Bitcoin price drops below $600 as Brexit hopes falter

London Updated: Jun 23, 2016, 09:13 AM(IST)

Bitcoin plunged for a fifth day as concern that Britain will vote to leave the European Union waned. Photograph:( WION )

Bitcoin slid 6.1 per cent to US$573.84 on Thursday, data compiled by Bloomberg showed, just a week after the digital currency had hit a two-year high on June 18. The price has lost about 25 per cent in the five-day period.

Sources suggest that the decline is a response to the increasing prospects of Britain voting to stay in the European Union, an outcome that could be made official as soon as late Thursday night in US, and Friday morning in the United Kingdom, a report by The Business Times said. 

Confidence in digital currencies has diminished since the news of a hack suffered by another cryptocurrency spread on June 18.  According to Coindesk, a news site specialising in bitcoins and digital currencies, The Decentralised Autonomous Organisation, a cryptocurrency-backed venture capital fund, was hacked last week.



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