{"id":371780,"date":"2019-02-18T14:25:52","date_gmt":"2019-02-18T14:25:52","guid":{"rendered":"https:\/\/wncen.com\/?p=371780"},"modified":"2024-06-11T07:44:40","modified_gmt":"2024-06-11T07:44:40","slug":"is-us-china-trade-dispute-behind-mondays-impressive-crypto-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-us-china-trade-dispute-behind-mondays-impressive-crypto-rally\/","title":{"rendered":"Is US China Trade Dispute Behind Monday’s Impressive Crypto Rally?"},"content":{"rendered":"

Two very separate markets in crypto and stocks are trending in the same direction on Monday.<\/p>\n

The first market is of Asian equities led by China. The mainland Chinese stocks today jumped more than 3 percent, its best since early November 2018. The CSI 300 Index (SHA: 000300<\/a>), which lists China’s major stocks from technology, telecom, healthcare, and finance, rose up to 3.2 percent. At the same time, Hong Kong’s Hang Seng Index (NDEXHANGSENG: HSI<\/a>), which lists stocks of the region’s largest companies, surged by 1.7 percent.<\/p>\n

CSI 300 Index | Source: Yahoo Finance<\/figcaption><\/figure>\n
Elsewhere in Asia, energy stocks assisted Tokyo’s Topix to close the market on 1.6% gains. The sector also allowed Sydney’s\u00a0\u00a0S&P\/ASX 200 index, which surged a modest 0.4 percent on Monday.<\/p>\n
Coming to the second market: it is that of cryptocurrencies.<\/p>\n
Ethereum, the world’s second most significant cryptocurrency by market cap, surged as much as 14 percent against the US Dollar during the Monday’s Asian trading session. Bitcoin, the dominant crypto, also posted an impressive 3% gain, according to 24-hour readings of CoinMarketCap.com.<\/p>\n
$\"\"$ <\/a>
Ethereum Rises 14% on Monday | Source: CMC<\/figcaption><\/figure>\n
As a whole, the cryptocurrency market added more than $5 billion to its market capitalization. All the top coins, which had hinted rebound from their lows during the February 8 trading session, confirmed that they were bottoming out.<\/p>\n
The Fundamental Factor: US-China Trade Talks<\/h2>\n
It is no coincidence that both the Asian market and the crypto market underwent a recovery on the same day. Financial Times reported<\/a>\u00a0that investors were confident about a positive outcome from US-China trade talks<\/a> this week. Earlier, US President Donald Trump, who had criticized China for unfair trade practices, tweeted over the weekend that Washington’s meeting the Beijing counterpart was moving towards a definite conclusion.<\/p>\n
\n
Important meetings and calls on China Trade Deal, and more, today with my staff. Big progress being made on soooo many different fronts! Our Country has such fantastic potential for future growth and greatness on an even higher level!<\/p>\n
— Donald J. Trump (@realDonaldTrump) February 17, 2019<\/a><\/p><\/blockquote>\n