Yesterday markets were poised at a high prepared for the Brexit referendum vote that took place in the United Kingdom. UK markets were up before the vote and in the U.S. Wall Street was rallying with all three averages advancing upwards. Now the vote has ended with 51.9 percent of citizens voting to leave and 48.1 percent wanting to remain. Immediately after UK markets and the British Pound dropped severely. However, Bitcoin bounced back surging to a high of $683 per BTC after a two-day bear trap.
As soon as the vote was getting close to finishing as it was a very close race Bitcoin started rising upwards. The pound began to plunge before the end of the voting process and dropped to its lowest level since the early eighties. Markets outside of Britain that were open also started to feel the brunt of the Brexit storm as exchanges in Tokyo saw a downturn. Most hedge markets did well such as gold, some commodities, and now the new asset of the 21st century Bitcoin . Clearly, some investors in the know had the intuition to move money into safe haven markets last night. It was obvious that after the Brexit was underlined by the vote markets worldwide would begin to feel the heat. When London began trading banking, housing, and retail all took quite a tumble. S&P futures indicated a downturn in global markets. U.S. Treasury bonds are typically one hedge investors like to lean on, but also fell during the overnight after the announcement. Bureaucrats in London are also enraged with the decision such as David Cameron, who seems to be leaving his post as Prime Minister . During all of this madness, the cryptocurrency Bitcoin saw increased volume from overseas and started an upward trajectory above its […]
