The Bitcoin buzz has been more real than ever with constant news about its highs and lows. A few days back, Bitcoin showed a real downward slope. This movement pushed traders into a frenzy. Despite experienced traders assuring people of the historical route of currencies and how it isn't a situation calling for panic, a lot was happening. However, Bitcoin seems to have unraveled its magic once again by inviting crypto enthusiasts to witness its upward slope by hitting an all-time high.
Such a high certainly came from a variety of factors. One major reason behind the magnificent momentum that Bitcoin latched onto has been PayPal's recent friendly cryptocurrency announcement. The very idea of such a big and trusted name connecting itself with the crypto domain has been startling and inspiring. This coupled with a variety of other little factors led to Bitcoin hitting a record high price point in seven countries around the world.
What exactly are we looking at?
Drowning in all the news pouring in constantly, it can get a little difficult to understand the current status of Bitcoin. Recently, we witnessed Bitcoin hit an all-new record high with seven national currencies. These national currencies are the staple fiat currencies of more than 500 million people around the globe. Isn't this a reason for all the chatter?
Bitcoin's surge deserves all the attention it is receiving in the crypto market and more. Alistair Milne, an entrepreneur, and market commentator has compiled effective data that reflects the exchange rate figures. The data clearly shows that when we are looking at this week's high, Bitcoin reached a high so intriguing that it enhanced its worth significantly in seven major global currencies. This high was fixed at a greater point than ever before, making more room for trading and investing cogitation than ever.
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Milne believes that other currencies will soon follow. Bitcoin's weekly gains were recorded at a dramatic 15% high overnight this Wednesday. BTC/USD reached a $13,200 mark and later reversed to $12,800, returning to press-time levels. In the crypto world, this certainly was a thrilling and nail-biting phenomenon. Bitcoin's activity in the last few days has managed to keep experts in the field on the very edge of their seats.
This sudden rate of change pushed many traders to a state of startle. There was a time when fiat currencies were extremely ill-performing due to the hit of the pandemic. The situation seemed to be worse in the case of developing countries. The impact of central authorities and economic reactions was another major reason for Bitcoin's newfound high.
The last time Bitcoin was traded around a mark of $13,000 or even when it reached its highest in 2017 by hitting the $20,000 mark, the economic picture was certainly very different. If we get to the country-talk directly, Brazil presents a favorable case study.
If we talk about Brazil, 1 Bitcoin can now buy more reals than it ever did. The population has noted the value of fiat currency in the country drop approximately 28% when seen against the US Dollar within the timespan of a single year.
Taking Milne's list into consideration, we can spot Brazil as the largest country by population, touching the 209 million mark. Other places include Venezuela, Argentina, and Turkey. The total population with all the countries under discussion goes up to 450 million or more, making the discussion all the more interesting.
The market commentator added a forecast about Russia and Colombia soon joining the trail, and that this would be followed by all other fiat currencies one by one. Meanwhile, Bitcoin's correlation to the U.S. dollar being inverse, the currency index stayed in focus as we saw its bull run on hold. The strength of the US dollar was measured against other partner currencies. It was noted that DXX fell during October and reached a press-time level of 92.72. This coincided with the fresh strength that Bitcoin acquired to make things more exciting on the front.
It is speculated that upcoming US elections can also trigger the volatility of Bitcoin. Expert analysts seem to be sticking fast to the faith. In case the DXY happens to close below the structure and falls in the 92.5 zone. Such a trend would support all kinds of inflation assets like gold, growth stocks, and other commodities. At the end of the day, Bitcoin's all-time high and growth have made way for several announcements. These announcements ascertain that the cryptocurrency has long left behind the correlation to macro assets traditionally.
