- The volume of trading bitcoins in exchange for pounds had skyrocketed.
- Fall of the sterling resulted in a sudden hike in the bitcoin’s trading volume.
- People buy bitcoins in exchange for the euro as there was a decline in its price against the US dollar.
The trading volumes between the British pound ( GBPUSD=X) and bitcoins (BTC-USD) had shot up rapidly this week, as the Sterling wobbled on Tuesday, prompting the investors to exchange pounds for bitcoins.
According to the data provided by Messari, the leading provider of market intelligence products, the trading volume between GBPUSD and BTC had skyrocketed.
Interestingly, the volume of trading bitcoins in exchange for both the pound and the euro found a sudden hike as there was a major decline in both the currencies’ values against US dollars.
During the last week, the United Kingdom government announced unfunded tax cuts, resulting in a low record of pounds against dollars. The people in the country are trying hard to protect their savings by transforming them into bitcoins as sterling fell 0.8% to $1.08 and the euro declined 0.6% to $0.98.
According to a recent analysis, it is identified that the crypto-fiat trading volume was at an all-time high of $881 million on September 26. Monday’s trade volume was over 1,100 %higher than usual and the average daily trade is almost $70 million.
The digital asset investment strategist, Gabor Gurbacs warned that “because of the instability of the pound, the United Kingdom will get orange-pilled very rapidly”.
Similarly, when the volume against the euro increased by 85 percent in the last month, the volume for USD/BTC increased by 67 percent. With the high trading volume, bitcoin shows positive growth, with a value of $19.554, which constitutes a 5.7% growth in the last 7 days:
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