Bitcoin‘s ascent persists, showcasing an extraordinary performance against major global currencies and foreshadowing a potential new peak versus the British Pound. TradingView data hints at Bitcoin’s approach to record-breaking levels against the Pound, surpassing a precedent set in early November 2021. Although the US dollar has witnessed Bitcoin’s pinnacle over the previous two years, the cryptocurrency is on the verge of surpassing its past GBP record, set just under $51,000.
Bitcoin’s Rally Against the British Pound
Bitcoin is on the brink of entering a new era of price discovery against the GBP, with a meager 21% surge required from the $41,973 level it achieved on February 15. This comes as the UK’s currency faces a tumultuous year with inflation, a faltering stock market, and real estate challenges, which mirror the economic hardships experienced by many nations globally.
The United Kingdom’s economy has officially dipped into recession after enduring two successive quarters of contraction, as recent data and mainstream media reports underscore. CryptoSlate analyst James Van Straten commented on the dire state of the British economy, calling it “a complete joke,” while also observing the Pound’s depreciation against the US dollar, with GBP/USD trading at a historically low $1.25.
The UK’s stance on cryptocurrency regulation remains stringent, with a focus on exchange oversight and eroding user anonymity. The nation stands out in Europe with its 2021 prohibition of crypto derivatives trading.
Bitcoin’s Record-Setting Performances Beyond the UK
While Bitcoin nears all-time highs against the GBP, it continues to set unprecedented records against the Turkish Lira. UK entrepreneur Alistair Milne highlighted Bitcoin’s performance, as the Turkish currency faces devaluation. Moreover, the Russian ruble and the euro are inching towards similar situations as the Pound, whereas the Japanese Yen has already witnessed Bitcoin reaching historical highs, with trades around 8 million Yen.