Donald Trump proposed tariffs on another group of Chinese imported products. After 2.4% sell-off on Friday, the FTSE 100 shed another 2.3% on Monday, leaving the index on 7237 points. The global stock markets are experiencing severe anguish following the U.S-China trade war.
With indications of losses of more than 1.5 %, gold, and cryptocurrencies were among the conquerors. No sooner did Trump announced the new taxes than the markets were frightened. China has stated to revenge if the U.S persisted with the threats. Both Yuan and the U.S dollar have infuriated weakness, and the war seems to damage the economy around the globe.
However, gold prices peaked nearly $1,500 an ounce.
Naeem Aslam, the chief market analysis noted an escalation in the value of bitcoin and stated, “Bitcoin is the trade of the week and given the massive uncertainty and risk-off attitude, I think it is highly likely that Bitcoin could easily top this year’s high of $14,000. The bitcoin price had several battles with the 50-day moving average during the past few weeks, but finally, the bulls have conquered this battlefield.”