Is Bitcoin Dropping Over “No-Deal” Brexit?

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Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Is there a clear correlation between stock markets and Bitcoin still? Is the best known cryptocurrency rejecting to take the $20k hurdle once again because of Brexit fears? Such is the analysis of many charters that are watching Satoshi Nakamoto’s cryptocoin drop back down to the $18k region in the past 24 hours. Although some in the cryptosphere are welcoming choppy trading again, analysts warn that a continued rejection of $20k could spell out further falls.

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No Deal Brexit

According to marketwatchers, European stock markets are fearful of a possible No-Deal Brexit between the European Union and the UK, who have only 3 weeks left to make such a deal now.

As the UK started vaccinating their population and optimism returns to replace gloom in the land of the English, Scottish and Welsh, Prime Minister Boris Johnson seems to think that a gamble on a good Brexit deal is worth taking the risk. He will come to Brussels for a last minute negotiation with Ursula Von Der Leyen, the EU Commission President in the next few days. Until that happens, anything is possible.

Because of this, the Euro could lose steam against the US Dollar which also impacts the price of Bitcoin.

Experts claim that any absence of a Brexit deal would be costly for the remaining EU member states who have seen their currency riding high on the stimulus deal over the summer.

Meanwhile a sudden shift in stock market sentiment could indeed be bad news for the cryptosphere. The notable price rise of Bitcoin in the past three months was accompanied by huge wins for the classic stock markets and thus correlation could indeed be in the cards.

The next few days will show whether or not this assumption is correct.