Global Bitcoin Prices Reach Record Highs

Bitcoin is still a long way from reaching its all-time high in terms of the United States dollar, which it hit in November 2021. However, it has already broken record highs in terms of local currencies in numerous countries across the world.

Given that the U.S. dollar index (DXY) has risen by 10.7% since November 2021, it can be concluded that the value of numerous currencies throughout the world has decreased

A number of countries, including economic powerhouses such as China, Japan, the United Kingdom, and India, as well as growing markets like as Argentina, Turkey, and Egypt, have experienced new highs in terms of the value of bitcoin in their respective local markets.

According to a letter that was sent to CoinDesk by Aurelie Barthere, an analyst at Nansen, "the United States of America has maintained an exceptionally strong growth rate in comparison to that of Europe, the United Kingdom, and Japan, which has supported the [U.S. dollar].

However, taking into consideration the fact that we have witnessed a string of weak consumer and housing data in the United States, this is less obvious going forward. I observe that the DXY is connected to the prices of cryptocurrencies by way of the intermediary of the rates channel.

Japan has been a particularly bad example, with the yen falling by 24%, which means that the price of bitcoin reached a record high in that country well before the fireworks that occurred this week, which caused the price of bitcoin to soar exponentially.

"Japan's government has been devaluing the yen, and the flow of liquidity has trickled into bitcoin as their fiat has weakened," March Zheng, Managing partner of Bizantine Capital

noted in an interview with CoinDesk. "This has caused the yen to strengthen against other currencies."

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