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    QONEQT in Bitcoin

    29-Sep-2022 05:47 AM


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    Bitcoin-Sterling Volumes Spike To Record High As British Currency Hits Historic Lows

    Bitcoin-sterling volumes spike to record high as British currency flounders Trading volumes between the British pound and the cryptocurrency bitcoin spiked to a record high after sterling dropped on Monday, according to market data firm Kaiko Research, in what analysts said was likely a rush by investors to dump their sterling for the digital asset or profit from arbitrage.

    The volume of transactions in the bitcoin-sterling trading pair across eight major exchanges globally spiked to a record high of 846 million pounds ($920 million) on Monday, according to Kaiko Research, compared with an average of around 54.1 million pounds a day so far in 2022.
    "There is a high correlation to bitcoin volume growth and political/monetary instability," he said.

    Crypto exchange Bitfinex said it saw a "significant spike" in volume and trading activity for the bitcoin-sterling pair on Monday, which Bitfinex analysts said "underlined the potential of the biggest cryptocurrency to benefit from an apparent fragility in fiat currencies."

    Bitcoin was trading around $19,515 on Wednesday and at 17,940 versus the British pound.

    The cryptocurrency hit a two-week high against the British pound on Tuesday.
    Source: NDTV
    #Bitcoin