Bitcoin Soars to All-Time Highs in Multiple Countries as Currencies Weaken Against Surging Dollar
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Bitcoin has hit all-time highs in local currencies in many countries, including China, Japan, the UK, India, Argentina, Turkey, and Egypt.
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This is partly due to the 10.7% rise in the US dollar index since November 2021, causing other currencies to lose value.
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Bitcoin hit a record price in Japan due to the 24% decline in the yen against the US dollar.
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The strength of the US dollar compared to other developed economies has supported its rise, but recent weak US economic data casts uncertainty on its future trajectory.
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The weakening of fiat currencies like the Japanese yen has led liquidity to flow into bitcoin as it declines versus the dollar.