Is the escalating trade war between China and the USA advantageous to the cryptocurrency sector?
"Data from global multi-asset investment platform eToro shows retail investors are opening more gold and bitcoin positions on news announcements of an escalating US/China trade war. Investors typically pile into gold as a natural hedge against macro economic unrest and data shows a correlation between the number of gold and bitcoin positions on its platform. This could suggest more retail investors are starting to view bitcoin as a store of value." - The London Economic
Whenever something is happening that can affect people and countries either in the economy or politics, there is a strong probability that demand for Bitcoin can go north. This had been shown in countries like Venezuela and other countries which encountered upheavals or even chaos. Bitcoin is slowly becoming the preferred store of value and safe haven. The ongoing trade war is causing a lot of distress which directly pushes some people to buy Bitcoin. However, we should also know that trade war can be causing many problems to affect the global economy. How this possible global slowdown can affect Bitcoin directly and indirectly remains to be seen.