Bitcoin-Sterling Volumes Spike To Record High As British Currency Hits Historic Lows
NDTV
Trading volumes between the British pound and thecryptocurrency bitcoin spiked to a record high after sterling dropped on Monday.
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 pound fell to a record low against the dollar on Monday, having plunged the previous Friday after the UK government announced unfunded tax cuts.
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.
The surge was likely due to traders swapping sterling for bitcoin, said James Butterfill, head of research at crypto firm CoinShares.
