- Reports from Messari reveal that investors are selling their collapsing currency for crypto.
- Bitcoin has recorded spikes similar in May 2021 and March 2020.
- Unfortunately, spikes seen on Ether was not the same extent as Bitcoin.
Crypto market intelligence platform Messari revealed that investors holding pound and euro are selling to purchase cryptocurrencies.
While the top currencies around the world tumbles, the crypto market appears to show a strong foothold. Reportedly, investors of United Kingdom and European Union divert their investments for cryptocurrencies, such as Bitcoin and Ethereum.
In a recent tweet, the crypto analytics firm Messari shared a data that shows these investors selling their dipping currencies to buy Bitcoin in record numbers.
According to the published data and charts from Messari, these individuals engrossed in cryptocurrencies while their currencies are collapsing. The leading cryptocurrency’s daily volume purchased by EUR and GBP from September 22 to 27 both hits 50,000, the week where both currencies suffered a massive lost over US dollar.
On September 30, the firm also posted a tweet saying individuals on the same region “rotate their funds into ETH but not to the same extent as Bitcoin.” The spikes seen on ETH was not near on ‘uneventful’ trading days in late 2020 and early 2021, unlike those Bitcoin purchases, as per Messari.
Furthermore, Coinshares shared a data revealing that the trading volume of Bitcoin and Sterling on September 26 tapped a record high of $881 million, a 1,100% increase than the average $70 million a day.
While more investors are beginning to trust crypto, the collapsing currencies around the world might lead to a financial or economic crisis, swaying these investors to pull out to the more volatile asset, such as cryptocurrencies.
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