Bitcoin Seen To Be Unaffected By Global Economic Uncertainties

While the markets in the US and UK were affected by economic uncertainty as well as slow growth in the past weeks, the Bitcoin seems to be unperturbed by the current the economic uncertainty.

Factors to remain strong

In the past month, while the US unemployment rate was seen to have to fallen 4.3%, its growth still low for the country. Due to this, the Feds have been very cautious in their movements to recover the economy, as per an interview by economist Diane Swonk.

In fact, several markets in the US including the US dollar fell to all time low of the year.

While the US has seen a decline in their markets, the Bitcoin has been seen to be very much unaffected and is still moving strong in an uptrend now making its from the drop that it had last week.

At the near end of May, Bitcoin saw a sharp decrease in value from $2,600 to $1,900. However, Bitcoin has long recovered from the drop and has now stabilized at the value of $2,700 as of June 7, 2017 with China and Japan being in the lead of Bitcoin trading.

As we reported, some factors that affect the Bitcoin rise in value would be the recovery of the Chinese Bitcoin’s exchange industry as well as the Japanese Bitcoin. While the Chinese Bitcoin was lower than the South Korean Bitcoin just last month, trading volume went up and the Chinese Bitcoin had a volume of $100 million transactions in just a day.

Japan also made a strong comeback as the Japanese forex market created a Bitcoin exchange which encouraged even more local investors to put their money in the Bitcoin. This increased the demand and resulted in all new highs for the Japanese Bitcoin.

Source: Cointelegraph