Bitcoin

UK political instability can weaken GBP, potentially strengthening USD and putting marginal pressure on risk assets including crypto. However, crypto markets are primarily driven by US macro (Fed policy, CPI) and on-chain dynamics; UK Labour infighting is a sideshow. The real story is that markets are pricing in recession fears, not UK politics.

UK Labour leader Keir Starmer warns that a leadership contest would cause chaos, amid reports of a potential challenge from Health Secretary Wes Streeting.