Announcing a Return to our Roots: The All-New Bitcoin Magazine

Bitcoin Thrives in Moments Like Brexit


         Bitcoin Thrives in Moments Like Brexit

The Bitcoin price has stabilized on news of Britain leaving the European Union in a historically unprecedented move. The currency, which had corrected after a considerable price increase in recent weeks, has settled around the $650 range as global markets react to the news.

If you recall the currency crisis in Cyprus, you might agree Bitcoin tends to thrive in moments of economic crisis such as Brexit. The 2013 Cypriot Financial Crisis and bailout led to a flurry of press coverage regarding Bitcoin. Similarly, during the Greek Debt Crisis, the media embraced the narrative that Bitcoin was a way for Greek citizens to opt-out of the troubled financial system.

Britain voted on Thursday to leave the European Union after being involved since before its founding. Market tailspins have chased investors into gold and other safe havens, including Bitcoin, as the global economy moves into unchartered territory in terms of post World-War II global economics. 

More than 17 million people voted in the referendum which highlights a populist and nationalist sentiment amid economic and cultural turmoil in the U.K.. 

“Dare to dream that the dawn is breaking on an independent United Kingdom,” said Nigel Farage, the leader of the U.K. Independence Party. He had long been a proponent of independence in the U.K. with fiery speeches and a devoted following in the U.S., having made appearances on popular conservative talk shows. 

Britain is the first country ever to vote to leave the 28-member bloc. The E.U.’s power has waned since the onset of the global economic crisis in 2008. Prime Minister David Cameron championed to stay in the European Union and he has heeded calls to resign after the vote. Britain is poised to leave the European Union quickly and existing trade agreements will likely remain in place. 

Britain is the second largest economy in the European Union after Germany. It’s also a nuclear power and holds a seat at the U.N. Security Council. 

Ahead of Brexit, the Bitcoin price decreased 25 percent after hitting a two-and-a-half year high last week.

Bitcoin also braces for the forthcoming halving; a technical change which will see the block reward awarded to miners cut in half. 

Bitcoin experts speculated that Brexit concerns drove the price of Bitcoin to new highs before the vote.

"I do think it's primarily macro things such as Brexit, you saw the price run up as you saw the opinion polls show Leave was winning and as those polls reversed over the weekend, that's when we saw the price reverse," Tom Robinson, co-founder of blockchain startup Elliptic, told CNBC.


Report: Crypto Exchanges Saw Trading Volumes Plummet in January

Blockchain and cryptocurrency research firm Diar has released a report that reveals a sizeable drop in crypto trade volumes in January 2019 for popular crypto exchanges Binance, Gemini, OKEx and Coinbase.

Jimmy Aki

Morgan Creek Bags $40M Raise, Attracts Industry First Funding From Pensions

Two pension plans from Fairfax County, Virginia, the $1.43 billion Police Officer’s Retirement System and the $3.9 billion Employee’s Retirement System, were the lead investors.

Colin Harper

Bitcoin Price Analysis: Strong Rally Set to Test Overhanging Resistance

There are major resistance levels to consider when viewing the health of the bitcoin market, but given the strength of the current move, it seems likely we will see a continuation of the uptrend in the price of bitcoin.

Bitcoin Schmitcoin

Abra Users Can Now Buy Stocks and ETFs Using Bitcoin

According to Abra CEO Bill Barhydt, everyone should have access to capital markets, regardless of where they live in the world or the amount of capital they have at their disposal. This is where Bitcoin comes in.

Jimmy Aki