HomeEconomyBitcoin volume surges to record high as UK currency struggles Economy Bitcoin volume surges to record high as UK currency struggles By farahat September 28, 2022 0 98 views Share FacebookTwitterPinterestWhatsApp BTC /USD +2.% added to watchlist /Remove from watchlist Add to watchlist Add Location Position Added successfully: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:11: 1: 1: 1: 10 1: 10 1: 521: 26 1: 200 Committee: 1057391 940 CREATE NEW WATCH LIST CREATE 8462022 500 940 create a new holding portfolio add create940940 + Add another position to close Elizabeth Howcroft LONDON (Reuters) – Trading volumes between the British pound and the cryptocurrency bitcoin surged to record highs, according to market data firm Kaiko Research. Sterling fell on Monday on data that analysts said could be a rush by investors to sell the pound to buy digital assets or profit from arbitrage. Sterling fell to an all-time low against the dollar on Monday, following a sharp drop on Friday after the UK government announced no-funds for tax cuts. Bitcoin-GBP trading volume on eight major global exchanges soars to record million pounds ($26 million), according to Kaiko Research, while the average is around .£1 million so far 26 . James Butterfill, head of research at cryptocurrency firm CoinShares, said the surge could be due to traders swapping pounds for bitcoin currency. “There is a high correlation with Bitcoin volume growth and political/currency instability,” he said. Butterfill said that there had been previous spikes in crypto trading volumes in other currencies, such as the Russian ruble and the Ukrainian hryvnia, but he has since I have never seen such a volatile Bitcoin versus GBP trading volume. Kaiko Research Analyst Conor Ryder says the data shows the cryptocurrency market is reacting to volatility in fiat currencies . When the pound crashed in September , “Opportunistic investors flock to cryptocurrency exchanges offering BTC-GBP in an attempt to trade Bitcoin over any major fiat currency mispricing to profit from arbitrage,” he said in emailed comments. Crypto exchange Bitfinex said there was a “significant spike” in trading volume and activity for bitcoin against the British pound on Monday, Bitfinex analyst Calling it “highlights the apparent vulnerability of the largest cryptocurrencies to benefit from fiat currencies.” To be sure, the volatility of cryptocurrencies Great, so far the price of bitcoin is at 400, as rising interest rates prompt investors to abandon risky investment assets. Bitcoin fell relative to the US dollar % The pound has fallen so far this year % . 200 Bitcoin trades around $,25 Wednesday and ,26 against GBP. The cryptocurrency hit a two-week high against the pound on Tuesday. ($1=0.100 GBP) 100 Share FacebookTwitterPinterestWhatsApp Previous articleFed's Evans: Market volatility will limitNext articleIMF agrees to provide $293 million in financing for Barbados, first deal under new trust fund farahat RELATED ARTICLES Economy SNB chief hints at rate hikes to tackle inflation June 10, 2023 Economy Musk says Twitter will pay verified creators to respond to ads June 10, 2023 Economy U.S. House Republicans unveil sweeping tax cut package June 9, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. USA Trends Messi-mad Indian mom driving to Qatar to see hero in his final World Cup December 7, 2022 Drew Brees fakes lightning strike in promotional stunt for online sportsbook December 3, 2022 Who could be speaker, if not Kevin McCarthy December 3, 2022 3 bold Utah football predictions for Pac-12 Championship vs. USC December 3, 2022 Load more LAST NEWS Cardano (ADA) Faces Obstacles In Reaching Key Level In June – Here’s Why June 10, 2023 Udon releases Persona 5: Comic à la Carte Anthology Manga June 10, 2023 Domínguez goes further, hits regular-season career high in RBI June 10, 2023 SNB chief hints at rate hikes to tackle inflation June 10, 2023 Load more Featured NEWS Manga artist challenges champion boxer Naoya Inoue December 15, 2022 SoftBank-backed OakNorth leans towards U.S. IPO in overseas push March 8, 2023 Love for 'Marcel the Shell With Shoes On' Makes Jenny Slate 'Very Emotional' February 13, 2023 How to watch Reka Luca Jani vs Nuria Brancaccio at WTA Women's Singles in Bucharest, Romania 2022 September 12, 2022 Load more
