Messari, a crypto analytic firm, revealed that investors are trading Euro and Pounds for ETH and BTC. According to the report, about £50,000 worth of BTC transactions happened in the past seven days.
Europe’s Fiat Currencies Dropped Value Against BTC and ETC
As the world continues to battle with the flames of inflation, traditional currencies keep dropping in value. On the contrary, the crypto market keeps waxing stronger, registering new investors daily.
According to reports, pounds (GBP) and Euros (EUR) have been collapsing against the dollar lately. Hence many European investors have been reportedly exchanging their funds from the two currencies for cryptos.
Furthermore, Messarri stated in its report that massive investors in the UK and EU are selling their GBP and EUR and buying BTC and ETH with their funds. The statement added that from September 22 to 27, the volume of daily BTC acquisitions with EUR rose to 50,000.
Almost the same amount in GBP was used to purchase crypto simultaneously. Similarly, Ethereum also records a spike in the rate of transactions investors made with pounds and euros in the past week.
However, the quantity of ETH transactions is a bit smaller than BTC transactions reported by the analytic firm earlier today. Even though Ethereum’s volume rose against GBP, the spikes still have the same apex prices as that of the 2020 and 2021 crypto bull market.
BTC and ETH Continue To Struggle Amidst Harsh Market
In addition, records showed that the daily trading volume of the BTC and GBP pair recently reached an all-time high of $881 million. Therefore, the previous all-time high of the pair at $70 million daily has broken.
Meanwhile, the primary crypto, Bitcoin, is currently trading at a market price of $19,580 at the time of writing. The daily and weekly price charts showed that BTC price has pumped by 1.15% and 1.70%, respectively.
Additionally, the chart suggested that investors are keen on holding onto their BTC holdings despite the bearish market. On the other hand, Ethereum, the second largest crypto, sits around the price tag of $1,345 at the moment.
It recorded 1.74% and 2.23% increases on its daily and weekly price chart, respectively. Due to the massive drop in Ethereum value for the past few weeks, Ethereum recorded a decrease in the number of wallet addresses on its network. Nonetheless, daily transactions are still regular currently, according to the report.