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UK Investors Turn To Bitcoin As Pound Sterling Plummets

The trading volume for the Bitcoin and British Pound pair rose over 1400% after the Pound hit a record low against the U.S. Dollar earlier this week.
Bitcoin
Dot
October 1, 2022
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

in
TABLE OF CONTENTS
Liz Truss; Photo Source: Al Jazeera

The trading volume between Bitcoin and British Pound rose over 1400% after the Pound hit a record low against the U.S. Dollar earlier this week.

James Butterfill, Head of Research at CoinShares, revealed that the trading volume for the pair surged from $70M to $881M. 

Butterfill claimed:

“There is a high correlation to bitcoin volume growth and political/monetary instability.”

He added that the increased trading volumes indicate more investors are seeking safety in Bitcoin. 

This is in line with the trend of investors flocking to Bitcoin after their currency faces economic turmoil. Citizens of Turkey and Argentina have started adopting Bitcoin due to the nations' high inflation rates.

Data from Messari showed similar trends for the BTC/EUR pair. This means EU-based investors are also aggressively purchasing Bitcoin.

The rise in Bitcoin adoption across the UK corresponds to the rapid fall in the value of the Pound Sterling after the government announced its unfunded tax cuts. The instability in the financial market prompted BoE to purchase unlimited gilt bonds until October 14.

‍

Market Analysis
Currency Market
Pound Sterling
BoE
James Butterfill
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Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.

NewsBestReviewsLearnAdvertise
Bitcoin
October 1, 2022

UK Investors Turn To Bitcoin As Pound Sterling Plummets

HomeBitcoin
Blog Post
Contents
Liz Truss; Photo Source: Al Jazeera

The trading volume between Bitcoin and British Pound rose over 1400% after the Pound hit a record low against the U.S. Dollar earlier this week.

James Butterfill, Head of Research at CoinShares, revealed that the trading volume for the pair surged from $70M to $881M. 

Butterfill claimed:

“There is a high correlation to bitcoin volume growth and political/monetary instability.”

He added that the increased trading volumes indicate more investors are seeking safety in Bitcoin. 

This is in line with the trend of investors flocking to Bitcoin after their currency faces economic turmoil. Citizens of Turkey and Argentina have started adopting Bitcoin due to the nations' high inflation rates.

Data from Messari showed similar trends for the BTC/EUR pair. This means EU-based investors are also aggressively purchasing Bitcoin.

The rise in Bitcoin adoption across the UK corresponds to the rapid fall in the value of the Pound Sterling after the government announced its unfunded tax cuts. The instability in the financial market prompted BoE to purchase unlimited gilt bonds until October 14.

‍

Market Analysis
Currency Market
Pound Sterling
BoE
James Butterfill
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

in

The trading volume between Bitcoin and British Pound rose over 1400% after the Pound hit a record low against the U.S. Dollar earlier this week.

James Butterfill, Head of Research at CoinShares, revealed that the trading volume for the pair surged from $70M to $881M. 

Butterfill claimed:

“There is a high correlation to bitcoin volume growth and political/monetary instability.”

He added that the increased trading volumes indicate more investors are seeking safety in Bitcoin. 

This is in line with the trend of investors flocking to Bitcoin after their currency faces economic turmoil. Citizens of Turkey and Argentina have started adopting Bitcoin due to the nations' high inflation rates.

Data from Messari showed similar trends for the BTC/EUR pair. This means EU-based investors are also aggressively purchasing Bitcoin.

The rise in Bitcoin adoption across the UK corresponds to the rapid fall in the value of the Pound Sterling after the government announced its unfunded tax cuts. The instability in the financial market prompted BoE to purchase unlimited gilt bonds until October 14.

‍

Written by
Ayush Pande
Market Analysis
Currency Market
Pound Sterling
BoE
James Butterfill

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The trusted provider of rates and financial information
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Join readers from Coinbase, a16z, Binance, Uniswap, Sequoia and more for the latest staking rewards, tips, insights and news.
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© 2024 Bitcompare
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Bitcompare.net is a trading name of Tokentalk Ltd. Registered in England No. 11332964. Registered Office: Unit 3 Mitcham Industrial Estate, 85 Streatham Road, Mitcham, United Kingdom, CR4 2AP.

Advertiser disclosure: Bitcompare is a comparison engine that relies on advertising for funding. The business opportunities that can be found on this site are offered by companies with which Bitcompare has made deals. This relationship may affect the way and where products appear on the site, such as in what order they are listed in categories. Information about products may also be placed based on other factors, such as the ranking algorithms on our website. Bitcompare does not look at or list all companies or products on the market.
‍
Editorial disclosure: The editorial content on Bitcompare is not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. The opinions expressed here are the author’s alone. Additionally, the opinions expressed by the commenters do not necessarily reflect those of Bitcompare or its staff. When you leave a comment on this site, it will not show up until a Bitcompare administrator approves it.

Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.