Bitcoin price has jumped above the level of $650 on the Brexit news, when only couple of hours before, people expected the Bremain camp to win. The cryptocurrency rebound from a weekly low of $550.
There is no other macrodata or influential factors, only the UK referendum. Stronger Brexit support spurs risk-off sentiment, which leads to support of safe-haven currencies and bitcoin as well. Worries about the London City, weakening its position when separated from the European super-state, are supporting huge volatility across the market
For now, only 94 out of 382 UK regions remain to be counted before the official results are announced on early Friday at around 6am GMT.
Now, the results show the ‘Leave’ camp in the lead, with 12,027,187 votes counted for a Brexit, with ‘Remain’ now notably below with 11,323,252 votes. The turn has been around 72%, the highest since 1992.
Despite all the previous polls, we can see that those numbers, whenever their close, can not provide a real image of the reality.
The UK’s ongoing EU membership referendum, in which voters were asked whether the country should stay (‘Bremain’) or leave (‘Brexit’) the European Union, has moved with bitcoin massively and we could see a jump from lows of $560 just an hour before a press time high of $655.63.
With 54.5% of the vote tallied at press time, data from the UK Telegraph indicated 51.4% of voters had voiced their support for a ‘Brexit’, which just 48.6% siding for ‘Bremain’.
This shift in Brexit outlook just confirms the fact, that Bitcoin works as a safe-haven in these case as well, getting into the same category with Japanese Yen or Swiss Franc, sometimes US dollar and gold from commodities.
On the other hand, in case of such risk-off, stocks are permanently sold-off, as well as most of the other currencies and sterling will now see be massively sold too.
So what’s coming next? Maybe another Scottish referendum?
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