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Digital Currency Revolution Series: Impact of Brexit Deferrals on Crypto-Avenues
Brexit has been deferred until Halloween 2019, with the EU and cryptocurrency markets responding strongly to the news.
The euro has scope to trade into a lower range below 1.12, while sterling’s vulnerability still remains intact as foreign traders and investors keen to avoid a negative impact from a disorderly Brexit, the EU has been supportive of a lengthy extension for a Brexit rethink.
For those who are not aware of the Brexit tantrums, let’s just quickly glance through Brexit’s intricacies.
The United Kingdom voted in a monumental referendum back in 2016 to exit the European Union. However, the formal procedure has lasted years together. Meanwhile, from the last couple of days have been crucial in determining the nature of the U.K’s exit. Amid all these developments, the U.K. seems to be heading towards No-Deal Brexit possibility, which would have generated for an abrupt transition.
So, what could be the potential repercussions of a no-deal Brexit on the cryptocurrency avenues?
The immediate cease trade and interaction between the U.K. and the European Union, without any negotiations in place can be fragile for all domestic currencies, especially GBP and EUR. Under such circumstances, the lingering apprehensions of inflation are threatening the sterling on how the overseas affairs are to be tackled going forward. Consequently, a usual loss in confidence for both U.K. and E.U. currencies, likely to cause a bearish pressure in the Euro as well.
Hence, owing to a No-Deal Brexit scenario, the cryptocurrency avenues are getting traction for cryptocurrency interests. As a result, Bitcoin has risen more than 30 percent in a week in the recent past as the crypto aspirants perceive this as a substitute time for the GBP as well as Euro due to the heavy turbulence. Bitcoin appears to be more luring for those who are keen on a store of value replacing European fiat counterparts and for those inclined to hyperinflation.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at -45 levels (which is bearish), hourly USD spot index was at -83 (bearish) while articulating at (11:29 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex