The fall of the British pound against the US dollar forced traders from foggy Albion to switch to bitcoin. The trading volume of the BTC/GBP pair has been increasing over the past few days.
The biggest surge in activity of British investors was recorded on the Bitfinex and Bitstamp cryptocurrency exchanges.
Last Monday, the amount of transactions in bitcoin paired with the pound sterling increased by 1100% compared to the average.
The British pound has fallen from $1.17 to $1.07 since the beginning of this week. According to James Butterfill, head of the research division of CoinShares, investors switch to bitcoin when their native fiat currencies begin to suffer losses, which poses a threat to their capital.
A similar situation was observed in Turkey against the backdrop of the collapse of the national currency lira. The trading volume of the BTC/TRY pair soared to a historic high.
In the spring of 2022, the interest of Russian investors in bitcoin increased after the collapse of the ruble began due to economic sanctions against the Russian Federation.
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