- The crypto market has experienced a bearish sentiment lately.
- Financial markets across the board have fallen.
- People have questioned if the UK intends to embrace cryptocurrencies.
Looking at the cryptocurrency prices heatmap, most of the altcoins are trading in bloodshed and the worst performers of the day are Bitcoin and Ethereum, which have declined by 0.68% and 0.86%, respectively. Ripple is the top gainer of the day among the altcoins, gaining by over 0.1%.
Read CRYPTONEWSLAND on
google news
Following this, the last week in the UK markets has been nothing but turmoil. As the price of government bonds fell, pension funds were forced to offer billions of pounds in security. To raise money, investment managers were forced to sell whatever they had, sometimes even more government bonds.
As a result, yields went up even further, opening the door for fresh collateral calls. The Bank of England quickly came under increasing strain.
The central bank made the decision to take action and implement some modifications. Upgrading the UK government bonds to £10 billion per day until October 14 was part of this.
According to reports, a strong dollar has widespread effects on the global economy, depreciating other countries’ currencies rapidly. A rapid rise in the value of the dollar would have a severe impact on developing and emerging economies.
This action was taken in a manner that is similar to what the US has been doing with US money. Given the present market sentiment and their desire to safeguard their money from approaching financial storms, the majority of people are converting their holdings into US dollars and cryptocurrency assets. This as a result may cause the cryptocurrency market to remain bearish.
Though there have been a variety of responses to Watcher Guru’s thread on Twitter, some have questioned if the UK intends to embrace cryptocurrencies in general and GBPT in particular. Some people have even suggested that financial players should just purchase Bitcoin.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
