Bitcoin is still the King

Weekly Report - 13/05/2019

Bitcoin Comes Back

bitcoin


On Saturday the popular cryptocurrency Bitcoin surged by more than 10%. The liftoff came after an almost 3% increase from Friday. Eventually, the momentum decreased and the Bitcoin ended the day at around $7,125.0.

The whole past week a more than 17% increase has taken the popular crypto coin to levels that boosted Bitcoin back in 2018. Bitcoin broke some major resistance levels and this is a very positive clue for the bulls that anticipating a new momentum to kick-in this week.

The Week that Was


Tensions between the U.S and China increased after U.S president Donald Thump increased taxes on $200 billion in Chinese products. China's Ministry of Commerce stated soon after the deadline that China will take strike back against the U.S decision. It did not publish what its reply would involve but said it "deeply regrets" the turn of events.

Several believed that a resolution could be achieved by the two parties before the deadline. Although there was no deal made.

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Main Focus This Week


 The major focus for this week will be on U.S – China Trade War. The United States president Trump warned China with more sanctions. Nevertheless, the big shock will come if Trump includes more tariffs on Chinese goods. The other important matter to watch this week is for sure Brexit. Probably there will be more than enough shocks for GBP this week ahead. The Conservative Party lost versus the Brexit Party in the latest general election polls. U.K Prime Minister Theresa May will try to fix a passable agreement. Time is running out with EU Parliamentary elections in 14-days.

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