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The Bank of England has decided to increase the interest rate by 0.75% \u2014 the biggest interest rate increase of the last 33 years \u2014 which resulted in a dramatic increase in\u00a0Bitcoin<\/strong>\u00a0BTC\/USD<\/span> trading against the British pound sterling.<\/p>\n The Monetary Policy Committee announced on Thursday that the Bank of England\u00a0decided<\/a>\u00a0by a majority of 7-2 to increase interest rates to 3%. The decision \u2014 was meant to contrast the pound’s inflation of 10.1% in October.<\/p>\n The steep increase in interest rate resulted in the trading volumes of Bitcoin against the pound. It started increasing from Nov. 1’s \u00a32.57 million on Nov. 2 \u2014 when rumors of the increase started spreading in the press \u2014 and culminated in a volume of \u00a37.87 reported on Nov. 3 \u2014 an increase of over 206%.<\/p>\n See Also:\u00a0<\/em>Is Bitcoin A Good Investment?<\/em><\/a><\/p>\n A recently published\u00a0analysis<\/a>\u00a0suggests that Bitcoin \u2014 and the overall crypto market \u2014 will “get worse before getting better” with Bitcoin falling to much lower price levels before the next bull market starts in 2024.<\/p>\n This outlook follows Bitcoin showing a bullish sign by\u00a0reporting<\/a>\u00a0that 121,000 Bitcoin \u2014 worth nearly $2.4 billion at the time \u2014 left cryptocurrency exchanges in the biggest outflow since June.<\/p>\n Next: Dogecoin Sinks 10% As Elon Musk’s Twitter Suspends Work On Crypto Wallet<\/a><\/em><\/p>\n<\/div>\n