Countries where bitcoin cryptocurrency has updated its historical maximum are named

The fall in the exchange rates of national currencies against the dollar and the unstable situation in the economies of Nigeria and Turkey have led to the fact that the value of bitcoin has set a new record in the national currencies of these countries. This became known from the data of the Coingecko service.

The recent growth of the market flagship has led to an update of the maximum values of BTC $58,634.83 Bitcoin -2.51% Market capitalization $1.16 trillion VOL. 24 hours $2.96 billion to the Nigerian naira (NGN) and Turkish lira (TRY). Bitcoin is trading at 27.4 million naira and 960,000 lira.

Over the past six months, the Nigerian naira has lost 45% against the US dollar, while the Turkish lira has lost 31% over the same period. According to the IMF, inflation in Nigeria increased by 25% compared to last year, and in Turkey — by more than 51%. Such an unstable economic situation increases the attractiveness of CTS as a means of preserving capital among the citizens of these countries.

In September, analytical company Chainanalysis published a study that shows that cryptocurrencies are very popular among the population in Nigeria and Turkey. In the report, Nigeria was ranked second after India in the popularity of decentralized finance (DeFi) services among citizens. Turkey was ranked 12th out of 20.

This week, it also became known that the PTS updated the absolute maximum value (ATH) in Argentina. This happened on October 23 amid the devaluation of the local currency. Over the past five years, bitcoin has risen in price in Argentina’s national currency by 4681%, 256% over the year, and 15% over the past month. on October 23, investors paid ARS 10,740,890 for 1 BTC.

As a reminder, on October 24, the bitcoin rate rose sharply to $ 35,000, reaching the level at which it was last traded in May 2022. A few hours before the growth, it became known that two major management companies, BlackRock and Grayscale, were close to approving applications for their own exchange-traded funds (ETFs) for bitcoin. The launch of such ETFs is considered a catalyst for a new bull cycle in the crypto community.