Bitcoin spikes as yuan hits five-and-a-half year low on Brexit

The price of global cryptocurrency bitcoin spiked on Friday as the yuan dipped after Britain voted to leave the European Union.

Bitcoin moves are often counter-linked to the yuan because the majority of trade in the cryptocurrency comes from China. The yuan hit a five-and-a-half-year low on Friday, while the price of bitcoin jumped around 8.7 percent from the day's opening price, hitting highs of around $680.19, according to Coindesk which tracks the price of the cryptocurrency.

"We are seeing trading volumes almost $100 million traded in the past 24 hours, it's two or three times compared to a slow day," Bobbly Lee, chief executive of BTCC, one of the largest bitcoin exchanges in the world based in China, told CNBC by phone on Friday.

The value of bitcoin continues to be volatile. On Thursday, it plunged 25 percent since hitting a two-and-a-half year high on June 17 of $774.94. It is still not back at that level.

But it's important to note that Brexit is just one among several factors that have affected the bitcoin price in recent times. Sentiment was dampened when earlier this week, Hong Kong-based bitcoin exchange Bitfinex was closed for a few hours because of "networking issues" in the company's data center, it said on Twitter. The issues were fixed on the same day.

"The correction from a day or two ago had more to do with a technical correction that it did with Brexit," Lee said.