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Source: ethereumworldnews.com

The Brexit was delayed until Halloween in 2019, and the EU and cryptocurrency markets reacted strongly to the news.

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For those who do not understand the Brexit situation, the UK held a landmark referendum in 2016 to withdraw from the EU. Although this process lasted for several years, the decision to leave the EU in the past few weeks has been crucial. In March of this year, although analysts held opposing views in the past few months, the UK seems to be moving towards “no agreement to leave the EU”, which will lead to a necessary change.

The end result of “no- deal Brexit” was that the trade and interaction between the UK and the European Union ceased immediately and there was no negotiation on how to deal with the relationship between the two countries. “No agreement to leave the EU” also has an impact on the cryptocurrency. This situation will lead to inflation in the pound, as well as a general decline in confidence in the UK and EU currencies, which is likely to cause the euro to depreciate.

At the same time, Europe is shrouded in the shadow of the British Brexit, which has not reached an agreement. The cryptocurrency market has developed rapidly, and Bitcoin has risen by more than 30% in a week. Given that both the pound and the euro face a complex and potentially volatile future, analysts have called for the replacement of pounds and euros with encryption. Similar to Bitcoin's function in developing countries and countries prone to hyperinflation, Bitcoin has become a more attractive means of storing wealth than European legal tenders.

However, last week's parliament voted against a non-agreement to leave the European Union, forcing Prime Minister Theresa May to accept an agreement with the British Brexit in a way that includes negotiations with the European Union. The Brexit was once again shelved because Theresa May had persuaded the EU leaders to Brexit was postponed until the end of October.

Unsurprisingly, the cryptocurrency market responded to this news, Bitcoin fell 5%, and the valuation of cryptocurrency fell after a few weeks of bull market. On the one hand, the market may be in an overbought condition and will be adjusted back soon, as the first price increase in April has occurred in more than a year.

Brexit is undoubtedly one of the reasons for the sudden drop in bitcoin and cryptocurrency prices. Now there are still six months in the UK to solve the details of the Brexit. The pound and the euro are facing a less terrible situation. Compared with legal tenders, Bitcoin seems to be a more stable option, especially in the case of Brexit's economic uncertainty, but now investors are considering the price volatility that occurred in 2018.

Today's price decline may be just a small correction, compared to last year, and the encryption market is bullish in 2019. Analysts pointed out that the latest price increase occurred in an industry. Compared with the previous year, the number of users in the industry has increased significantly, and cryptocurrency and blockchain have become attractive in new areas.
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