Bitcoin Price Spikes to $650 as Outlook Shifts for ‘Brexit’

The price of bitcoin is rising at press time, passing the $650 mark just a day after dropping to a weekly low of $550.

Though there were suggestions the volatility could be tied to any number of recent indicators, at press time, ongoing macroeconomic concerns in Europe seem to be the most influential factor, as the price of bitcoin began to rise amid reports that the UK appears increasingly likely to leave the European Union.

The UK’s ongoing EU membership referendum, in which voters were asked whether the country should stay (‘Bremain’) or leave (‘Brexit’) the European Union, has coincided with the increase in the price of bitcoin from a low of $560 just hours prior to a press time high of $655.63.

With 54.5% of the vote tallied at press time, data from the UK Telegraph indicated 51.4% of voters had voiced their support for a ‘Brexit’, with just 48.6% siding for ‘Bremain’.

This shifting sentiment that was also increasingly broadcast by bitcoin evangelists on Twitter, along with suggestions the price increase was tied to the latest news.

Shocking: with over half of votes counted: 51.5% #Brexit ; 48,5% IN. As a result #bitcoin major rally UP

— George Kikvadze (@BitfuryGeorge) June 24, 2016

Elsewhere, market observers used the event to highlight how bitcoin is increasingly prone to unique market movements in times where macroeconomic concerns lead to volatility in traditional markets.

As if things weren't already interesting, #bitcoin #ether & other crypto could be in for quite the #Brexit bash https://t.co/zcivqCf9tG

— Chris Burniske (@ARKblockchain) June 24, 2016

Overall, the increase comes amid a particularly volatile month for the price of bitcoin, which has been on the decline from two-year highs observed just a week ago.

Brexit visualization via Shutterstock