As currencies including the British pound and Chinese yuan tumble, Bitcoin has bucked the trend, growing 6.3% over the past seven days and flirting with $20,000.
Macro conditions, including rising inflation and fiscal uncertainty, have battered global markets. Even though Bitcoin has largely conformed financial swings, its strong performance over the past week has shocked some traders and underscored the turbulent times.
“You know we’ve reached a unique time in history when #Bitcoin suddenly is less volatile than fiat currencies,” tweeted Sven Henrich, founder of the markets research firm NorthmanTrader.
The British pound has fallen over 5% over the past week and is nearing parity with the U.S. dollar. Analysts attribute the decline to discontent with the new policies of freshly appointed Prime Minister Liz Truss, as well as the growing strength of the U.S. dollar due to rising interest…