The recent class between the UK parliament and Boris Johnson might have left Britain reeling, but Bitcoin prices remained stable and strong. That’s more than can be said about the pound sterling which took a dive after the latest Brexit drama.
A report published on The Independent showed that Bitcoin (BTC) enjoyed a strong and extended period of growth despite parliamentary issues and pound troubles.
BTC 8.36% increase
The BTC was reportedly trading at higher than $10,500 as of press time. It’s up by 8.36%. In contrast, the British pound was trading at below $1.20, a level that it hasn’t reached since 1985.
However, it’s not just the political maelstrom brought about by the dragging Brexit impasse that’s having an impact on the depreciation of the pound’s price. There’s also the brewing trade tension between China and the United States, Argentina’s worsening currency crisis, and Hong Kong’s ongoing protest against China.
The Bitcoin bucking traditional market trends were noted by Marcus Swanepoel, the CEO of crypto firm Luno. The Independent cited Swanepoel as stating that the BTC went against the expected trend and quickly broke through the $10,000 level to hit $10,500. He also said the focus would now turn to how the Brexit issue develops.
Nicholas Gregory’s Comments
The comments reflected what CommerceBlock CEO Nicholas Gregory said about how political upheavals affect fiat currencies and the traditional markets. He previously mentioned that Britain’s no-deal Brexit will result in two major fiats becoming volatile.
Gregory also claimed that the UK’s issues will “trigger an identity crisis” for the global currency system as it exposes the fiat’s vulnerability.