Tuesday 28 June 2016 6:51 pm

Bitcoin holds on to its Brexit boost

Billy Bambrough is City A.M.'s deputy news editor.

Billy Bambrough is City A.M.'s deputy news editor.

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.

Read more: This is what you need to know about the upcoming bitcoin halvening

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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