Trading volume between the British pound and cryptocurrencies hit an all-time high after the pound fell on Monday 26 September 2022.
According to market data firm Kaiko Research, analysts say investors tend to rush to dump their puddles into digital assets.
The pound fell to an all-time low against the dollar on Monday after falling on Friday after the British government announced cuts in unpaid taxes.
Bitcoin and pound trading volume on eight major exchanges worldwide hit an all-time high of around $920 million (Rs 13.9 billion) on Monday, up from an average of around $50 million per day.
James Butterville, head of research at cryptocurrency firm CoinShares, said the rally could be due to traders exchanging pounds for bitcoin.
Citing Channel News Asia on Friday, September 30, 2022, he said, “There is a significant correlation between Bitcoin trading volume growth and political and monetary instability.”
Butterfly previously said that while the volume of other cryptocurrencies such as the Russian ruble and Ukrainian hryvnia has surged, the volume of the Bitcoin pair against the pound has never seen such a big move.
Connor Ryder, research analyst at Kaiko, said the data shows that the cryptocurrency market is reacting to fluctuations in fiat currencies.
When the pound plunged on September 26, opportunistic investors flocked to cryptocurrency exchanges offering bitcoin pounds to profit through arbitrage due to mispricing of major fiat currencies.
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Previously, the price of Bitcoin and other cryptocurrencies was observed to witness mixed moves on Friday (30 September 2022). Some cryptocurrencies should be ready for repair after hardening the day before.
According to data from Coinmarketcap, as of the morning of Friday, September 30, 2022, Bitcoin (BTC), the cryptocurrency with the largest market cap, fell another 0.64% in 24 hours, but is still up 0.54% on a weekly basis.
The current price of Bitcoin is 19,472 USD per coin, or IDR 295.7 million (assuming IDR 15,212 per USD).
Ethereum (ETH) is also down again this morning. ETH is down 0.49% in 24 hours, but still up 0.65% on the week. Thus, the current price of ETH is $1,332 per coin.
The next cryptocurrency, Binance Coin (BNB), is still strong in trading today. Over the past 24 hours, BNB shares have gained 0.34% and 3.31% on a weekly basis, respectively. This brings the price of BNB to $282.81 per coin.
Then Cardano unfortunately still fixed from yesterday. On the last day, ADA corrected by 0.60% and 5.91%. So the ADA price is $0.4357 per coin.
Meanwhile, Solana (SOL) is back in the green. Last day SOL was up 1.82% and weekly 4.36%. The current price of SOL is $33.89 per coin.
Meanwhile, XRP continues to strengthen. XRP is up 8.36% in the last 24 hours and 0.13% in the week. In this way, the price of XRP is now $0.4879 per coin.
Stablecoins Tether (USDT) and USD Coin (USDC) are both up 0.01% on the day. This will keep prices all at the $1.00 level.
Binance USD (BUSD) has fallen 0.02% in the last 24 hours, keeping the price at $1.00 level.
The 24-hour cryptocurrency market cap decreased slightly from $946.7 billion to $945.9 billion.
Previously, in the fourth week of September 2022, cryptocurrency market movements were quite mixed. Many crypto assets, especially top-tier ones, have not only fallen, but have not been able to maintain strength for a long time.
Some recent sentiments, such as MergeEthereum, were unable to propel the cryptocurrency market any further. On the other hand, the situation in the cryptocurrency market worsened as the Fed raised interest rates. The risk of a recession in some countries that could potentially affect the cryptocurrency market is becoming increasingly real.
According to a report by Coinmarketcap, as of Thursday (9 September 2022) most tier 1 cryptocurrencies are in the green and Bitcoin has seen a modest 3.19% gain over the past 24 hours. Bitcoin is currently trading at around $19,439, or around Rs 296.5 million.
Ethereum just got a lot better. Ethereum is trading in the $1,330 (roughly Rs 20.2 million) range, and Ether has surged 3.31% in the last 24 hours.
Regarding the overall movement of the cryptocurrency and bitcoin markets in the fourth week of September 2022, according to Jay Jayawijayaningtiyas, general manager of Luno Indonesia this week, Bitcoin (BTC) has recovered, reaching a price of 20,000 USD (approximately IDR 303 million). ). achieved.
However, according to Jay, given that Bitcoin is currently in a 3-month consolidated range between $17,500 and $25,000, this move remains to be seen.
In a press release on Thursday (9 September 2022), Jay said, “Bitcoin needs to break $25,000 in the long term to ensure Bitcoin recovery and stability.
Jay added that after the merger, Ethereum (ETH) did not perform well enough compared to other crypto assets.
This reduces ETH’s market share to 17.4%. In addition, the uncertainty associated with the recession affects market conditions, which also affects investors’ decisions to invest in cryptocurrencies.”