Re: Against the British pound, Bitcoin trade volume shoots up!!
⭐ Merited by Lucius (1)
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.