- The cryptocurrency market rises, while various fiat currencies fall.
- Investors from the United Kingdom and the European Union consider that the value of their currencies is collapsing.
- Bitcoin and Ethereum become the digital assets of choice for investors.
- Volume of Bitcoin and British pounds traded on exchanges hit a new high of $881 million
With the collapse of various fiat currencies in the world’s markets, cryptocurrencies seem to be having one of their best moments. This situation has led investors to put their interests in digital assets such as Bitcoin and Ethereum.
This drop has led investors from the United Kingdom and the European Union to start to sell their pounds (GBP) and euros (EUR) to buy Bitcoin in record numbers, according to data and charts published by the cryptocurrency market intelligence platform. Messiri on September 29.
“As these UK and EU individuals see the value of their currency crash, they effectively sell the pound and euro for Bitcoin. If this were just a trade to capture volatility, we would have seen similar spikes in May 2021 and certainly March 2020.”
Messari said
The information in the graphs shows that the daily volume of Bitcoin purchased in euros has reached 50,000 this week, and that same figure is reflected in the purchases made by pounds sterling.
Ethereum, too
In a tweet published by Messari on September 30, he reported that investors are turning their eyes towards Ethereum. In the market, euros and pounds sterling have also been exchanged for Ethereum, although on a smaller scale than Bitcoin.
“Ethereum saw UK and EU individuals rotate their funds into ETH, but not to the same extent as Bitcoin. Ethereum volumes soared against the British pound, but these spikes were similar to many seen on uneventful trading days in late 2020 and early 2021.”
Messari said
As of September 26, the volume of Bitcoin and British pounds traded on exchanges reached a new high of $881 million, surpassing the previous record of nearly $70 million daily, according to Finbold.
Price Analysis
At the time of writing, Bitcoin is trading at $20,062 up 4.10% today. This may be because investors are opting for the “HOLD” strategy, which is hitting its five-year high despite market volatility.
Ethereum price is currently at $1,365, according to CoinMarketCap stats, up 2.90% from the previous day and 2.22% from the previous seven days, despite a decline in the number of new ETH addresses which may indicate a price correction in the near future.
