Bitcoin seems to be roaring across nations. The national currencies of Argentina, Turkey, and Egypt have experienced a consistent decline against the U.S. dollar. The Argentine Peso has been unable to recover its losses over the past year, with a continuous downward trend evident on the charts. On the other hand, the Turkish lira managed to stabilize temporarily towards the end of 2022 and in the initial months of this year, but this trend was short-lived.
Recently, these currencies have witnessed a series of significant declines, often represented by long red candles. Interestingly, the Turkish lira has gained attention and earned the nickname “suppressed lira” by some individuals. In comparison, the Egyptian pound seems to be in a relatively better state than the other two currencies. After a volatile second half in 2022 and a bearish start to 2023, the Egyptian pound is currently consolidating. Factors such as post-Covid effects, rising inflation, political challenges, and macroeconomic instability have all contributed to the devaluation of these three currencies.
Meanwhile, Bitcoin’s value has surged against the Argentine peso, Turkish lira, and Egyptian pound amidst this accelerated devaluation. In fact, Bitcoin has already reached an all-time high in Argentina and Turkey, trading at 8,082,591 ARS and 803,075 TRY respectively. However, in Egypt, the price is on the verge of surpassing its previous peak and establishing a new record, with one Bitcoin valued at approximately 948,976 Egyptian pounds on June 12th.
Contrasting Sentiments in Turkish Bitcoin Exchanges
In Argentina, the trading volumes of cryptocurrencies have experienced a sharp decline over the past week. Initially, these volumes reached their peak on the top two local exchanges but gradually diminished. Recently, the trade volumes on these platforms amounted to around $15.7 million and $21,400 respectively.
In Turkey, where Bitcoin also reached an all-time high, the situation is slightly different. Weekly improvements in trading volumes have been observed on two native exchanges, while the other three exchanges have not displayed such remarkable trends. This divergence suggests a divided sentiment within the community. Over the past day, trading volumes on these platforms ranged between $50 million and $172,500.
