Bitcoin is starting to gain the attention usually paid to gold, thanks to its emergence as a would-be safe haven asset though not everyone agrees. Still, the venerable cryptocurrency has come a long way since ‘It’s all a scam’ days, and mainstream financial news seems like they’re moving past their initial suspicion of the technology.
However, all this attention hasn’t quite sparked the gold rush - Bitcoin is still struggling to sustain gains above the $12,000 mark.
Blatant currency manipulation is one way to fight back in a trade war especially when you’re the world’s leading exporter. And that’s exactly what China did on Monday, adjusting the price of the Chinese Yuan against the dollar down to the lowest level since 2008 in response to US President Donald Trump threatening to levy a 10% tariff on $300 billion worth of goods (including Nike Shoes and Apple’s iPhones.)
Even the rich aren’t getting richer during this trade war, though they’re still richer than most people can dream. But the wealthiest 500 people on the planet lost about $117 billion, or about 2% as a result of a stock dip on Monday. The dip itself occurred in tandem with news that the Chinese Yuan had slipped to the lowest point against the US dollar in a decade, as well as fears that the trade war will continue to reap victims.
While the two biggest benchmarks, the Dow Jones and the S&P 500 have managed to claw back some gains, the Dow did fall 2.3% on Monday, and the S&P closed 3% lower. In fact, all major indices suffered losses on Monday, a direct result of shots being traded in the US-China trade war.
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