Needham: 'Brexit' Boosts Bitcoin Price, But Too Early to Call it a Safe Haven
Despite the increase in the price of bitcoin amid the UK’s recent EU referendum, a new research note from Needham & Company asserts it might be too early to call the digital currency a “safe haven” asset. Global bitcoin prices have risen nearly 6% over the day’s trading to reach a high of $680, a figure up more than $100 from a low of $561.46 on 23rd June. Market observers were quick to assert the increase, which occurred as sentiment in the 'Brexit' vote shifted, was a sign this uncertainty had encouraged new investment in the digital currency markets. However, Needham said its....
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There has been a lot of talk about investors looking to Bitcoin as a safe haven for their investment portfolio. Safe haven markets are very small and hard to get into. Bitcoin may not fit that bill as perfectly as some people think it does. Now that the Brexit doom scenario has happened, there is a lot of uncertainty across the markets. Gold is surging,....
Here's what impact the Brexit poll has had on the bitcoin price, and how we are going to respond to the vote from a trading perspective. So it looks as though the UK is set to leave the European Union, after its people voted in a slim, but important, majority on the side of the leave campaign. We have said a few times that bitcoin might play a part as a safe haven asset. On a few occasions over the past couple of years, this has proven accurate. Price has gained a global economic uncertainty pushes people to transfer value from one asset, a riskier one, to another, a safer one.....
Analysts have described a possible Donald Trump election victory as the equivalent of Brexit II. Financial markets were in disarray after that geopolitical surprise, though they rebounded. Big banks have predicted, however, that a Trump presidency might have even bigger implications than Brexit. Indeed, early results, which admittedly might be heavy on states considered Republican strongholds, put Mr. Trump ahead of Ms. Clinton. Markets have been confused throughout much of the day. Silver, considered a safe haven, was a top ten performer early in the day as natural gas tanked. Things have....
Following Brexit, the digital currency is expected to rise and cross the $700 mark soon and maybe even touch $800. The value of Bitcoin has shown a significant increase from what it was a couple of days ago, following the Brexit Results. The digital currency, which was exhibiting healthy gains in the past few weeks registered a significant drop during the last weekend, only to get back on its feet after the Brexit results. Bitcoin is being increasingly referred to as a safe haven asset, along the same lines as gold. Both gold and bitcoin are financial instruments, but unlike other....
Here’s what we are looking at as we head into what could be a volatile week in the bitcoin price market. We’ve had a pretty crazy few weeks in the bitcoin price space, and this has translated to some volatility in the effectiveness of our strategy. We have seen some macro events – the Brexit, politics in the US, etc. – and some micro shocks such as the ethereum hack and the Bitfinex freeze, and each of these has impacted the price of bitcoin in their own way. We were looking for some risk off sentiment towards the end of last week, and in turn, a shift to bitcoin as a risk off (safe haven)....