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Edited by Shri333 at 27-12-2023 11:19 AM
In the past two weeks, the price of Bitcoin has sharply risen, briefly surpassing $35,000 on October 24, marking the first time since May 2022, and options trading activity has reached near-record levels. According to TradingView market data, Bitcoin has risen by over 27% in the past two weeks.
This surge appears to be closely related to the approval of a Bitcoin spot ETF, and many experts believe this will trigger a new wave of institutional investor buying. Senior ETF analysts Eric Balchunas and James Seyffart estimate a 90% probability of approval by January 10, 2024.
The impact of this recent Bitcoin price increase is not limited to the crypto space, as data suggests growing interest from traditional industries.
Bitcoin Prices in Turkey and Nigeria Reach Historic Highs
Although priced in USD, Bitcoin's trading price is 50% below its all-time high. However, in Turkey and Nigeria, the devaluation of their national fiat currencies and overall economic instability have driven Bitcoin prices to historic highs.
Data shows that the surge in Bitcoin prices has led to all-time highs for Bitcoin against the Turkish Lira (TRY) and Nigerian Naira (NGN). As of the morning of October 27, the price of Bitcoin against the Lira was 9.6 million, and against the Naira, it was 27.4 million, resulting in a 30% monthly increase when calculated in local currencies.
According to CoinGecko data, local crypto exchanges have collectively traded $40 million worth of Bitcoin in the past 24 hours. This figure may not include local users trading on global exchanges like Binance or Coinbase.
In contrast, over the past month and six months, the Naira to USD exchange rate has fallen by 0.45% and 45%, respectively, while the Lira to USD exchange rate has dropped by 2.9% and 31%, respectively.
A study by the International Monetary Fund shows that Nigeria's inflation rate has risen by 25% compared to 2022, and Turkey's inflation rate has surged by 51%, resulting in a significant decline in the purchasing power of the Lira and Naira. Inflation may be boosting demand for Bitcoin in these markets.
Moreover, cryptocurrency adoption is particularly high in Turkey and Nigeria. Crypto analytics firm Chainalysis reported in a September report that, in terms of users engaging in DeFi and crypto trading activities, Nigeria is the second-most active country after India, while Turkey is ranked 12th among 20 countries.
Surge in Google Searches
As the crypto market has seen a substantial rise, Google searches for the keyword buy Bitcoin have surged globally. In the UK, search volume for buy Bitcoin increased by over 800% last week. According to research from Cryptogambling.tv, the search volume for buy Bitcoin in the UK has increased by 826% in the past seven days.
While UK users have the highest search volume, searches related to buying Bitcoin have seen significant increases globally.
Google Trends data reveals that the search volume for should I buy Bitcoin now? by U.S. users has increased by over 250%, and other keywords like can I buy Bitcoin on Fidelity saw a 3100% increase in search volume last week.
Searches for the keyword is now a good time to buy Bitcoin? have surged by 110% worldwide in the past week. In comparison, searches for BlackRock Bitcoin ETF have spiked by 250%, indicating strong market interest in BlackRock's spot Bitcoin ETF, which is currently awaiting approval. |
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Post time 1-11-2023 12:54:31