Category: economic matters
Despite a short period of volatility, the global Bitcoin market has remained quite resilient over the past week, with the price floating between $410 and $450. According to the CoinDesk price index, the price per Bitcoin rose from 0:00 (UTC) on February 10 to 423.52 USD on February 26 at 0:00 (UTC). Remarkably, the price was not impressed by the potential macroeconomic instability in the European zone and showed no signs of a bullish trend.
Brexit leaves Bitcoin formula unimpressed
Even though rumours of a possible Brexit impending have contributed some to last week’s volatility of the Bitcoin formula, the effect has not been as strong as it was at the time of the Grexit debate or the Cyprus crisis. Should there actually be a Brexit, the UK would leave the 28-member European Union (EU).
On February 20, the Bitcoin formula jumped 5% from USD 421.33 to USD 443.02, up from USD 421.33 to USD 443.02. The trend also continued on the following day, when the exchange rate continued to develop positively from 426.12 USD to 446.74 USD. Shortly thereafter, however, the price per BTC fell abruptly back to USD 429.99. The price of BTCs fell from USD 426.12 to USD 446.74. Later in the week, the price levelled off at around USD 423.
The week before, the price rose from USD 377.82 on the 12th to USD 421.69 on the 19th.
Even though the British have long been sceptical of the EU in political and economic matters, it has never been enough for a “liberation strike”. The trend among citizens, however, seems to be beginning to show a clear trend. In February last year, 38% of citizens voted for Breit in a poll. In September, the figure was already 40%.
Now the whole country is waiting for the referendum on 23 June. Citizens will now finally vote on whether the UK will turn its back on the EU.
This date can lead to great uncertainty and give a fresh boost to the Bitcoin trader course
In times of uncertainty and market turbulence, Bitcoin has often proven to be a safe haven for Bitcoin trader. Should a Brexit actually occur, this would probably drive the price higher. Arthur Hayes, co-founder of the Bitcoin trader exchange BitMEX, says in an interview:
“Should the traffic lights in June actually be on Brexit, we will certainly see a bullish pump of the Grexit order of magnitude.