Bitcoin (BTC) has experienced a bullish trend in the past few days, rising 23 percent from Rp 135 million to Rp 168 million.
BTC has recorded the highest level of Rp 199 million in June 2019 according to Indodax. Despite growing fears of a global recession and worsening China-US trade war, Bitcoin shows no signs of fatigue today. However, there may be support for the recent 23% increase in Bitcoin.
At the time of the press, the price of Bitcoin was at Rp 164,888, oo0, up 2.3 percent according to Indodax.
Several factors may be responsible for the recent upward movement of gold coins, in addition to Tether's expansion on several blockchain, sociopolitical tensions around the world may have contributed to the Bulls Bitcoin rally. Tether supports Bitcoin because of its migration to blockchain such as EOS, Liquid, and Tron which creates concern in the crypto space.
Over the weekend, two mass shootings took place in the US. 20 people were reported killed in the first attack that occurred in El Paso, Texas. Another shooting in Dayton, Ohio killed 9 people. Both incidents have triggered racism in this country. However, this may also have facilitated the surge in Bitcoin due to state instability.
The current political crisis in Hong Kong (HK) encourages investment abroad. As a result, the country's stock market has recorded the worst performance for several months. A violent mass demonstration in HK has led to the cancellation of foreign and domestic flights.