Do you think that someone has feared from 3%-15% fluctuations during one year. will bear to waste his money in cryptocurrencies with much more fluctuations? Knowing that Bitcoin, according to technical analysis, will not witness a crazy increase during the next year.
What I am trying to say is that people in such circumstances will resort to a reliable solution such as government lending, buying gold, real estate, cars, or investing in stocks even if they achieve losses.
Topic: Against the British pound, Bitcoin trade volume shoots up!! - page 2. (Read 344 times)
Now you might ask why price hasn't gone up. My explanation is that most of the world is not struggling with inflation alone, they are struggling with inflation + recession like in United States. In that situation, people don't have any money to invest because they are already struggling to pay the rent, buy groceries, pay the bills, etc. (on top of that we have a lot of state sponsored market manipulation but that's another topic).
Recession is starting to reach UK too but it is not yet as severe as the inflation.
Recession is starting to reach UK too but it is not yet as severe as the inflation.
I won't say that no one invests in Bitcoin because that wouldn't be true, but I completely agree with you that a very small percentage of people can afford any risky investments at the moment - and when it comes to Bitcoin, many assume that the big the bull run will not happen before the second half of 2024 after the halving anyway.
The price of BTC is the best indicator of supply and demand, and all these movements are mostly manipulations anyway, because those who have a lot of Bitcoin and fiat know how to make a fortune even if we are talking about a 5% price change.
That's the crazy part: even gold is dropping in value. All economic common sense seems to be gone, while the inflation is higher than ever. ~ I blame the BRRR, and somehow they all worry more about a possible recession than about the huge inflation.
And it keeps getting funnier.
China’s yuan falls to the lowest level against the dollar since 2008 as foreign currencies continue their sickening lurch
And who is the king of the hill, breaking every currency in its path and sending them to a decade if not centuries low?
The one doing the most BRR of all, the good old $!
Everything everywhere is getting hammered, no place to hide!
I heard this news yesterday. It's quite logical, faced with the possibility of the pound going bust or the UK government taking capital restraint measures, people buy what they can't confiscate. Although I would like to know what percentage of those who are buying Bitcoin are keeping their private keys. I'll bet something that there is a not small percentage who leave the Bitcoin in centralized entities.
Probably a tiny fraction, take for example the largest GBP/BTC volume pair, that's on bitfinex:
https://trading.bitfinex.com/t/BTC:GBP?type=exchange
You see the spike on the 26 and then, nothing, volume dropped from 42k BTC to 1.7k two days later, those are not poeple rushing to send they money to an exchange and buy coins to store, these are orders exploiting the news and momentum.
maybe more investors will put their money in bitcoin. because now some currencies have been depreciating in value. and the US Dollar has increased. but I don't think this is enough to make the bitcoin market bullish. besides bitcoin I also heard that interest in gold is increasing. although some time ago it turned out that gold was experiencing a decline. but they still make gold as the guardian of the value of their assets. and when Gold decreased it turned out that bitcoin actually went up. that means there is a transfer of funds in it. which originally many who bought gold then became less and moved to bitcoin. The pound sterling has suffered its worst decline in history. it's no wonder that many are looking for alternative ways to maintain asset values. While the US dollar continues to increase this week.
When inflation hits your economy, a lot of people look to invest their tanking fiat into something they can trust as a hedge against inflation.
That's the crazy part: even gold is dropping in value. All economic common sense seems to be gone, while the inflation is higher than ever. Inflation is like a tax, but it's less visible. It makes people think they get more money, while their purchasing power doesn't go up (or even goes down). I blame the BRRR, and somehow they all worry more about a possible recession than about the huge inflation. The entire fiat money system is build on eternal growth, which can't go on forever.The British policy seem to be even weirder with their new prime minister giving tax breaks to the rich.
And that's why I like Bitcoin: it may drop now because of the fear for less BRRR, but nothing else changed: it's still impossible to inflate Bitcoin like they do with fiat. Long-term, I have much more confidence in Bitcoin than any fiat money.
After the value of the British pound fell relative to the dollar and gas prices rose, cryptocurrency assets were used as an alternative investment asset by Britons. Those who have not yet entered the cryptocurrency business fear that they will face the danger of being left behind.
In the midst of the financial crisis the British public has turned various types of cryptocurrency coins into investment assets. Among buyers in the UK, Bitcoin is the most popular coin, followed by Ethereum, Dogecoin, Litecoin, and Chainlink.
The development of the cryptocurrency business is currently growing rapidly in the UK after the British government appointed Elizabeth Truss as prime minister. Following comments made by their Treasury Secretary before the UK Parliament that the government would make the country crypto technology friendly, the UK government signaled a quick push to embrace cryptocurrencies.
