- The individual currencies of the US and UK collapsed as it effectively sold for Bitcoin.
- If this trade was for capturing the volatility, then the similar spikes in May 2021 and March 2020 can be seen.
The Sell of Euros and Pounds for Bitcoin
Investors Sell-off their Euros (EUR) and Pounds (GBP) for the most-traded cryptocurrency, Bitcoin (BTC). This was in record numbers on the recent currency devaluations by the leading provider of crypto market intelligence product, Messari on September 29, 2022.
This was the massive steps by the active crypto traders, who traded the fiat currency amid the current crypto winter. The data-chart shared by Messari showed the daily volume of Bitcoin purchased by EUR has touched 50,000 in between September 22 to 27. The same figures are also noted for Bitcoin purchases that were made in pound sterling.
Fiat Trade For Ethereum (ETH)
After Bitcoin, Ethereum gained the investors interest for letting them trade their fiat currencies. On September 30, 2022 Messari further shared that like Bitcoin, now investors choose ETH and trade in their EUR and GBP fiat.
As per the report, the trading volume of Bitcoin and British Pound on the exchanges hit a record high of $881 Million on September 26, 2022.
At the present time, BTC is trading at a price of $19,187.46 USD with a down of 0.54% in the recent 24 hours. On the other hand, the native token of Ethereum, ETH is trading at a price of $1,291.37 USD with a 1.58% drop in the past 24 hours, as per the data sourced by CoinMarketCap.
Source: https://www.thecoinrepublic.com/2022/10/03/the-us-and-uk-currency-collapse-for-bitcoin-in-record-numbers/