Bitcoin emerges as a global hedge while stocks tumble in U.S.-China trade war
Bitcoin was up as much as 15% Monday as major global markets reacted negatively to an ongoing trade war.
The world's largest cryptpcurrency was up 15 percent on Monday, hitting a high of $7,946.01, according to data from industry site CoinDesk. Meanwhile, U.S. equity markets were headed in the other direction. The Dow Jones Industrial AverageThe sharp decline for stocks came after news that China would raise tariffs on roughly $60 billion of U.S. goods in an ongoing trade war between the world's largest economies.
Bitcoin prices have yet to rebound anywhere near an all-time high near $20,000, which was driven by a stampede of retail investors. But this year, the cryptocurrency has more than doubled after starting the year around $3,700. The S&P 500 is up about 12 percent in the same time period.
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