Bitcoin prices jumped higher on Monday amid a broad stock and commodity market sell-off, as investors search for safe havens from the international trade wars. Bitcoin hasn’t been a very effective safe haven so far in 2018, but bitcoin bulls say the same regulators that have spooked the market this year may ultimately end up as bitcoin’s best friend.
Bitcoin traded up 4 percent on Monday morning, but it’s down over 50 percent year-to-date and 66 percent from its all-time high in December 2017.
Investors have headed for the hills in 2018 as regulators around the world have cracked down on cryptocurrencies. Volatility and trading volume in the BTC market has also died down, suggesting the frenzy that accompanied bitcoin’s meteoric rise in 2017 has passed.
Bitcoin has plenty of high-profile critics, but bulls aren’t deterred by weaker bitcoin prices in the first half of 2018.