Tariff tensions between the US and China continue. As both countries announce their movements one after another, Bitcoin and altcoin were the hardest hit assets of the war.
BTC and the market surged yesterday after Donald Trump announced the suspension of tariffs in most countries.
However, Singapore-based trading company QCP Capital has warned about the recent recovery in Bitcoin and cryptocurrency prices.
QCP analysts argued that retaliatory race between China and the US could turn into a classic bull trap.
QCP said this is not a time to relax, but a time to prepare for China’s next move, and that the rise in BTC and Altcoins could become a bull trap.
“As China is so openly targeted, market participants are preparing for a countermaube in Beijing.
As retribution becomes stronger, the euphoric gatherings can quickly turn into classic bull traps. ”
“The initiation of the Yuan, the Chinese currency, is not just an economic signal, but a trigger,” said Sina, co-founder of the asset management company 21st capital, warning the QCP Bull Trap.
“Historically, when the Original weakens, capital will not remain. It will run away. It will flow into money, some will become foreign assets, and some will enter Bitcoin.”
*This is not investment advice.
