Volatile global currencies are losing ground against Bitcoin's rapid ascent. Discover how the cryptocurrency continues its record-breaking streak, overcoming inflationary hurdles worldwide. Delve into the details of this exciting moment in the global economy.
Bitcoin has reached new all-time highs against several inflationary fiat currencies, including the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and the Egyptian pound. This surge occurred over a span of 30 hours from October 23 to 24. It's crucial to note that this increase is primarily a result of these currencies' continuous devaluation, further accelerated by Bitcoin's recent 16% price surge.
Despite Bitcoin still being down over 50% from its peak price of $69,000 against the U.S. dollar, it managed to hit new records in these currencies due to their declining values. For instance, both the naira and lira reached their lowest points against the U.S. dollar on October 24 and 25, respectively. The peso is also very close to its all-time low against the U.S. dollar, standing at just 0.85% away.
