Bitcoin Reaches New Heights in 5 Fiat Currencies

Bitcoin continues to reach new all-time highs against fiat currencies, with the next potential victim being the pound sterling. Data from Markets Pro and TradingView indicates that Bitcoin is on track to set a new price record against the British pound (GBP). While Bitcoin has already reached its highest levels in over two years in US dollar terms, it is now poised to break its previous record against the pound. In November 2021, the BTC/GBP pair reached just under $51,000 on Coinbase, and it is approaching a retest of that level, as it reached $41,973 on February 15. This means that a mere 21% increase is needed to enter price discovery territory.

The pound sterling has been facing numerous challenges this year, including persistent inflation, a stagnant stock market, and a housing crisis. These factors have left a negative impact on consumers and have contributed to the weakened state of the UK’s economy, which recently fell into a recession after two consecutive quarters of economic contraction. James Van Straten, a research and data analyst at CryptoSlate, characterized the British economy as an “utter joke,” noting the pound’s weakness against the US dollar, with GBP/USD trading at historically low levels.

The UK’s stance on cryptocurrency has also had an effect on its economy. The country has been targeting exchanges and the right to user anonymity, and it remains the sole European country to enforce a ban on crypto derivatives, which was implemented in 2021. The weakened pound is not the only currency facing challenges against Bitcoin. Alistair Milne, a UK-based entrepreneur and commentator, has observed that Bitcoin is setting ongoing records against the Turkish lira (TRY), with several other currencies such as the euro and the Russian ruble also on the verge of following suit. The Japanese yen (JPY) has already reached new all-time highs, trading at nearly 8 million yen per Bitcoin.

Bitcoin’s surge to new all-time highs against various fiat currencies may now pose a serious threat to the pound sterling. The struggling UK economy, along with the country’s restrictive cryptocurrency policies, has contributed to the pound’s weakened state. Bitcoin’s upward trajectory against the Turkish lira, as well as its potential to break records against other currencies such as the euro and the Russian ruble, further highlights its dominance in the cryptocurrency market. With the Japanese yen already reaching new all-time highs against Bitcoin, the pound sterling may soon face a similar fate.