- Bitcoin (BTC) gains more stability than the British pound
- BTC has seen a solid growth period amid the UK’s parliamentary drama
- Bitcoin (BTC) breaks the traditional market trend and surges higher
Bitcoin News Today – As earlier reported by Smartereum, Bitcoin (BTC) is increasingly becoming a safe haven for most investors across the globe. Not only is it becoming a safe haven, but it is also now competing with top global fiat currencies. According to analysis, the world’s largest digital currency is now relatively stable when compared with the British pound sterling. The reason for the instability is that Britain is whirling from a parliamentary showdown that aims to thwart the threat of the government to pull the country out of Europe in a no-deal Brexit.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) Sees a Protracted and Solid Period of Growth amid the UK’s Parliamentary Drama
According to The Independent, Bitcoin (BTC) has seen a protracted a solid period of growth amid the tribulations of the pound and the Parliamentary drama of the UK. The Independent is the liberal-leaning daily newspaper of the UK. At the time of writing, Bitcoin to USD price is $10,610, after an increase of about 9 percent over the past week. Meanwhile, the British pound at a point yesterday plunged below $1.20 – a level it has not tested since 1985.
This year’s political tumult is not limited to the protracted Brexit standoff of the United Kingdom but includes mounting trade tensions between China and the US. As a result of this trade war between the US and China, many digital asset investors are running to Bitcoin (BTC) as a hedge.
Bitcoin to USD Price Rallies after Breaking the Traditional Market Trend
In an interview, the CEO of Luno, a digital currency firm – Marcus Swanepoel – said:
“After lackluster trading over the weekend, Bitcoin (BTC) went against the market trend yesterday, quickly breaking through the $10k level and reaching $10,600. Today, the focus will be on Europe and the Brexit developments in the United Kingdom, as well as the deepening crisis in Argentina.”
The comments of the CEO echo earlier reflections from CEO of CommerceBlock – Nicholas Gregory. Gregory recently talked about the effect of political disorders on fiat currencies and traditional markets. Gregory said:
“Not only will a no-deal departure from the European Union create turmoil and volatility across two major fiat currencies, but it will also trigger an identity crisis for the global system as the contingency and vulnerability of major global fiat currencies is laid bare.”
According to Neil Wilson, the pound will not only suffer from a no-deal, but also from the uncertainty prompted by a snap general election in Britain. These political events have given Bitcoin (BTC) the upper hand it has been looking for. If this continues, Bitcoin (BTC) will continue breaking the traditional market trend and BTC to USD price will continue rising.