How Brexit affected Bitcoin, Gold and the British pound

Brexit might be, may be coming to a close. With the announcement that the British government has reached an accord with the EU earlier this week, all eyes are on ‘super Saturday’–the debate in the Houses of Parliament which would decide the UK’s fate on October 31. As a result, we decided to look back at how, if anything this seismic shift in European politics has affected the price of the British pound, gold, and of course, bitcoin.

It all started on 24 June 2016, the day after the shock win for the Leave campaign. With the public choosing to vote 51.9% in favor of Brexit, the pound nosedived—nearly 8% against the US-dollar, 13% against gold—and finally a mammoth 20% against Bitcoin. 

On that day, the market cap of Bitcoin surged to reclaim its $10 billion valuation. Prior to Brexit, the digital asset had been steadily growing in value since it fell to a market cap low of $2.9 billion in January 2015. Since that low, the cryptocurrency rocketed over 300% in 18 months,…