There are many factors that could drive the price of bitcoin up. Demonetization, a political upheaval, economic turmoil and even the slightest uncertainty in the global markets may cause the price of the popular digital currency to soar.

For instance, news of Donald Trump’s U.S. presidential election victory triggered volatility in the markets in November, which, in turn, sent the price of bitcoin soaring above the $700 level. Several weeks before that, it was the Chinese yuan devaluation that caused the digital currency to settle comfortably in the $650 price range.

Now, another event could send bitcoin crashing through the $800 ceiling.

Italian Prime Minister Matteo Renzi was forced to concede defeat after voters voted “No” to the country’s referendum on constitutional reform, which aims to overhaul the government’s parliamentary system.