Bitcoin prices have rallied lately, pushing higher as the markets respond to continued concerns surrounding the ongoing trade war between the U.S. and China.

The cryptocurrency climbed more than 5% in 24 hours on CoinDesk after President Trump posted a tweet yesterday morning about his plans to turn up the heat on the world’s second-largest economy.

In the tweet, he stated that “the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country.” 

The digital currency rose to as much as $10,663.62 around noon EDT today, up approximately 6% from the same time yesterday, CoinDesk data showed.

At this point, the cryptocurrency had climbed more than 13% since late Monday, when it began a steady, upward trend.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] 

Trade War Concerns

When explaining bitcoin’s latest appreciation, several analysts emphasized concerns surrounding the trade war, contending that economic uncertainty was driving investors to the digital asset as a potential disaster hedge.

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