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Digital Currency Revolution Series: Brexit Impact on Bitcoin Volumes, and Price Sentiments
It’s been a historic day as the European Union and Britain reached a Brexit deal finally. Quite a few veteran analysts have perceived the geopolitical turmoil like Brexit and the US-China trade war have considerably affected the price of bitcoin. The bitcoin price slid below $8k mark before it recovered its losses.
The Brexit deal that Prime Minister Boris Johnson struck with the EU is not secure yet. Considered worse than Mrs Theresa May’s withdrawal agreement, Mr Johnson’s “great new deal” was not supported by its crucial ally, the Democratic Unionist Party (DUP) and rejected by the opposition parties. Not surprisingly, the British pound was quick to give back most of the sharp gains from the deal’s announcement but has bounced again after EU leaders ratified the deal.
Although Bitcoin price has been shifting hands at $8,070 by recovering its recent losses, the Brexit deal still has to obtain the approval from both the parliaments.
Amid the above geopolitical development, we have noted the gradual maturing of the cryptocurrency space as the influence of institutional investors has grown in the aftermath of the listing of bitcoin futures since Dec 2017. Indeed, a few months ago we noted that the true level of institutional participation was likely greater than widely used trading volume figures implied, as a number of sources suggested that only around 5% of reported trading volume aggregated across cryptocurrency exchanges was genuine.
While the daily traded volume of Binance futures currently stood at $499million USD, representing 39% plummeting from the ATH volumes.