By Hidayat Sultanli
On Sep 12, 2020
Today the European Union and the UK reached a deal on Brexit. Analysts observed that the price of bitcoin moved in accordance with the pound sterling (GBP), as it gained 1.3% against the US dollar. Earlier, the price of the leading cryptocurrency had reached below $8,00 and stayed there.
Today marks a historic day as the European Union, and Britain reached a Brexit deal. Many experts and analysts had observed that political turmoil like Brexit and the US-China trade war had affected the price of bitcoin. The price of the bitcoin had earlier reached below $8,000 yesterday.
At the time of writing, BTC is changing hands at $8,070. The Brexit deal still has to get approval from both the parliaments. BBC reported that Labour leader Jeremy Corbyn said the deal sounded “even worse” than what was negotiated by the PM’s predecessor, Theresa May, and “should be rejected” by MPs.
However, European Commission President Jean-Claude Juncker said that it was a “fair and balanced agreement.” Several analysts have predicted a bear market in the short term. John Bolinger, a well-known analyst, warned the crypto community of a BTC bear trap. And a BitMex top trader, AngeloBTC predicted that BTC is likely going to touch $6,000 in the short term.