Britain's exit from the European Union has helped Bitcoin, and the price of BTC has risen sharply

Bitcoin has emerged as one of the few winners from Brexit, with the price of Bitcoin rising nearly 13% as Brexit triggered a surge in demand for alternative assets.



After a bull run that began in mid-May and hit a two-year high, Bitcoin prices have recently begun to decline, once falling below $600. However, after the British referendum began yesterday afternoon, the downward trend began to change, and Bitcoin prices rose 20% in the past 24 hours.

As the results of Brexit continue to be announced, the price of Bitcoin has risen in a floating manner this morning:



On the other hand, according to data collected by Bloomberg, at 1:45 pm Hong Kong time today, the price of Bitcoin rose by 11% to 681.68. Because the odds of bookmakers showed that the UK was likely to stay in the EU, the price of Bitcoin fell for four consecutive days before, with a drop of up to 20%. Another cryptocurrency, Ethereum, also fell due to a hacker attack.

The British referendum result caught the market off guard, and Bitcoin, along with gold and the yen, rose sharply, and emerging market currencies and stocks rose. Peter Rosenstreich, head of strategy at Swissquote Bank, said some buyers may prefer digital assets because they are not affected by central bank policies. Friday's sell-off may spur monetary authorities to take further action.

“Bitcoin trading is associated with the UK referendum,” Rosenstreich said. “I don’t see Bitcoin as a traditional safe haven trade, but as a strategy to avoid so-called official manipulation.”

However, Barry Silbert, CEO of Digital Currency Group, believes that Bitcoin's performance can be called a safe haven asset.