Arcane Research: Pound Devaluation Has Led to Record Purchases of Bitcoin for the GBP

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According to the experts of analytical firm Arcane Research, on September 26, the daily volume of Bitcoin denominated in the British pound reached an all-time high of 47,000 BTC in light of the sharp weakening of the UK national currency.

Similar trends were observed in the ETH/GBP pair.

The impetus for records in BTC/GBP was the proposal of the country’s Minister of Finance Kwasi Kwarteng to lower taxes to keep the economy in the face of high inflation.

The doubts about the stability of the country’s budget led to a jump in the yield of 30-year government bonds to the maximum since 2002 of 5% and the collapse of the pound to an anti-record of 1.0356 against the US dollar. The situation stabilized after the launch of a temporary round of the asset buyback program by the Bank of England.