Trump’s US-China trade deal could shed light on Bitcoin’s use case
If the trade uncertainty was driving Bitcoin momentum, it should stop outperforming once a trade deal is announced, says an analyst.
Bitcoin’s potential price reaction to a trade deal between the United States and China could give insights into whether Bitcoin is being used as a safe-haven asset in the current market.
Bitcoin (BTC) outperformed stocks and held up “incredibly strong” during a sharp sell-off on stock markets in April, following Donald Trump’s announcement of tariffs on “Liberation Day,” observed crypto trader “Daan Crypto” on May 11.
Following its plunge to $75,000 on April 7, Bitcoin recovered strongly to trade 27% higher at around $95,000 by the end of the month. Meanwhile, indexes like the S&P 500 and Nasdaq declined in April.
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