Last month, Sterling crashed to its lowest level against the dollar since decimalisation in 1971
(Picture: ES)The scale of the turmoil in the City’s foreign exchange market caused by the September mini-Budget was laid bare today after new data found sterling’s volatility sparked a ten-fold increase in the volume of pound to Bitcoin traffic on spot exchanges.
A staggering £6 billion worth of Bitcoin-pound trading took place in the days following the Budget, according to cryptocurrency hedge fund Tyr Capital, as investors retreated from the plunging pound to the relative stability of the digital coin, which for the first time was considered a “safe haven” compared to Sterling.
