Bitcoin (BTC) is holding above the technical support of $69,000 today as traders anticipate an eventful week that includes the release of March’s United States Consumer Price Index (CPI) report and a key interest rate decision from the European Central Bank (ECB).
As of April 9, BTC’s price was trading for as high as $71,760 in the U. S. and 66,000 euros in the eurozone, correcting from their respective three-week highs established a day prior.
Interestingly, on the same day, the cryptocurrency established new record highs in some fiat currency denominations.
* Japanese yen (JPY): The BTC/JPY exchange rate reached 10.99 million yen, the highest to date.
* British pound (GBP): The BTC/GBP exchange rate reached a new record high at around 57,560 pounds.
Check out Cointelegraph’s calculator to measure Bitcoin’s worth against dollar, euro and other fiat currencies in the real time.
Bitcoin prices vary across fiat markets due to differences in supply and demand dynamics, varying levels of access to exchanges, regulatory environments and the efficiency of financial infrastructure in different countries.
Market liquidity can also play a significant role in markets where Bitcoin is harder to obtain and prices may be higher. Additionally, currency stability affects Bitcoin prices. In countries with less stable currencies vs. the U. S. dollar, Bitcoin may be considered a safer asset, pushing prices up.
Related: Bitcoin demand in Argentina reaches highest point in nearly 2 years
For instance, 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, according to a survey listed at Statista.
“The dollar is a vampire. It drains the life out of every other fiat currency,” argues Balaji Srinivasan, a Silicon Valley investor and entrepreneur, adding:
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.