On the evening of August 28th, Beijing time, Queen Elizabeth II approved the request of Prime Minister Johnson to suspend the parliament until the 14th of October. This means that lawmakers may not have time to pass the law to prevent the United Kingdom from "Brokesing" in a "no agreement" way. The possibility of a "hard Brexit" in the UK has increased sharply. The pound plunged and fell back to 1.219 against the US dollar. Back to 8.73.
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The cryptocurrency market has also fallen almost simultaneously. Bitcoin has been stuck for a multi-day $10,000 mark. Bitcoin has fallen nearly $600 in 30 minutes, with the biggest drop of more than $800 and the lowest of $9,500. At the time of writing, Bitcoin was quoted at $9712.7, a drop of 4.36% for 24 hours. Other mainstream currencies have also fallen (except for the stable USDT), ETH fell more than 6%, and the three major exchanges (Cuan, OKEx and Fireco Pro) saw the largest declines, both exceeding 10%. The stable currency USDT, which is the entrance to the cryptocurrency market, continues to show the opposite market. The premium is over 0.93%, and the OTC market price is generally above 7.2 US dollars.
According to market analysis, there was no significant bad news inside the market before the collective failure. One of the possible changes to Bitcoin is the Brexit change. However, according to past history, the bitcoin market has seen a big rise when the risk of Brexit rises. This time, the Queen of England approved the suspension of the parliament, causing the risk of “hard Brexit” to rise. According to the analysis, Bitcoin should rise, but this is not the case.
The risk of Brexit is lowered, and Bitcoin has fallen sharply . On June 23, 2016, the poll showed that the support rate of the “Leaving Europe” camp was leading. The fear of the risk of “Brexit” in the UK dropped sharply. The price of Bitcoin in the past six days. It has plunged nearly 24% from the two-and-a-half-year high of last week.
The risk of Brexit rose sharply, and bitcoin rose sharply – at 2 pm on June 24, 2016, the results of the Brexit referendum were announced. Unexpectedly, more than half of the people supported the departure from the EU. British Prime Minister David Cameron also announced his resignation. Initiate a chain reaction. Affected by this news, Bitcoin prices rose by nearly 20% on the day.
The risk of hard Brexit is lowered, and Bitcoin has fallen sharply . On April 10, 2019, the EU held an emergency summit to discuss the postponement of Brexit. The EU leaders agreed to extend the final date of Brexit to October 31. The cryptocurrency market responded immediately – Bitcoin fell 5% and the mainstream currencies were baptized.
The risk of hard Brexit has risen sharply, but Bitcoin has fallen sharply? – On August 28, 2019, Queen Elizabeth II of England approved it, paving the way for "hard Brexit", and the mainstream cryptocurrency such as Bitcoin collapsed collectively.
The Brexit law has completely failed, and the view that the Brexit will be good for the cryptocurrency market will be questioned. The Bitcoin hedging function failed again. In fact, Bitcoin has failed many times in this year's hedging ability. In the middle of this month, when the US plunged, the bitcoin, which was regarded as a safe-haven asset, fell below the stock market and fell below $10,000, while the traditional safe-haven asset gold rose. Since then, it has caused discussion about the bitcoin risk avoidance ability. Although many Bitcoin supporters still believe that Bitcoin has the ability to hedge, the multiple failures of Bitcoin are also clear. With the increase of global economic instability, the traditional market turmoil caused by the Brexit, trade war and other issues, whether Bitcoin can undertake the hedging function, then it can only be proved by its own price.