Key Points
- Bitcoin (BTC) maintains its position above the $69,000 technical support as traders await significant events.
- Bitcoin has set new record highs in several fiat currencies, including the Japanese Yen and the British Sterling Pound.
Bitcoin (BTC) is sustaining its position above the technical support level of $69,000.
This is in anticipation of an eventful week that includes the release of the U.S. Consumer Price Index (CPI) report and a key interest rate decision from the European Central Bank (ECB).
Bitcoin’s Price Performance
On April 9, BTC’s price was trading as high as $71,760 in the U.S. and €66,000 in the eurozone.
This was a correction from their respective three-week highs established a day prior.
Interestingly, on the same day, the cryptocurrency set new record highs in some fiat currency denominations.
These included the Japanese Yen (JPY), where the BTC/JPY exchange rate reached ¥10.99 million, the highest to date, and the British Sterling Pound (GBP), where the BTC/GBP exchange rate reached a new record high of around £57,560.
Reasons for Bitcoin Price Variation
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, prices may be higher.
Additionally, currency stability affects Bitcoin prices.
In countries with less stable currencies versus the dollar, Bitcoin may be considered a safer asset, pushing prices up.
For example, 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.
“But then Bitcoin flips the dollar. Because since Bitcoin’s inception…USD has collapsed against BTC by six orders of magnitude.”
