The Block: Financial turmoil in the UK leads to a surge in trading volume of Bitcoin and Ethereum against the British Pound

ChainCatcher news, according to TheBlock, the financial market turmoil following the UK's tax cuts last month has led to a surge in trading volume for Bitcoin and Ethereum against the British Pound. Data shows that the BTC/GBP and ETH/GBP trading pairs on Bitfinex have seen significant increases recently, with daily trading volumes on the exchanges exceeding 40,000 Bitcoins and over 170,000 Ethereums, marking a new high in nearly three years.

Larry Cermak, Vice President of Research at The Block, stated that the data anomalies may not be due to users buying cryptocurrencies or selling pounds, but rather market makers and traders engaging in arbitrage trading. (source link)