{"id":68212,"date":"2022-10-06T18:07:19","date_gmt":"2022-10-06T15:07:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68212"},"modified":"2025-09-07T12:54:34","modified_gmt":"2025-09-07T09:54:34","slug":"pound-depreciation-fuels-record-bitcoin-purchases-in-gbp","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/pound-depreciation-fuels-record-bitcoin-purchases-in-gbp\/","title":{"rendered":"Pound depreciation fuels record Bitcoin purchases in GBP"},"content":{"rendered":"<p>On 26 September, the daily volume of GBP-denominated Bitcoin trading reached an all-time high of 47,000 BTC amid the sharp depreciation of the British pound. Arcane Research analysts noted as much.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">How are things going in the crypto market?<\/p>\n<p>\ud83d\udd39The crypto market outperforms the stock market<br \/>\ud83d\udd39<a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a>\u2018s correlation with gold increases<br \/>\ud83d\udd39BTC\u2019s volatility plunges \u2014 brace for impact?<\/p>\n<p>Read more in our latest market update:<a href=\"https:\/\/t.co\/KAa9xY9p9d\">https:\/\/t.co\/KAa9Y9p9d<\/a><\/p>\n<p>\u2014 Arcane Research (@ArcaneResearch) <a href=\"https:\/\/twitter.com\/ArcaneResearch\/status\/1577292738407563266?ref_src=twsrc%5Etfw\">October 4, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Similar trends were observed in the ETHGBP pair.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"876\" height=\"532\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-736.png\" alt=\"\u0414\u0435\u0432\u0430\u043b\u044c\u0432\u0430\u0446\u0438\u044f \u0444\u0443\u043d\u0442\u0430 \u043f\u0440\u0438\u0432\u0435\u043b\u0430 \u043a \u0440\u0435\u043a\u043e\u0440\u0434\u043d\u044b\u043c \u043f\u043e\u043a\u0443\u043f\u043a\u0430\u043c \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0437\u0430 GBP\" class=\"wp-image-186981\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-736.png 876w, https:\/\/forklog.com\/wp-content\/uploads\/1-736-300x182.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-736-768x466.png 768w\" sizes=\"auto, (max-width: 876px) 100vw, 876px\" \/><figcaption>Seven-day moving average of the daily BTCGBP trading volume \u2014 across Binance, Coinbase, Kraken, Bitfinex, Bitstamp, Gemini. Data: Arcane Research.<\/figcaption><\/figure>\n<\/div>\n<p>Experts noted that a similar pattern had appeared in the spring for the Russian ruble and Ukrainian hryvnia.<\/p>\n<p>The rally to record BTCGBP was sparked by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-23\/uk-to-scrap-top-45-rate-income-tax-kwarteng-says\">proposal<\/a> by finance minister Kwasi Kwarteng to cut taxes to support the economy amid high inflation.<\/p>\n<p>Doubts about the sustainability of the country\u2019s budget pushed 30-year gilt yields to a 2002-era high of 5%, and the pound slid to an all-time low of 1.0356 per USD. The situation stabilised after the Bank of England launched a temporary asset-purchase round.<\/p>\n<p>Weakening confidence in the pound and a rising share of those who have warmed to digital assets may have contributed to higher trading volumes, say specialists.<\/p>\n<p>Trading volumes were also boosted by arbitrage opportunities. Market participants faced a substantial BTCGBP discount to BTCUSD amid the pound\u2019s sharp depreciation against the dollar and subsequent price deviations from parity.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"808\" height=\"537\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-594.png\" alt=\"\u0414\u0435\u0432\u0430\u043b\u044c\u0432\u0430\u0446\u0438\u044f \u0444\u0443\u043d\u0442\u0430 \u043f\u0440\u0438\u0432\u0435\u043b\u0430 \u043a \u0440\u0435\u043a\u043e\u0440\u0434\u043d\u044b\u043c \u043f\u043e\u043a\u0443\u043f\u043a\u0430\u043c \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u0437\u0430 GBP\" class=\"wp-image-186982\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/2-594.png 808w, https:\/\/forklog.com\/wp-content\/uploads\/2-594-300x199.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/2-594-768x510.png 768w\" sizes=\"auto, (max-width: 808px) 100vw, 808px\" \/><figcaption>BTCGBP trading turnover on Bitfinex in hourly intervals and BTCGBP&#8217;s premium\/discount to BTCUSD across Binance, Coinbase, Kraken, Bitfinex, Bitstamp, Gemini. Data: Arcane Research.<\/figcaption><\/figure>\n<\/div>\n<p>Kaiko<a href=\"https:\/\/forklog.com\/en\/news\/analysts-record-rise-in-gold-bitcoin-correlation\"> analysts<\/a> noted a rise in the gold\u2013Bitcoin correlation.<\/p>\n<p><a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 26 September, the daily volume of GBP-denominated Bitcoin trading reached an all-time high of 47,000 BTC amid the pound\u2019s sharp depreciation. Arcane Research analysts noted this.<\/p>\n","protected":false},"author":1,"featured_media":68213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1874,18,1614],"class_list":["post-68212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-arcane-research","tag-bitcoin","tag-fiat-currencies"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68212"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68212\/revisions"}],"predecessor-version":[{"id":68214,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68212\/revisions\/68214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68213"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}