Bitcoin, which is denominated in a number of currencies including the Japanese yen and British pound, hits record highs

While Bitcoin is still below its all-time high in November 2021 in US dollar terms, BTC has broken out to new all-time highs in local currencies in many markets around the world. Since November 2021, the US Dollar Index (DXY) has risen by 10.7%, which means that currencies in many countries around the world are losing value. Countries where Bitcoin has hit new highs locally include economic powerhouses such as China, Japan, the United Kingdom, and India, as well as developing markets such as Argentina, Turkey, and Egypt. The yen, among them, fell 24 percent, meaning bitcoin hit its all-time high price in that country before spiking this week. Aurelie Barther, an analyst at Nansen, said: 'US economic growth remains exceptionally strong compared to Europe, the UK and Japan, which has supported the dollar. However, the future of this is less clear as we have seen a series of weak consumer and housing data from the US and I see the dollar index linked to cryptocurrency prices through the interest rate channel."