Bitcoin surprisingly crossed the $10,000 mark yesterday, not long after President Donald Trump’s controversial speech. The king coin has however corrected the spike and is currently trading around $9,500.
Bitcoin’s interesting rise came as protests, riots, lootings, and marches continued to spread in several cities and states in the US. The rise also happened about 15 minutes after President Trump announced that mayors and governors should use the National Guard to quell riots across the country. Trump threatened to send the US military to handle the rioters if the state governors refuse to handle it themselves.
The current chaos has given rise to the conversation about whether or not Bitcoin is a safe-haven asset, trustworthy enough in times of uncertainty, as is currently available. The protests have largely been a reaction to the death of George Floyd, a black man who passed away at the hands of police officers in Minneapolis.
Bitcoin’s jump may also be because of noticeable growth in the futures market. Several platforms in recent times have seen an increase in futures trading. In addition, exchanges like Binance and Bitstamp have also recorded a steady increase in both their daily trading volumes.
Bitcoin tried about 5 times in May but failed to break the $10,000 mark.
Image Credits: Pixabay
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