Bitcoin (
BTC
) is maintaining its position above the technical support level of $69,000 today, as traders brace themselves for an eventful week ahead. This week will see the release of March’s United States Consumer Price Index (CPI) report and a crucial interest rate decision from the European Central Bank (ECB).
As of April 9, BTC’s price reached as high as $71,760 in the U.S. and 66,000 euros in the eurozone, before experiencing a correction from the three-week highs established the previous day. Interestingly, on the same day, Bitcoin set new record highs in certain fiat currency denominations.
Here are the details:
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 hit a new record high at approximately 57,560 pounds.
To see how Bitcoin’s value compares to the dollar, euro, and other fiat currencies in real-time, you can use Cointelegraph’s calculator.
The reason for the variation in Bitcoin prices across different markets lies in the differences in supply and demand dynamics, access to exchanges, regulatory environments, and financial infrastructure efficiency in various countries. Market liquidity also plays a significant role in markets where Bitcoin is more difficult to obtain, resulting in higher prices. Moreover, the stability of a country’s currency affects Bitcoin prices. In countries with less stable currencies compared to the U.S. dollar, Bitcoin may be seen as a safer asset, pushing prices up.
For example, a survey conducted by Statista revealed that 47% of consumers in Nigeria and Turkey, where local currencies lost around half of their value against the dollar in 2023, had likely engaged with cryptocurrencies by either using or owning them within the same year.
“The dollar is a vampire. It drains the life out of every other fiat currency,” argues Balaji Srinivasan, a Silicon Valley investor and entrepreneur.
Please note that this article does not provide investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own research before making any decisions.