[2017-10-02] Bitcoin Price Trends Up as US-North Korea Tensions Heighten

[nickbelski]

Tensions between North Korea and the United States heightened over the weekend, correlating with a rise in the bitcoin price.

U.S.-North Korean Tensions Heighten

The prolonged conflict between the United States and North Korea has reached unprecedented levels in recent months, as the leaders of both nations have traded insults and North Korea has continued to demonstrate its nuclear capabilities.

U.S. Secretary of State Rex Tillerson has attempted to calm anxieties, revealing last week that the administration has direct channels of communication set up with North Korean leaders in Pyongyang. He stressed that his primary objective is to find a “peaceful resolution.”

However, President Trump upped the ante on Sunday, tweeting that Secretary Tillerson is “wasting his time trying to negotiate with Little Rocket Man,” as he often refers to North Korean Leader Kim Jong Un. Casting shade on previous presidents — each of whom Trump says did not adequately address the threat of North Korea’s nuclear program — Trump vowed that he “won’t fail”:

“Save your energy, Rex,” he added. “We’ll do what has to be done.”

Bitcoin Price Presses Toward $4,500

Although it is difficult to calculate the impact of global volatility on the bitcoin price, CCN has previously documented a correlation between U.S.-North Korean tensions and an uptick in the bitcoin price. Last week, for instance, the bitcoin price surged $260 on the same day that a North Korean diplomat accused the United States of taking actions tantamount to declaring war.

Monday, a similar phenomenon occurred, as the bitcoin price rose as high as $4,470 following Trump’s insistence that the United States was wasting its time by seeking a diplomatic solution to the conflict with North Korea. Despite a minor dip, the bitcoin price is still up more than $100 — or 3% — for the day and is currently trading at $4,418.

Of course, there are other factors at play. Last week, for instance, Japan officially licensed 11 bitcoin exchanges, reinforcing the country’s status as an emerging leader within the global crypto economy. Moreover, the markets have spent the past several weeks recovering from the shock of China’s ICO and bitcoin exchange ban, making it difficult to measure the effect of any one factor on the trajectory of the bitcoin price. In any case, this progress is consistent with the $5,000 interim price target that many analysts have set for bitcoin.

https://www.cryptocoinsnews.com/bitcoin-price-trends-us-north-korea-tensions-heighten/

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[1714860195]

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[Coin-Keeper]

I have been a long time BTC holder.  As on of the "oldies" in the game I can tell you that this situation is not how I want to profit from any coin holdings.  This is horrible and the potential for unimaginable harm bothers me.  Lets not go political, but its clear that if things go "nuclear" its going to be an ugly the world has never seen before.

[Argoo]

In countries where tension, inflation and uncertainty are growing in the future, the Crypto-currency is a very good alternative to current conventional money. This was demonstrated to us just by the tension connected with North Korea and in a number of countries where inflation has greatly increased. In these regions, demand for crypto currency sharply increases sharply.

[jseverson]

How does increasing US - North Korea tensions correlate to the rise of Bitcoin value? I am no expert on the subject, but I'll hazard a guess: Are US citizens afraid of a US dollar crash in case of war? I mean, if I were on the same situation, I would definitely look to diversify my assets. A war with North Korea would likely cripple US Economy, sending investors running, real estate plummeting, etc. Bitcoins would be unaffected by all these factors.

Still, I am of the camp that Trump should be de-escalating tensions, not the other way around. We cannot reasonably expect Kim Jong Un, who is in all likelihood a complete and utter psychopath, to act within the confines of logic. Trump needs to take the high ground here. Something needs to be done about Kim Jong Un, but I don't think provoking him is one of them.