Elimination of Chinese companies from US market leads to cryptocurrency purchase

Posted on May 27, 2020, 1:24 p.m.

The US Trump administration has been blaming China for its initial response to the coronavirus pandemic and its transparency. In addition, the Chinese government has recently decided to implement national security legislation in Hong Kong, and the US-China relationship has gotten worse.

In addition to sanctions against high-ranking Chinese officials and companies, the US administration is also considering strengthening financial restrict that could lead to remove out Chinese companies from the list.

If Chinese companies are actually removed from the US stock market, it is expected that Chinese assets will flow into the bitcoin market.

Bitcoin started to make small movements below $ 9000 on the 26th.

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