Home » Brexit leads to GBP handling high volumes in BTC and ETH

Brexit leads to GBP handling high volumes in BTC and ETH

by Lisa Zheng
Bce35112 716f 4c9e 9577 Cb0bd0d317d0

Ever since Britain announced its exit from the European Union, there has been a considerable impact on the various economic aspects of the region, thereby compelling the people to look for diverse financial options.

The massive increase in BTC and ETH Trading volumes on GBP ahead of Brexit as uncertainty looms.

Crypto trading volumes increase on GBP.

British Pound has seen a considerable increase in the trading volumes for Bitcoin and Ethereum as more people flock to consider cryptocurrency as a haven from the uncertainties surmounting against GBP.

The numbers are substantially high, with more than 110 Million GBP traded in Bitcoin with the daily amount going up to GBP 40 million. A similar trend was noted on the ETH token trading with more than 366 Thousand Ethereum bought with the British pound.

Ahead of Brexit, there is a high possibility of GBP plummeting badly. Thus, the British investors and traders are looking to diverge their assets in the cryptocurrency token like Bitcoin and Ethereum to be saved from any financial debacle.  GBP crypto trading is on the rise for the last month and increases to a whopping number.

The increase in crypto trading among Brits may be due to several other factors like global recession, economic unrest, and slow pace of business due to the Covid-19 pandemic outbreak.

As Bitcoin emerges as the potential global currency with mainstream financial institutions investing highly in it, the interest in cryptocurrencies has grown manifold.  As payments giant PayPal announced integration with Bitcoin and other cryptocurrencies on its network, Bitcoin’s acceptance would grow more in traditional users, leading to a shift from fiat currencies to crypto is inevitable.

The UK Prime Minister Boris Johnson said that the post-Brexit deal is unlikely as the talks between Britain and the European commission seem not to work out. In case the deal is not sealed, the two sides would start imposing taxes on the goods. The taxation due to unsuccessful trade deal would substantially increase the prices. Seeing the underlying uncertainties, Britishers seem to play safe and divest their stakes in cryptocurrencies if the GBP tumbles.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

Popular News

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Please support us to continue to provide free news for everyone

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock