Is a Possible ‘Italexit’ and Euro Decline Responsible for Bitcoin Recovery?

Is there any connection between the political strife in Italy and the slight recovery in the price of Bitcoin? One journalist thinks that ‘Italexit’ may have been the catalyst that brought Bitcoin back over $7,500.

‘Italeave’ May Have Contributed to Bitcoin Gains

March 4 elections in Italy which resulted in a hung parliament have created an economic crisis marked by money fleeing the country to US and German bonds. The country’s stock prices have dropped as rumors of an ‘Italexit’ or ‘Italeave’ have spread, referring to the Brexit movement that saw Great Britain pull out of the European Market.

Italian banks are highly indebted and a downgrade in Italy’s debt rating could cause a panic that might cause citizens to pull their money out of banks the way Greeks did in 2015. All of this has led to drops in both global stock prices and the Euro, but one journalist is also suggesting it has had the opposite effect on the cryptocurrency market.

Each of the top three…