As The Euro and Pound Weaken, Investors Are Turning to Bitcoin

The cryptocurrency industry seems to be thriving. This occurs while many fiat currencies throughout the world are losing value. Ethereum (ETH) and Bitcoin (BTC) are two examples of digital assets attracting investors’ attention.

Bitcoin Has Attracted a Large Number of Investors

The cryptocurrency market intelligence platform Messari released some new statistics on September 29. According to the report, UK and EU investors are unloading their GBP and EUR holdings (EUR). There seems to be a massive outpouring of buyers into the Bitcoin market.

According to the site, as people in the UK and EU perceive the value of their currency plummeting, several of them are beginning trading in their pound/euro for bitcoin. May 2021 and March 2020 would have witnessed the same jumps if this was merely a trade to catch the volatility.

A daily volume of Euros used to purchase Bitcoin reached 50,000. The forecast runs until September 27; thus, the graphic indicates this. There was a corresponding amount of Pound Sterling used to buy Bitcoin.

Coincidentally, the crypto analytics website reported that investors were exchanging some of their Euro and Pound Sterling holdings for Ethereum. 

On September 30, Messari tweeted a statement claiming that, unlike Bitcoin, Ethereum had seen a slight but noticeable influx of capital from the United Kingdom and the European Union into ETH. The amount of Ethereum traded against the pound rose sharply, although it was no different from the peaks recorded on quiet trading days at the end of 2020 and into 2021.

Following Bitcoin’s Lead, Ethereum Has a Sizable Investment Base

The site also provided charts comparing Bitcoin to the British pound and the European euro, adding that “Ether doesn’t see a comparable demand as BTC on previous currency depreciation.”

As of September 26, transactions involving Bitcoin and British pounds on exchanges amounted to $881 million, an all-time high. This was according to Finbold reports. The daily average has increased from its previous $70 million mark. Since then, the number has risen beyond the long-term norm.

At the time of writing, Bitcoin is going for $19,583. The figure represents a growth of 1.15% for the day and 1.69% over the previous week. An increasing number of investors are adopting the “HODL” method, which is responsible for the rise. Despite the uncertain market, the strategy is at a five-year high.

According to statistics from CoinMarketCap, the current price of Ethereum is around $1,346. The price has gone up 1.74 percent since the beginning of the day and 2.22 percent since seven days ago. Despite a decline in the creation of new ETH addresses, this growth has occurred. Possibly, this is a precursor to a price drop in the nearish term.

Leave a Reply

Your email address will not be published.


Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is scam or legit” and much more! GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Belgium Regulator Sets To Impose New Crypto Ads Rules

The Belgium government has mandated that every firm offering crypto advertisements should register with it before launching any campaign. Henceforth, any crypto advertisement without the government’s backing would be treated as an offense with heavy consequences. According to the report, the Financial Services and Markets Authority (FSMA) of Belgium recently announced that every potential crypto […]

Profit-taking on BTC Surge, As Price Breaks The $27,000 Threshold

It has just been confirmed that BTC has experienced the most extensive profit-taking activity since the last quarter of 2020. This information was obtained from data released by Santiment, an on-chain data analytics company. The released data also states that the profit-to-loss volume of the day-to-day ratio on on-chain transactions was one of the major […]

Governments Who ban Drugs Should Ban Crypto Too, Said Belgium’s Ex-Finance Minister

The former finance minister of Belgium, Johan Van Overtveldt, reportedly suggested that any country that bans drugs should also ban crypto assets. According to reports, he made the statement during the recently concluded European Parliament meeting. During the meeting, the parliament was reportedly deliberating on the effect the recent collapse of three crypto-friendly banks, Silvergate […]