Brexit chaos could be the cause of recent crypto price rallies
Perhaps cryptocurrency fans should thank Theresa May, the prime minister of the UK, for the recent bull run. It’s a good a reason as any, especially considering that no one has been able to figure out what caused it. Perhaps the uncertainty surround Brexit has a bigger role in crypto prices than most may have imagined.
The rationale is that Britons, like what has been seen in Argentina and Venezuela, are turning to crypto over the back-and-forth chaos on whether the UK is going to leave the European Union and, if it is, when it will take place. There have already been delays, with May receiving extremely mixed reactions for her management of the ordeal. Her involvement, according to many, has been one of the major forces behind the delays, which may have ultimately led to the market increases.
While it sounds good on the surface, it’s easy to determine that this isn’t the case. A look at crypto and British pound activity shows that the latest bull run was not spurred by massive UK crypto buying.
Another attempt at explaining the blowout came from an article found in Finance Magnates. The site had reported that the U.S. Securities and Exchange Commission (SEC) had approved two crypto exchange-traded funds (ETF) and, after the story was picked up by The Telegraph and Bloomberg, it’s plausible to think that crypto traders would have gone into a frenzy. However, the story was fake, written on April 1—April Fool’s Day—and there has been no correlation between the article and the bull run.
Even Binance CEO Changpeng Zhao can’t explain the climb. He reached out to his Twitter followers for an explanation, stating, “anyone know any news? I have been asked “a few” times, but honestly clueless.”
We may never know what caused the prices to jump as quickly as they did, but it has been a nice change of pace. Crypto volatility is still at the lowest it has been in 18 months and every nudge like what has been seen this week gives a boost to the crypto chatter, which will only help to increase awareness and, ultimately, adoption.
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