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These two countries' tension and their currencies' movement are positively affecting the price of bitcoin. It rises alongside yuan currency price's concern, and this might drive and convince people to invest and enter crypto space because of the price movement.
Is there really a causal connection between the two? Or they are just coincidences? Until now I still cannot find the exact correlation between the two. Sometimes I tend to think that people are just trying to fit this correlation where it is not actually realistic. This trade war between the US and China is already taking some time and yet Bitcoin remains stuck in this 4-digit price. While the trade war is getting worse, with retaliatory actions taken by both sides, Bitcoin is still not pumping.
I also don't think they got a strong relevance as well. Crypto world is different, it must mot be affected at all because the tension on relationship between two countries got nothing to do with it. Cryptocurrency, bitcoin in general, is free for all. I mean they can be used by anyone and anywhere. Nationality of a particular individual is insignificant when doing tradings upon it simoly because it acts like a universal currency.