Bitcoin volatility stabilizes as the pound’s soars higher

In recent weeks, the pound has seen an uptick in volatility against the dollar, primarily spurred by political instability due to weaknesses in the U.K. economy. Particularly the fallout from the disastrous “mini budget.” Newly appointed Chancellor Jeremy Hunt reneged on the plans soon after taking office on October 14.

The latter view is all the more pertinent given that the Dow Jones has sunk 6.4% from 32,676, in mid-September, to 30,581 currently. The dominant narrative when comparing digital assets to legacy assets is that the former is highly volatile. However, with the global economy in freefall, this is proving not to be the case. As interest rates and inflation rise, it would be interesting to revisit such comparisons at a future date.

Leave a Reply

Your email address will not be published. Required fields are marked *