The British pound collapse and its impact on cryptocurrency: Watch the Market Report
On this week’s The Market Report show, Cointelegraph’s resident experts discuss why the British pound is at its all-time low and how that might impact the cryptocurrency market.
To kick things off, we break down the latest news in the markets this week:
A classic snap of sideways trading action sees Bitcoin’s (BTC) price aim higher, but concerns remain over what happens next. Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it added over 7% after the Sept. 26 close. Local highs of $20,344 appeared on Bitstamp before the pair began consolidating at around $20,200. Can Bitcoin achieve a green monthly close, and will the bulls be able to beat “Septembear?”
On Sept. 26, the British pound hit a record low against the United States dollar following the announcement of tax cuts and further debt increases to curb the impact of a possible economic recession. But could the British pound’s weakness be a positive for Bitcoin? Is it possible for the general population to move to cryptocurrencies once it realizes that people’s savings and investments are being devalued more aggressively?
Charles Hoskinson, founder of Cardano and co-founder of Ethereum, got into a war of words with Ethereum developers on the implementation of the proof-of-stake consensus via the Ethereum Merge. Hoskinson is known for his hot takes on his former project, and the bad blood between the two communities is nothing new. However, with both blockchains undergoing key upgrades on their networks, the recent exchange between the two sides highlights the disconnect between blockchain communities.
Next up is a segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Choosing a long-term coin.
Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some market news to bring you up to date on the latest regarding the top two cryptocurrencies.
Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. Our analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: XRP and Digg.
Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room and write your questions there. The person with the most interesting comment or question will be given a one-month subscription to Markets Pro, worth $100.
The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those Like and Subscribe buttons for all our future videos and updates.