The bitcoin-British pound (BTC/GBP) pair listed on major cryptocurrency exchanges, including Bitstamp and Bitfinex, is more active than ever. Analysts, however, are divided on whether the surge stems from investors switching to the largest cryptocurrency to protect against the sterling slide or from traders looking to profit from the volatility.
On Sept. 26, the day the pound crashed to a record low $1.035, trading volume in the pair listed on those two exchanges climbed to a record $881 million. That's 12 times the $70 million average daily volume of the past two years, according to data tweeted by James Butterfill, head of research at CoinShares, early this week.
The pound's weakness was prompted by concerns over the U.K.'s fiscal health stemming from the new government's tax-cut plans. This month, the currency has weakened 7% against the dollar, the steepest drop since December 2016.
"An explosion in bitcoin trading against the pound underlines the potential of the biggest...
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