Bitcoin jumps to $680 as Brexit vote upends stocks

Bitcoin prices have rebounded from a massive selloff earlier in the week as investors sought succor in digital currencies after global stocks plunged in the wake of the U.K.’s vote to leave the European Union.

The price of a single coin gained more than $100, rising from its Thursday low of $558 to a high of $679 Friday morning, according to cryptocurrency market data provider CryptoCompare.

Read: Brexit shocker torpedoes U.S. stocks

Volatile bitcoin prices once kept many investors at bay. But in recent months, more of them have come to view the digital currency as a haven during bouts of instability in global markets, said CryptoCompare CEO Charles Hayter. So far this year, bitcoin has traded in tandem with gold, one of the most popular haven assets.


Gold

GCQ6, +4.50%

 surged more than 4% Friday, catapulting past $1,300 to its highest level in more than two years.

Read: This bitcoin challenger is up 1,100% this year — but is it ready for prime time?

Bitcoin has rallied sharply this year. The price of a single coin peaked at $783 on June 17.


Read: Bitcoin prices plummet after technical glitches spook investors

Technical glitches forced Bitfinex, the largest U.S.-based cryptocurrency exchange, to temporarily suspend trading earlier this week, which sparked a selloff, according to Hayter and several other cryptocurrency watchers.

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