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The pound-dollar rate hits all-time low

The pound-dollar rate hits all-time low

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The British pound has fallen to an all-time low against the US dollar. In a flurry of overnight trading, the pound hit a low of £1 = $1.04. It lost 5% of its value in the spiral.

Great Britain’s sovereign currency, the British pound, is the world’s oldest currency still in use. It is currently stuck above USD-Pound parity as it has regained $0.03 cents and bounced to £1 = $1.07.

Source: Google

The pound has been in steady decline against the dollar since 2007 and the subsequent financial crisis. While it has lost 20 percent of its value this year, it has lost half its value against the dollar over the past 20 years.

In light of the sudden collapse in UK purchasing power, commentators such as ShapeShift CEO Erik Voorhees have suggested that the pound is now more volatile than Bitcoin (BTC). Bitcoin is down 50% against the pound this year, but 2% today and 9% last week.

The sharp fall in the value of the pound is largely due to last week’s budget announcements. The Financial Times reports that tax cuts and energy subsidies introduced by new Chancellor of the Exchequer Kwasi Kwarteng could create a shaky economic foundation for Britain in the 2020s.

Prime Minister Lizz Truss’s first budget announced the biggest tax cut in a generation. The cuts are said to reduce high energy costs and inflation. Inflation in the UK is at a century high, with last month’s first increase in 40 years.

In the euro area, inflation is also rampant. In August, a record inflation of 9.1 percent was announced, while fears of a dark winter are increased by the energy shortage. Commenters and Twitter influencers like Cobie wanted to shed light on the situation. Due to the devaluation of the pound, all cryptocurrencies seem to be increasing in value in Cobie’s home country of the UK.

Others have compared to the freefall of the pound into a “shitcoin” or carpet-betting project where scammers pump the token and run with the profits.

This article first appeared on CoinTelegraph

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