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Investors Switch To Bitcoin As The Value Of Euro And Pound Drops

According to a crypto analytics platform, investors are exchanging Euro and Pound fiat for Bitcoin and Ethereum. As a result, investors' focus has turned towards digital assets like BTC and ETH.

30 Sep 2022 By: Anirudh Trivedi
Investors Switch To

Despite the global downfall of multiple fiat currencies, 

The cryptocurrency market appears to be going strong. As a result, investors shift their focus to digital assets such as Bitcoin (BTC) and Ethereum (ETH).

According to statistics and charts published on September 29 by a crypto market intelligence platform, investors in the UK and the EU are selling their Pounds (GBP) and Euros (EUR) in historic numbers to purchase Bitcoin.

The platform explained that:

“As the value of their currency in the UK and EU falls, these individuals effectively sell the Pound and Euro for Bitcoin. If this had just been trading to capture the volatility, we would have seen comparable jumps in May 2021 and certainly in March 2020.”

According to statistics, the daily volume of Bitcoin purchased by EUR hit 50,000 in the week of September 22 to 27. The same figure is also recorded for BTC purchases in Pound Sterling.

Trading fiat currency for Ethereum

At the same time, the crypto analytics platform said that investors are also exchanging EUR and GBP fiat for Ethereum, but on a lower scale than Bitcoin. According to a tweet made by the platform on September 30th.

The platform also posted comparable charts to those for Bitcoin vs GBP/EUR, claiming that Ether is not seeing the same bid as BTC as a result of recent currency depreciations.

Meanwhile, the Bitcoin and British Pound trade volume on exchanges reached a new high of $881 million on September 26, surpassing the previous high of roughly $70 million per day.

Bitcoin and Ethereum price analysis

At the time of writing, the flagship digital asset is trading at $19,523, up 1.15% in the last 24 hours and 1.69% over the previous week. As a result, investors opt for the 'HODL' strategy, which is hitting a five-year high despite market turbulence.

According to CoinGabbar statistics, the Ethereum price is currently trading at $1,343, up 1.64% on the day and 2.32% in the last 7 days. However, a decrease in the number of new ETH addresses indicates a possible price adjustment in the future.

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