The pound sterling is experiencing heavy turbulence. The dollar is eating it all. Bitcoin is in a deep slumber. What a time to be alive! Things are moving and shaking in the finance world and the general population can’t do much but watch the show. And place their bets. British people recently saw the pound sterling and the euro sink to all-time lows against the dollar. A percentage of the population reacted by acquiring bitcoin, the charts show.
Another important factor is that the pound sterling’s “volatility last week was highly unusual, creating opportunities and price discrepancies.” The currency crisis created potential possibilities, and British traders seem to have taken advantage of them. As a reminder, the pound sterling saw “a feisty week in the UK pending proposed and later abandoned tax cuts.” This is all according to Arcane Research’s The Weekly Update.
In Bitcoinist’s first report on the situation, our sister site said:
“The UK’s interest in Bitcoin (BTC) will expand “quite quickly” as fiat currency instability makes the flagship digital currency asset resemble a stablecoin, analysts said.
As one of several this week to highlight BTC’s attractiveness over the pound sterling, strategy adviser at financial firm VanEck Gabor Gurbacs came to that decision.
“Because of the instability of the pound,” Gurbacs warned, “the United Kingdom will get orange-pilled very rapidly.”
The last factor to analyze is this one, “most of the growth was concentrated in spiking volumes on Bitfinex.” Why was that? Keep reading to find out.
By The Numbers: The Pound Sterling ’s Busy Week
The headline is this one: the BTCGBP trading volume’s 7-day average reached an all-time high this week. Also, surprising no one, “similar tendencies occurred in ETHGBP.” How high was the all-time high, though? Back to The Weekly Update, “BTCGBP pairs saw trading volumes climbing above 47,000 BTC last Monday, after having experienced growth throughout the latter parts of September.”
BTCGBP Trading Volume (7d Moving Average) Charts by TradingView and The Weekly Update
Tags: arbitrage opportunitiesarcane researchbitfinexBritish PoundBTC as a store of valueBTC gaining groundbtcgbpBTCGBP pairdollarETHGBPIncentivesPound Sterlingprolonged structural mispricingrubleRussian rublethe UKthe United KingdomThe Weekly UpdateUS Dollar
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