Bitcoin (BTC) is currently maintaining its position above the technical support level of $69,000 as traders look forward to an eventful week. This week will include the release of March’s United States Consumer Price Index (CPI) report and a crucial interest rate decision from the European Central Bank (ECB).
On April 9, BTC reached a high of $71,760 in the U.S. and 66,000 euros in the eurozone. However, it corrected from its respective three-week highs that were established the day before. Interestingly, on the same day, the cryptocurrency achieved new record highs when compared to certain fiat currencies.
These fiat currency denominations include:
1. Japanese yen (JPY): The BTC/JPY exchange rate reached an all-time high of 10.99 million yen.
2. British pound (GBP): The BTC/GBP exchange rate also hit a new record high at approximately 57,560 pounds.
To measure Bitcoin’s value against the dollar, euro, and other fiat currencies in real-time, you can use Cointelegraph’s calculator.
The reason for Bitcoin’s price differences across markets lies in various factors such as supply and demand dynamics, accessibility to exchanges, regulatory environments, and the efficiency of financial infrastructure in different countries. Market liquidity also plays a significant role, especially in markets where it is more challenging to acquire Bitcoin, resulting in higher prices. Additionally, currency stability impacts Bitcoin prices. In countries with less stable currencies compared to the U.S. dollar, Bitcoin is often considered a safer asset, leading to price increases.
For example, a survey listed at Statista revealed that in Nigeria and Turkey, where local currencies lost around half of their value against the dollar in 2023, approximately 47% of consumers had engaged with cryptocurrencies by either using or owning them within the same year.
Balaji Srinivasan, a Silicon Valley investor and entrepreneur, argues that the dollar drains the life out of every other fiat currency, making Bitcoin an attractive alternative.
Please note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risks, and readers should conduct their research before making any decisions.