In the midst of the financial crisis the British public has turned various types of cryptocurrency coins into investment assets. Among buyers in the UK, Bitcoin is the most popular coin, followed by Ethereum, Dogecoin, Litecoin, and Chainlink.
The development of the cryptocurrency business is currently growing rapidly in the UK after the British government appointed Elizabeth Truss as prime minister. Following comments made by their Treasury Secretary before the UK Parliament that the government would make the country crypto technology friendly, the UK government signaled a quick push to embrace cryptocurrencies.
With inflation hitting the UK and causing financial unrest, some experts look to Bitcoin as they feel it could make a positive impact on their some what unstable economy..
I predicted such behavior more than 6 months ago. When inflation hits your economy, a lot of people look to invest their tanking fiat into something they can trust as a hedge against inflation.Now you might ask why price hasn't gone up. My explanation is that most of the world is not struggling with inflation alone, they are struggling with inflation + recession like in United States. In that situation, people don't have any money to invest because they are already struggling to pay the rent, buy groceries, pay the bills, etc. (on top of that we have a lot of state sponsored market manipulation but that's another topic).
Recession is starting to reach UK too but it is not yet as severe as the inflation.
In my experience when fiat is dumping people will look for a way to keep their purchase power or at least part of it. That is achieved by investment. I believe bitcoin has become a viable investment for many because of its deflationary nature and the fact that it has been performing excellently all these years.
Just a quick note for the people that might think that this is automatically bullish: an increase in trading volume with the trading pair doesn't necessarily mean that a lot of people are buying. Trading volume accounts for both buys and sells!
I heard this news yesterday. It's quite logical, faced with the possibility of the pound going bust or the UK government taking capital restraint measures, people buy what they can't confiscate. Although I would like to know what percentage of those who are buying Bitcoin are keeping their private keys. I'll bet something that there is a not small percentage who leave the Bitcoin in centralized entities.
She will be thinking of a plan to re-strengthen the pound somehow, the UK government is not even going to remotely consider giving Bitcoin legal tender status if that's what you mean, because they can't control it.
It looks like she's gotten sidelined from her first view on crypto currencies now. Is there a plan to resuscitate the pound or will be Bitcoin be later considered?
She will be thinking of a plan to re-strengthen the pound somehow, the UK government is not even going to remotely consider giving Bitcoin legal tender status if that's what you mean, because they can't control it.
With inflation hitting the UK and causing financial unrest, some experts look to Bitcoin as they feel it could make a positive impact on their some what unstable economy..
According to data shared by James Butterfill, head of digital assets at Coinshares, shows that trade volume with Bitcoin as against the British pound climbed to a high of $881m as of Monday, 26th Sept.!
Meanwhile, the average trade volume between BTC/GBP on a daily is about $70m, invariably meaning an increase compared to the standard of 1,160%.
With the rate at which the GBP tends to experience volatility, it would only be wise to look at other means. Like becoming a Bitcoin hub for instance, since adopting it will seem a bit of a stretch, Gabor Gubarcs tweet summarized.
Furthermore, this decline in finance in the UK seemed to have become noticed since the introduction of Prime Minister, Liz Truss' fiscal policies, an analysis proved.
Liz Truss' tweet
It looks like she's gotten sidelined from her first view on crypto currencies now. Is there a plan to resuscitate the pound or will be Bitcoin be later considered?
https://www.benzinga.com/markets/cryptocurrency/22/09/29070563/btcgbp-volumes-skyrocket-over-1-100-as-the-pound-continues-its-freefall
According to data shared by James Butterfill, head of digital assets at Coinshares, shows that trade volume with Bitcoin as against the British pound climbed to a high of $881m as of Monday, 26th Sept.!
Meanwhile, the average trade volume between BTC/GBP on a daily is about $70m, invariably meaning an increase compared to the standard of 1,160%.
With the rate at which the GBP tends to experience volatility, it would only be wise to look at other means. Like becoming a Bitcoin hub for instance, since adopting it will seem a bit of a stretch, Gabor Gubarcs tweet summarized.
Furthermore, this decline in finance in the UK seemed to have become noticed since the introduction of Prime Minister, Liz Truss' fiscal policies, an analysis proved.
Liz Truss' tweet
It looks like she's gotten sidelined from her first view on crypto currencies now. Is there a plan to resuscitate the pound or will be Bitcoin be later considered?
https://www.benzinga.com/markets/cryptocurrency/22/09/29070563/btcgbp-volumes-skyrocket-over-1-100-as-the-pound-continues-its-freefall
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