Investors expect an exacerbation of the trade war between China and the United States over the coronavirus. This could affect the price of bitcoin, which previously fell below $9,000. It is reported by Bitcoinist.
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The day before, bitcoin reached $9203, but subsequently, its market value fell to just above $8600.
One of the reasons for pressure on the price of BTC may be the aggravation of relations between China and the United States. US Secretary of State Michael Pompeo claimed the artificial origin of COVID-19, and also accused the Chinese authorities of hiding information about the coronavirus.
Pompeo did not specify whether he considers China guilty of the deliberate spread of coronavirus. Nevertheless, investors perceived his speech as a signal to exacerbate the trade war between the countries. Additional stress in the economy may lead to a drop in the S&P 500 index, the correlation with which bitcoin reached a historic maximum.
Recall, on May 12, a bitcoin halving will take place. Many investors expect this event to have a positive effect on the price of BTC.