{"id":36877,"date":"2016-06-23T16:33:51","date_gmt":"2016-06-23T23:33:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=36877"},"modified":"2016-06-23T16:55:10","modified_gmt":"2016-06-23T23:55:10","slug":"did-brexit-referendum-cause-bitcoin-plunge","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/","title":{"rendered":"Did Brexit Referendum Cause Bitcoin Plunge?"},"content":{"rendered":"

Even as the Brexit referendum votes are being tallied, it seems that anticipation and anxiety over the outcome has influenced more than just the stock markets.<\/p>\n

Cryptocurrency Bitcoin<\/a> has nosedived almost 25 percent over the last few days, having spiked last week at its highest value in several years.<\/p>\n

\"Bitcoin
All over but the shouting: the Brexit referendum votes are being tallied tonight, and experts believe that renewed focus in Britain on remaining in the EU has caused Bitcoin to nosedive of late. (Image: globalresearch.ca)<\/figcaption><\/figure>\n

And it\u2019s all Brexit\u2019s fault, apparently. At the time of writing, the ballots have just closed on the UK\u2019s EU referendum<\/a>, with bookies reporting that this was the biggest political betting market in the country\u2019s history. Or, since most countries don\u2019t have legal, regulated political betting markets, maybe the biggest in the history of the world.<\/p>\n

\n

We must wait until Friday to learn whether Britain will remain a part of Europe. But since the odds on offer on “Remain” were drastically cut following a flurry of betting in the final 24 hours, the bookies appear to have made up their minds.<\/p>\n<\/div>\n

PaddyPower has suggested the chances of the UK remaining in Europe are as high as 93 percent, although the polls have the “Remain” campaign ahead by only a small margin<\/p>\n

But what has all of this got to do with the plunge in the value of Bitcoin?<\/p>\n

Monetary Turmoil<\/strong><\/h2>\n

Experts say that because of the high leverage with which people trade the digital currency, the market is regularly susceptible to panic caused by external factors.<\/p>\n

Governments and central banks have warned that the UK leaving the EU could spark turmoil in the international monetary system, which has caused people to put their faith in a decentralized, unregulated monetary system instead.<\/p>\n

That would explain the spike last week, when the opinion polls actually had the “Leave” campaign marginally ahead. But renewed faith in the UK staying has reversed the situation, or so the theory goes.<\/p>\n

Ethereum Hack<\/strong><\/h2>\n

Of course, the likelihood is that Brexit is just one factor of several in the sudden plunge in the digital currency that has gained more traction among gamblers in recent years. As we reported several days ago, the \u201ctheft\u201d of $50 million worth of Ether<\/a>, an alternative cryptocurrency that aims to rival Bitcoin, may also have had something to do with the crash.<\/p>\n

Earlier this week, a hacker exploited a flaw in the Ethereum block-chain and siphoned off vast amounts of Ether in one of the biggest digital smash and grabs in history. The value of Ether plunged as investor confidence in this relatively new currency was shaken. Which may have then had a domino effect on perceptions of digital currencies in general.<\/p>\n

Financial markets are unpredictable, even digital ones, which is another reason why the UK will probably vote to stick with the status quo. \u00a0We will report back with full results on the Brexit on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Even as the Brexit referendum votes are being tallied, it seems that anticipation and anxiety over the outcome has influenced more than just the stock markets. Cryptocurrency Bitcoin has nosedived almost 25 percent over the last few days, having spiked last week at its highest value in several years. And it\u2019s all Brexit\u2019s fault, apparently. […]<\/p>\n","protected":false},"author":42,"featured_media":36881,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13],"tags":[],"acf":[],"yoast_head":"\nDid Brexit Referendum Cause Bitcoin Plunge?<\/title>\n<meta name=\"description\" content=\"A recent Bitcoin crash could be down to renewed faith in the UK Remain Campaign, experts said today.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did Brexit Referendum Cause Bitcoin Plunge?\" \/>\n<meta property=\"og:description\" content=\"A recent Bitcoin crash could be down to renewed faith in the UK Remain Campaign, experts said today.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-06-23T23:33:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-06-23T23:55:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/Bitcoin-crash-blamed-on-Brexit-referendum.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"776\" \/>\n\t<meta property=\"og:image:height\" content=\"509\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/\",\"url\":\"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/\",\"name\":\"Did Brexit Referendum Cause Bitcoin Plunge?\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/Bitcoin-crash-blamed-on-Brexit-referendum.jpg\",\"datePublished\":\"2016-06-23T23:33:51+00:00\",\"dateModified\":\"2016-06-23T23:55:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"A recent Bitcoin crash could be down to renewed faith in the UK Remain Campaign, experts said today.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/did-brexit-referendum-cause-bitcoin-plunge\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/Bitcoin-crash-blamed-on-Brexit-referendum.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/Bitcoin-crash-blamed-on-Brexit-referendum.jpg\",\"width\":776,\"height\":509,\"caption\":\"Even as the Brexit referendum votes are being tallied, experts believe that renewed focus in Britain on remaining in the EU has caused Bitcoin to nosedive. 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