Bitcoin price spikes as world currencies tank on Brexit vote

The price of bitcoin is surging amid a sea of red in the global currency markets following the news of the United Kingdom leaving the European Union.

Thursday was a tumultuous day for the popular digital currency, dropping to a low $589.80 amid rumors that UK will vote to stay or “Bremain.” But all the things that happened on Thursday was already a distant memory for bitcoin, which saw its value rise once again on Friday—this time reaching $659.50 with 15.69 million bitcoins in circulation.

Bitcoin has experienced a bit of volatility recently due to several factors, including the increased buying interest from China over fears of the Chinese yuan devaluation—which supported the price swell—as well as the temporary outages suffered by digital currency exchange BitFinex due to “networking issues” in the company’s data center, which, in turn, contributed to the plunge in bitcoin price early this week.

The events on Thursday, however, rocked the cryptocurrency sector. But that was nothing compared to the global currency markets.