In the event of a no-deal Brexit,the UK cryptocurrency industry will likely be affected. There is very little guidance from theFinancial Conduct Authority (FCA) regarding how it might affect thecrypto-based services in the UK. Thereis not enough clarity in this area.

In the long-term, a no-dealBrexit is expected to be positive for the UK cryptocurrency industry. This is because it facilitates for the UK tocreate its regulatory systems without any kind of interference from the EU, whoare less friendly to the cryptocurrency industry when compared to the UK.

There will be minimal impact onthe EU customers who have been using the British-based exchange or walletservices and vice versa.

Most exchange deposits withinEurope take place through the SEPA bank payments for British and EUcustomers.

The no-deal Brexit will see thePound weaken further versus the Euro. The people might most likely begin looking for a haven beyond the fiat.

In response to the Brexit,Bitcoin, Gold, and the Pound reacted in different ways. On the night of the vote, the Pound touchedupon a high of $1.5. The price of thegold went up by 7% versus the USD.

It was already well known thatthe Brexit will affect British life in most ways. There is not enough proof of whether theBitcoin will serve as a hedge in the developed markets. The confidence in the Pound will be shaken bythe no-deal Brexit.

Glen Goodman, stated, "Thisdoesn't mean nobody will want to invest in the UK anymore, but it does meanthat investors will be looking to hedge their sterling risk with non-correlatedassets such as Bitcoin because it's an asset that doesn't depend on the futureof the British economy."

Markets do not like uncertainty. The fortunes of economies and nationalgovernments are related to the faith people have on the fiat currencies. If different national currencies are going tofall in value, then investors will find alternatives like the Bitcoin to appeareven attractive. The guarantee of thefixed supply of Bitcoin will seem impressive when compared to the national andincontinent printing of fiat currency.

Glen Goodman further stated,"The cancellation of Brexit altogether would probably cause the Pound torise significantly. All of these moves in the Pound would, of course, have anegative impact on BTC/GBP."

Almost all the cryptocurrencies were depressed in price trends over the weekend session.