Bitcoin managed to achieve significant gains throughout the trading month of May to record increases of 62% for the fourth consecutive month, and also recorded the largest monthly gain since August 2017, and the Bitcoin currency approached the next psychological support level of $ 9000, its highest level in a year at $8,939.
Bitcoin was not the only cryptocurrency with high gains, most of the other major cryptocurrencies recorded strong gains reaching record levels.
The total market capitalization of digital currencies has increased Q8 Trade At the end of May, it reached $287 billion, the highest level since the end of July 2018.
The large gains made by the Bitcoin currency come to the continued control of the bull market on the transactions of the largest digital currency in the world, in light of the successive positive news for the market that reflects the extent of the legitimacy of digital currencies in the market.
Bitcoin rises in conjunction with the escalation of the trade war between the United States and China
Many analysts believe that the escalation of the trade war between the United States and China during the recent period, after US President Donald Trump raised the tariff on Chinese goods worth $200 billion to reach 25% from 10% was the reason for the record and sudden rises of the Bitcoin currency, as it is one of the biggest winners. from the trade war between Beijing and Washington.
It is worth noting that the Bitcoin currency witnessed a negative start this year, as it settled near the levels of $ 3000 - $3500, in light of the weak demand for buying digital currencies. The success of the Bitcoin currency and proving its worth that it can be an alternative to traditional money.
Market experts believe that bitcoin has entered a new era where it is expected that the flow of investments will continue to buy bitcoin, and therefore it is natural that it will target in the medium and long term the level of $ 10,000, and they justified this with optimistic reports about bitcoin and the future of the blockchain industry, in addition to the start of many institutions to establish their own cryptocurrency.
AT&T Inc previously announced that it will enable its customers to pay bills with bitcoin, and Fidelity Investments said it is close to finalizing its plans to buy and sell digital currencies for its institutional and retail customers.