The latest developments coming in for Bitcoin (BTC) suggest that its value has experienced a significant push versus the British sterling. The value of Bitcoin has recorded a significant push against the value of the GBP.
The reason is the GBP
It is worth noting that Bitcoin did not have much involvement in experiencing a surge in its value versus the GBP. Instead, it is the GBP that has helped push the price of Bitcoin higher against its market value.
The forex data shows that the value of the GBP has experienced a dip in the global market. The price of the GBP started to experience a dip starting from the Tuesday trading session.
As the value of the GBP went down, the investors were too quick to react to the market trend and went for Bitcoin. They wanted to gain from the opportunity and the GBP’s plunging value was the major catalyst behind that.
As the investors increased their investments in Bitcoin, its value started to gain weight versus the GBP.
GBP Dipped Versus the USD
The British sterling even experienced a dip in its value versus the United States dollar (USD). The data has been shared by a research platform known as Kaiko.
The dip was experienced in the value of the GBP as unfunded tax cuts were announced by the government of the United Kingdom.
Bitcoin/GBP Trading Volume has spiked
As a result of the GBP’s falling price in the global market, investors flocked to invest in the BTC/GBP pair. This caused the trading volume of the particular pair to experience a sudden push in the upward direction.
Despite the crypto winter, the investors have trust in the future growth of Bitcoin. This perception came to life as the value of the GBP faltered against the BTC.
According to many cryptocurrency experts, they saw a huge spike in the trading volume of the BTC/GBP pair on multiple cryptocurrencies.
On September 26, the trading volume for the particular pair reached an all-time high of $881 million. According to statistics, the trading volume recorded for the BTC/GBP was 1,100% stronger than the usual trading volume.
On a normal trading day, the trading volume recorded for the same pair would be $70 million.
EUR Investors are reacting the same
Surprisingly, it is not just the GBP investors who are turning to Bitcoin to generate gains but the EUR investors are going for the same.
The data shows that in the past month, the trading volume for the EUR and the BTC pair recorded an 85% surge. The USD and the BTC pair also witnessed a 67% surge in the trading volume in the same period.
This is a strong indication that the investors are finding Bitcoin and altcoins to be the perfect hedge and gaining opportunity amidst the faltering fiat economy.