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Market News Bitcoin-sterling volumes spike to record high as British currency flounders

Bitcoin-sterling volumes spike to record high as British currency flounders

After sterling fell on Monday, trading volumes between the British pound and the cryptocurrency bitcoin surged to a new high.

Jimmy Khan
2022-09-29
385

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According to market data provider Kaiko Research, trading volumes between the British pound and the cryptocurrency bitcoin surged to a record high after sterling fell on Monday, which analysts said was likely a result of a rush by investors to sell their sterling for the digital asset or profit from arbitrage.


After plummeting the previous Friday in response to the UK government's announcement of unfunded tax cuts, the pound dropped to a record low versus the dollar on Monday.


According to Kaiko Research, the amount of transactions in the bitcoin/sterling trading pair jumped to a new high of 846 million pounds ($920 million) on Monday, up from an average of around 54.1 million pounds per day thus far in 2022.


According to James Butterfill, director of research at cryptocurrency company CoinShares, the increase was probably caused by traders exchanging pound for bitcoin.


He said that there was a strong connection between rising bitcoin volume and monetary/political instability.


Butterfill stated that while other currencies' crypto trading volumes, such as the Russian ruble and the Ukrainian hryvnia, had witnessed increases in the past, he had never seen such significant changes in the volume of the bitcoin-sterling pair.


Data, according to Kaiko research researcher Conor Ryder, reveals that cryptocurrency markets responded to the volatility in fiat currencies. He said in email comments that after the pound fell on September 26, "opportunistic investors raced to crypto exchanges providing BTC-GBP to attempt to benefit through arbitrage from any mispricing of bitcoin across the main fiat currencies."


Bitcoin exchange The volume and trading activity for the bitcoin-sterling pair "significantly increased" on Monday, according to Bitfinex, which, in the words of its experts, "underlined the potential of the largest cryptocurrency to gain from an apparent fragility in fiat currencies."


Cryptocurrencies are undoubtedly very volatile, and the price of bitcoin has dropped significantly thus far in 2022 as investors fled riskier investments due to increasing interest rates.


Bitcoin has lost over 58% of its value this year when compared to the dollar, while the British pound has lost 20%.


On Wednesday, the price of bitcoin was around $19,515 and it was trading at 17,940 against the British pound. Tuesday saw the cryptocurrency reach a two-week high versus the British pound.

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