Bitcoin holds on to its Brexit boost

Francesca Washtell
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Bitcoin is beginning to be seen by some as a safe haven asset (Source: Getty)

The bitcoin price has traded higher since the UK voted to quit the European Union last Friday.

The world’s most popular cryptocurrency was trading at $647 at London’s market close today, having fallen below $600 late on Thursday when it looked likely the UK would vote to remain to the EU.

Bitcoin hit a high of $692 following the vote but has since fallen back to trade around the $650 mark.

Bitcoin has outperformed compared with the pound since the shock referendum result, with sterling dropping sharply against the dollar to reach a 31-year low on Monday though it yesterday managed to reverse some of its losses, trading at $1.3328 against the dollar last night.

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Bitcoin remains more volatile than assets such as gold, however.

“Gold has traded from a Brexit spike of $1,330 per ounce to $1,307 per ounce, while bitcoin has traded from a peak of $692 with lows of $618 – a 1.7 per cent range compared with a 12 per cent range,” Charles Hayter, of trading site CryptoCompare, told City A.M.

“Gold has been the better escape from volatility post-Brexit vote but bitcoin has offered higher returns from its pre-Brexit levels.”

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