Bitcoin (BTC) is currently maintaining its position above the crucial support level of $69,000, as traders brace themselves for an eventful week ahead. This week will see the release of the United States Consumer Price Index (CPI) report for March and a key interest rate decision from the European Central Bank (ECB).
On April 9, BTC reached a peak price of $71,760 in the U.S. and 66,000 euros in the eurozone, experiencing a correction from the three-week highs it had achieved the previous day. Interestingly, on the same day, Bitcoin also set new record highs in some fiat currency denominations.
These record highs include:
– Japanese yen (JPY): The BTC/JPY exchange rate reached an all-time high of 10.99 million yen.
– British pound (GBP): The BTC/GBP exchange rate reached a new record high of around 57,560 pounds.
To keep track of Bitcoin’s value against various fiat currencies in real-time, you can use Cointelegraph’s calculator.
The disparity in Bitcoin prices across different markets can be attributed to variations in supply and demand dynamics, access to exchanges, regulatory environments, and the efficiency of financial infrastructure in different countries. Market liquidity also plays a significant role, as Bitcoin may be more difficult to obtain in certain markets, leading to higher prices. Additionally, the stability of a country’s currency relative to the U.S. dollar can impact Bitcoin prices. In countries with less stable currencies, Bitcoin may be seen as a safer asset, driving up its price.
For example, a survey conducted by Statista revealed that in 2023, approximately 47% of consumers in Nigeria and Turkey, where local currencies lost about half of their value against the dollar, had engaged with cryptocurrencies by either using or owning them.
Balaji Srinivasan, a Silicon Valley investor and entrepreneur, argues that “the dollar is a vampire. It drains the life out of every other fiat currency.” However, it’s important to note that this article does not provide investment advice or recommendations. Investing and trading in cryptocurrencies carry risks, and readers should conduct their own research before making any decisions.