Cryptocurrency industry analysts name countries where bitcoin has reached historic highs

The depreciation of national currencies and the general instability of the global economy have contributed to bitcoin reaching record highs in Turkey and Nigeria, despite the fact that the asset is trading 50% below its peak.

The recent price surges have seen bitcoin cross price peaks against the Turkish lira and the Nigerian naira. As of the end of the week, bitcoin was trading at 960,000 against the lira (TRY) and 27.4 million against the naira (NGN), increasing its monthly gain to 30% in local currency.

Turkey and Nigeria use a significant amount of cryptocurrencies in their circulation. In a September report by analytical company Chainalysis, Nigeria ranks second after India in terms of the number of users participating in DeFi transactions and cryptocurrency trading. Turkey took the twelfth place.

The expectation of the approval of a spot exchange-traded fund for bitcoin ETFs in the United States caused euphoria among crypto investors last week. This led to a rise in bitcoin and almost record-breaking activity in the options market. At the local peak, the market value of the main cryptocurrency reached $ 35,280 (BTC/USDT pair, Binance cryptocurrency exchange). It is worth reminding that BTC’s surge occurred amid expectations that the U.S. Securities and Exchange Commission (SEC) would approve the first spot ETF.