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Bitcoin jumps to $650 as UK decides to quit EU

Those wise enough to have anticipated the UK leaving the EU, could have guessed that the British pound would slam its pretty little head on the floor, after referendum results get published.

As a side-effect of the utter havoc that’s happening in the market today, Bitcoin has surged past $650 in price, Tech Crunch (opens in new tab) reported earlier today.

Just yesterday, the cryptocurrency’s value relative to the US dollar was $550. Yep, a $100 in a day.

The results of the Brexit referendum, which saw the UK set to leave the European Union, has sent ripples through the entire world, and sent the British pound literally off the charts.

The currency fell by more than 10 per cent this morning, hitting a 35-year low against the US dollar.

“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, after it paused working with the currency in expectation of turmoil.

Earlier today, TransferWise reported that it has restarted working with the currency.

Yesterday, the UK public voted and decided to leave the European Union, with 52 per cent wanting to leave, and 48 per cent voting to stay. London, Liverpool and Manchester were among the bigger cities voting to stay, while the majority of rural areas voted leave.

England and Wales were largely for leave, while Scotland and Northern Ireland were largely for remain.

Image Credit: Julia Tsokur / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.