Brexit has been delayed until Halloween 2019, with the EU and cryptocurrency markets responding strongly to the news.
For those not following the Brexit situation, the United Kingdom voted in a monumental referendum in 2016 to leave the European Union. While the process has spanned the course of years, the last several weeks have been critical in shaping the nature of the U.K.’s exit. In March, despite months of analysts saying otherwise, the U.K. appeared headed towards a No-Deal Brexit, which would have created for an abrupt transition.
The end result of a No-Deal Brexit, which held ramifications for cryptocurrency, was an immediate cease trade and interaction between the U.K. and the European Union, with no negotiations in place on how their relationship would be handled moving forward. Such a situation would have led to inflation for the Pound and a general drop in confidence for both U.K. and E.U. currencies, likely leading to a drop in the Euro as well.
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