Bitcoin plunges nearly 25% in 6 days: Here’s 3 reasons why

  • The price of bitcoin has plunged almost 25 percent since hitting a two-and-a-half year high last week amid problems at a key exchange and diminishing fears of a Brexit.
  • But opinion polls leading up to the referendum showed a slight bias towards the remain camp winning, helping push financial markets and the sterling higher, but causing a fall in the price of bitcoin.
  • Bitcoin was trading around $590.53 by midday London time, a fall of around 23.8 percent from the $774.94 close on June 17, which marked the highest close since November 22, 2013.
  • The initial rise in the price of the cryptocurrency came last week as traders prepared for a process known as “halving” – where the rewards offered to bitcoin miners fall tightening the supply of the digital currency.
  • Although if you look at the bitcoin price among exchanges based in China they are $10-20 lower than the global exchanges, this might reflect the yuan’s 5-year low and the expected yuan volatility as a result of Brexit,” Aurélien Menant, CEO and co-founder, Gatecoin, a digital currency exchange, wrote in an email to CNBC.

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@CNBC: “Bitcoin plunges nearly 25% in 6 days: Here’s 3 reasons why”


The price of bitcoin has plunged almost 25 percent since hitting a two-and-a-half year high last week amid problems at a key exchange and diminishing fears of a Brexit.


Bitcoin plunges nearly 25% in 6 days: Here’s 3 reasons why