Bitcoin’s price remains above the $69,000 mark as investors look forward to an action-packed week. The upcoming release of the US March CPI report and the ECB’s interest rate decision are highly anticipated events.
Starting on April 9, Bitcoin’s value reached up to $71,760 in the United States and €66,000 in the Eurozone, marking a correction from their peak prices seen the previous day.
On the very same day, the cryptocurrency reached all-time peaks in certain fiat currency markets.
They include:
- Japanese Yen (JPY): The BTC/JPY exchange rate reached ¥10.99 million, the highest to date.British Sterling Pound (GBP): The BTC/GBP exchange rate reached a new record high at around £57,560.
Use CryptoMoon’s calculator to determine the current value of Bitcoin in relation to the US Dollar, Euro, and other fiat currencies in real-time.
Why do Bitcoin prices differ across markets?
The price of Bitcoin can fluctuate significantly among various fiat currency markets. This is due to a number of factors including disparities in demand and supply, ease of exchange access, regulatory frameworks, and the effectiveness of financial systems in diverse nations.
In markets where it’s more challenging to acquire Bitcoin, market liquidity could significantly influence prices, making them potentially higher. Furthermore, the value of Bitcoin is impacted by currency stability. In countries with less stable currencies compared to the US dollar, Bitcoin might be perceived as a safer investment option, leading to increased demand and subsequently higher prices.
Approximately 47% of consumers in Nigeria and Turkey, whose local currencies experienced significant depreciation against the US dollar in 2023, are believed to have interacted with cryptocurrencies by either employing them or holding ownership during that very year, according to data obtained from Statista.
According to Balaji Srinivasan, a prominent figure in Silicon Valley as an investor and entrepreneur, the U.S. dollar behaves like a vampire that saps the vitality from all other paper currencies.
“But then Bitcoin flips the dollar. Because since Bitcoin‘s inception…USD has collapsed against BTC by six orders of magnitude.”
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2024-04-09 13:12