The value of bitcoin rose sharply today as sterling dipped in response to the UK's decision to leave the European Union.

The cryptocurrency's price against the dollar rose by more than $100 to its highest point in over two years.

At the time of writing, one bitcoin is worth $659 or £480 according to Coindesk's bitcoin price index, which averages the price of the currency across leading global bitcoin exchanges.

Independent financial consultant Anuj Khanna told WIRED the bitcoin surge was likely to be a "temporary phenomenon" as people with large amounts of liquid assets scramble to find a stable currency to divert their cash into.

Online money transfer service TransferWise suspended transactions using the pound yesterday to protect customers from market turbulence in the wake of the referendum.

There are currently over 15.5 million bitcoins in circulation which, at the current market valuation, are worth around £7.3 billion.

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