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Maker sees a 14% rally as the pound slips against the dollar

Watch: Maker The Central Bank of Crypto Sees 14% Rally | Crypto Mile’s weekly update

Maker, the governance token behind the DAI stablecoin, has staged an impressive rally of over 14% in a turbulent week for the British pound.

Maker (MKR-USD), which bills itself as the “crypto central bank,” is a governance token and is used by its holders to vote on a number of different things within the MakerDAO organization.

Voting is used to make changes to parameters within the MakerDAO protocol code such as stability fees, debt caps, and many others. Maker (MKR-USD) is up 13.8% over the past seven days at $766.30.

However, the price of Maker (MKR-USD) is still far from its all-time high of May 2021 when it hit $6339.

Check: Crypto live prices

quant network

Another crypto that has also skyrocketed in response to market volatility is Quant (QNT-USD), the native token of the Quant network, which plans to make every single blockchain interoperable. Quant is up almost 30% this week to $135.57.

Continue reading: This AI tool is “threatening human creativity” and the art world is concerned

The reason for the price surge may be related to data from cryptometrics firm Santiment showing that whales holding between 100 and 1,000 QNT have increased their positions by 15.4% over the past five months.

Quant (QNT-USD) has a near-monopoly in the “government cryptocurrency” space. His multiple bochachin expertise is sought after by the makers of central bank digital currencies (CBDCs). The Quant Network has already succeeded in collaborating with the Digital Pound Foundation on CBDCs for the Bank of England.

Sterling to Bitcoin trading volume is increasing

Throughout the week there has been an increase in sterling to bitcoin trading volume despite the Bank of England’s intervention to stabilize gilts.

Trading volume between the British pound (GBPUSD=X) and bitcoin (BTC-USD) surged earlier in the week, according to data from cryptocurrency market analysis firm Messari.

Continue reading: Bitcoin price surges over 7% as pound tanks

The week started with the British Pound slipping to an all-time low of $1.03 against the Dollar. Its value has increased slightly and is now at $1.12, but the long-term prospects still look very uncertain.

Investors have a variety of ways to lock in value when the pound and euro fall in value, and an alternative to investing in US Treasuries and bonds is to buy Bitcoin (BTC-USD).

A photo taken on April 22, 2022 shows pound and US dollar coins and notes on display on a table in London.  - The pound fell more than 1 percent against the dollar on April 22, 2022 after official data showed falling retail sales as Britons grappled with a cost of living crisis.  In London morning trades, sterling slipped to $1.2887 - its lowest level since October 2020, partly as the UK Prime Minister comes under renewed political pressure.  (Photo by Tolga Akmen/AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)

The British pound slipped to an all-time low of $1.03 against the US dollar earlier this week. Photo: Tolga Akmen/AFP via Getty Images

Bitcoin ends the week flat

Bitcoin (BTC-USD) ended the week flat, plateauing at $19,583 at the time of writing. As currencies around the world weaken against the dollar, investors in the UK are looking for safe haven alternatives to the greenback.

Continue reading: Sterling bitcoin buying shoots up as the pound falls

However, Bitcoin is still showing its tendency to march in lockstep with stock markets like the S&P 500 (^GSPC) and Nasdaq (^IXIC).

Analysts are closely watching this week’s performance against the pound and the euro as a sign that Bitcoin’s projected “de-coupling” from traditional markets may be close.

Representations of the cryptocurrency Bitcoin are seen in this image dated August 10, 2022.  REUTERS/Dado Ruvic/Illustration

Bitcoin ended the week flat as currencies around the world slipped against the dollar. Photo: Dado Ruvic/Illustration

Continue reading: Bank of England: What will the emergency action actually do?

Ireland’s DeFi Conf 2022 is taking place in Belfast next week

Next Thursday, Ireland’s first decentralized finance conference called DeFi Conf 2022 will be held with presentations by Martin Scorsese executive producer Niels Juul and representatives from Coinbase, Blockworks and the London Stock Exchange.

The one-day conference includes talks, panels and workshops on Web3, non-fungible tokens, GameFi, MovieFi and the Creator Economy.

Oonagh Van Den Berg, Chief Platform Officer of crypto exchange and wallet provider platform Uphold, said of the event: “At this moment, financial services are changing in how both people and businesses access, transfer and hold financial assets.

“It’s redefining our industry – and it’s critical that we provide enough education so everyone can make informed decisions about how this is affecting them.”

See: “Bitcoin will eat into global finance until it’s $1 million a coin” | The crypto mile

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