Will Chaos in U.S. Surge Bitcoin above $10,000 Again?
Since Floyd’s death on May 25 in Minneapolis, Minnesota, civil unrest has sprung up across the country.
Six states and 13 cities have declared states of emergency, and the National Guard has been called to help in 21 states and Washington, DC. We can say that the States is in the crisis now – on one hand, the Covid-19 in the U.S. has not yet thoroughly been in control; on the other hand, the massive protests over the death of George Floyd may lead to a potential influx of coronavirus cases, a new breakout may occur. And the U.S. economic recovery will be threatened again.
Bitcoin is the Safe Haven Asset
During the civil unrest in the States and tensions between the U.S. and China, U.S. dollar price keeps a downtrend movement. And according to CBO’s saying that the U.S. will take about 10 years for economic recovery from the coronavirus crisis, Bitcoin’s status as a “Safe Haven assent” is consolidated, which can allow people to “opt-out” of the current, broken monetary system. At the press time, after failing to remain above $10,000, Bitcoin is trading around $9,550, up 0.80%. May marked the “highest monthly close on BTC in over 7 months.” So far, in 2020 BTC/USD is up 30.58% and nearly 50% in Q2 of 2020. And now Bitcoin volatiles between $9,500 – $9,600, which makes futures trading more profitable.
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Article Produced By
Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.