BTC becomes the battle zone for US and China!

Hello everyone. After the blood day, bitcoin surged by 14% today on the news that US bank set to offer crypto fund to rich clients.

The huge volatility killed both sellers and buyers. I would re-emphasize that BTC is definitely news-driven. It seems to become a new battle zone for US and China. Chinese government is cracking down the crypto on different levels, whilst US(financial institutions) is obvious promoting it.

So here, we got four big influencers:

1. Elon Musk who often influences bitcoin price via twitter. Price move could be up or down.

2. Chinese government is definitely against crypto, except the Digital Currency Electronic Payment (DCEP). Normally, BTC got smashed by relevant news from China.

3. US financial institutions are supporters. They have clear plans to set up fund for wealthy clients, e.g. JP, Wells Fargo. So positive for the crypto.

4. US government senior officials express concerns on BTC for money laundering issues. However, this only lead to tighter regulation, not the ban of the crypto.

So, please be careful of trading bitcoin. I would recommend a wait-and-see approach.

Keep in mind that protect your principal is the top priority for your trading business.