Bitcoin Drops to $9,550 in Recent Downtrend

Bitcoin Drops to $9,550 in Recent Downtrend

Bitcoin Drops to $9,550 in Recent Downtrend

Bitcoin has gone back to $9,550 in a recent downtrend. The cryptocurrency last traded below $10,000 on July 31st.

Experts were optimistic about Bitcoin continuing its rally, citing geopolitical tensions. The ongoing United States-China trade war was cited as a reason for its possibly continuing success. Galaxy Digital CEO Mike Novogratz commented on August 5th about this possibility, saying:

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“With the yuan over 7.0, an FX war, instability in HKG and the beginnings of capital flight, $Btc rally could have real legs.”

Nicholas Colas, Co-founder of market research firm DataTrek Research recently said that investors in Hong Kong and Argentina have used the original crypto as a safe haven asset. Forbes contributor and former executive director at Deutsche Bank Peter Tchir recently wrote in an article that Bitcoin is a leading indicator of hidden geopolitical tensions.

Some Crypto investors are of the view that Bitcoin price is set to go back to $8,500–$7,500.

At press time, Bitcoin is trading at $9,550 according to data from Coin360.

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