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.
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