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- After all the economic and financial turbulence in the UK, bitcoin is not at all benefited from the situation and slipped even more in October.
- Despite that time has been optimistic for Bitcoin.
In October, the prime minister of the United Kingdom, Liz Truss resigned from his post. His resignation made a record as he was at for only 44 days at his post. In no more than a few minutes, the news became headlines.
An American broadcaster and filmmaker who is also known as Bitcoin bull, Max Keiser, stated in an interview that the situations revolving around Truss’ resignation were bothersome given her financial plans to witness the eventual downfall of the British pound. So, many people now do not have their beliefs and faith in government along with the capability of organizations to manage things and execute the right monetary programs.
He commented:
There is global central bank distress taken by decades of excessive money printing and it is affecting countries in several ways. In the United Kingdom, politicians are very anxious, and this only makes the loss of faith even worse in the Bank of England who one at a time is now getting freaked and elevating bond purchasing and money printing. This is a brutal circle that can only finish disastrously, not just in the United Kingdom, but also over the world. The all-real money test that was initiated in 1971 in the United States when Nixon revealed the gold window isn’t successful.
The condition revolving around Truss should have pushed the price of Bitcoin. The British pound a big stander in the traditional finance industry, was now on the edge of collapsing fully and entirely. Dips in fiat currency are normally what give to the power of bitcoin and altcoins, but it seems the opposite emerged.
Rather than that, almost at the time that Truss publicized she will be going to the office anymore, Bitcoin faced another fall of only under two percent, but currently it is trading in the $16K range from its all time high which was in November 2021.
Ki Young Ju statement
The slipping value of Bitcoin, it seems, is giving more whales chances to grab units swiftly and lead much of the market. Ki Young Ju, the chief executive officer of Crypto Quant newly shared on Twitter:
Whales are collecting Bitcoin in Binance from the time the value of bitcoin struck the $20K bar. Binance spot trading volume lead boosted up, and it is now at 84%.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
