.
North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.
The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold.
Due to the uncertainty of the global economy, Bitcoin performed a strong upward movement from $9,400 to $9,700 on Monday, appreciating 3% in past 2 days. Though it declined sharply to as low as $9,000 early today, the daily chart also highlights that BTC may soon manage to break above the $10,500 area. This could propel the cryptocurrency into a major new bullish trend.
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The post As Global Tensions Grow, Bitcoin Price May Go Higher appeared first on Global Coin Report.
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