While the financial crisis in the UK continues, after the tax cuts, there is an increase in the transactions made by the local people against Bitcoin (BTC) and Ethereum (ETH) and the Sterling parity.
As the economic crisis continues in the UK, the confidence of investors and local people in fiat currencies is waning. Especially the recent after tax cuts investors rather than Sterling. bitcoin and EthereumIt prefers . Including pension funds after the rise in yields on long-term government debt created a domino effect, causing economic turmoil. All sterling-based investment instruments were affected. Bank of England (BOE) He responded with a bond-buying package to calm the situation, but this was not enough to have a positive effect.
BOE Chairman Andrew Baileytheir support for pension funds will expire in three days After explaining IBritish assets lost value again today. After the said decline, interest in cryptocurrencies increased rapidly, similar to what happened last week. According to data from The block, volume increases are especially important for centralized cryptocurrency exchanges. on Bitfinex concentrated.
While some commentators consider this data as the escape of UK investors to cryptocurrencies, some assessing the arbitrage opportunity analyzes it.
Although it cannot be predicted exactly how the situation is shaped for local investors, as seen in many countries of the world before, in times of crisis. transition from fiat to cryptocurrencies We see it appearing here as well. This situation can be interpreted as an indication that the crypto money ecosystem is being adopted in the long term.
