The Bitcoin market has welcomed the outcome of the Brexit vote in the UK with open arms as the price of its currency soars following a falling trend in recent days. The price of Bitcoin dipped to as low as $583 just before the June 23 Brexit voting day – a sharp drop from its two-and-a-half year high of nearly $775 on June 17 . However, after votes were cast, with a win for the Brexit supporters, the digital currency gained in value to over $650 – a 24-hour recovery for a seven-day drop. Chinese traders active
Bitcoin surged as much as 13 percent as the referendum decision fuelled demand for alternative assets – sink equities to emerging-market currencies. Some buyers would have preferred it as a digital asset without central bank control to offload the pound.
"We have seen almost $100 million traded in the past 24 hours, it’s two or three times compared to a slow day," the CEO of one of the largest Chinese Bitcoin exchanges BTCC, Bobbly Lee, told CNBC . Anticipated financial woes before Brexit
Citing a potential market turbulence, particularly a volatility in the exchange, peer-to-peer currency services like TransferWise paused working with the British Pound ahead of the Brexit vote.
“With the EU Referendum in the UK on Thursday 23rd June, exchange rates are likely to be volatile. We’ve been putting plans in place so that your transfers continue to be processed as smoothly as possible,” TransferWise told customers earlier this week. The London-headquartered money transfer startup is valued at $1.1 billion .
Money transfer app which also trades from the UK, Azimo, shared a similar message to its customers. Temporarily suspended service
Please remember that no transfers can be made at present as we’re temporarily suspending our service from 6 a.m. (GMT) on Thursday […]
