Bitcoin/Euro Soar as Greek Crisis Erupts

The price of Bitcoin denominated in US dollars rose significantly during trading on Monday (June 29). The imminent Greek default pushed up the price of Bitcoin denominated in euros , and the price of Bitcoin denominated in US dollars also rose simultaneously.

The quotes released by BITSTAMP show that Bitcoin/USD (XBT/USD) opened at 247 at the beginning of the week, and then rose all the way to around 251. The upward trend during the day is obvious, and it is currently trading below 250.

The quotes released by ITBIT showed that Bitcoin/Euro (XBT/EUR) opened at 221.50 at the beginning of the week, then quickly rose to 226, and then fluctuated around 225.50.

Bitcoin/EUR rose significantly faster than Bitcoin/USD at the beginning of the week. The collapse of EUR/USD at the beginning of the week played a big role in this.

Unexpected news came out of Greece over the weekend, which caused the country's debt problem to deteriorate rapidly. Greece announced that it would hold a referendum on the agreement on July 5, and capital controls would be implemented from this week, with Greek citizens only able to withdraw 60 euros from banks every day.

The EUR/USD pair opened lower at the beginning of the session and plunged 200 points to 1.0950, which directly led to a sharp rise in the price of Bitcoin/EUR.

"If you put a gun to my head and asked me to predict the probability that Greece will be forced to leave the euro zone in the next few weeks, my answer would be 85%," El-Erian, chief economic adviser of Allianz Group, said in an interview with foreign media on Monday (June 29).

Two major pieces of information can be drawn from his speech: 1. Greece does have a very high probability of leaving the EU; 2. There is still a high degree of uncertainty in the future market development, so there is nothing to speculate.

(Bitcoin/USD intraday chart)