Lumos

Bitcoin

<ul>
 <li><strong>Bitcoin’s all-time highs in diverse countries showcase global demand dynamics.</strong></li>
 <li><strong>Nigeria’s Bitcoin premiums reveal demand for US dollars amid currency instability.</strong></li>
</ul>
<p>Bitcoin, the world’s leading cryptocurrency, recently made headlines by reaching all-time highs in Argentina, Lebanon, Egypt, Laos, and Nigeria.</p>
<p>While it might have gone unnoticed in some regions, it’s essential to understand that Bitcoin’s value isn’t tied to any specific currency, and its global nature means its price can vary significantly across different markets. Let’s delve into why Bitcoin soared to new heights in these emerging markets and what this phenomenon signifies.</p>
<div align="center">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Made an all-time high!! <br> <br>You didn't see? Probably because you are in the wrong country!! It made an ATH in Argentina<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1e6-1f1f7.png" alt="🇦🇷" class="wp-smiley" style="height: 1em; max-height: 1em;">, Lebanon<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1f1-1f1e7.png" alt="🇱🇧" class="wp-smiley" style="height: 1em; max-height: 1em;">, Egypt<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1ea-1f1ec.png" alt="🇪🇬" class="wp-smiley" style="height: 1em; max-height: 1em;">, Laos<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1f1-1f1e6.png" alt="🇱🇦" class="wp-smiley" style="height: 1em; max-height: 1em;">, and Nigeria<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1f3-1f1ec.png" alt="🇳🇬" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <br> <br>While it is trading at around $34.8K, in these countries it shock investors with exponential… <a href="https://t.co/QAFc5ftswL" rel="noopener noreferrer nofollow">pic.twitter.com/QAFc5ftswL</a></p>— TheNewsCrypto (@The_NewsCrypto) <a href="https://twitter.com/The_NewsCrypto/status/1717507217166065776?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 26, 2023</a>
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 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h3 class="wp-block-heading" id="h-the-decentralized-nature-of-bitcoin">The Decentralized Nature of Bitcoin</h3>
<p>Bitcoin operates independently of any central authority or fiat currency. Unlike traditional financial markets, it isn’t tethered to any specific national currency. Bitcoin is a truly global asset, and numerous factors influence its value.&nbsp;</p>
<p>Bitcoin trading volume can vary significantly between well-established exchanges and smaller platforms. This decentralized landscape ensures that <a href="https://thenewscrypto.com/bitcoin-bulls-on-the-rise-new-highs-coming/" rel="noopener noreferrer nofollow">prices</a> are subject to the basic economic principles of supply and demand.</p>
<h3 class="wp-block-heading" id="h-the-case-of-nigeria">The Case of Nigeria</h3>
<p>Let’s take a closer look at Nigeria, where Bitcoin recently hit an all-time high of 28256091 NGN. As seen on Google Trends, the BTC/NGN trading pair demonstrated this surge. Google relies on Coinbase’s API to provide an estimated price in USD, excluding transaction fees.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="715" height="490" src="https://thenewscrypto.com/wp-content/uploads/2023/10/ngn.jpg" alt="" class="wp-image-84592" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/ngn.jpg 715w, https://thenewscrypto.com/wp-content/uploads/2023/10/ngn-300x206.jpg 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/ngn-220x150.jpg 220w, https://thenewscrypto.com/wp-content/uploads/2023/10/ngn-150x103.jpg 150w" sizes="(max-width: 715px) 100vw, 715px">
  <figcaption class="wp-element-caption">
   BTC/NGN Price Chart, Source: Google Trends
  </figcaption>
 </figure>
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<p>For a more comprehensive perspective, we can examine BTC’s all-time high in Nigeria using the BTC/NGN pair on <a href="https://twitter.com/LumosExchange" rel="noopener noreferrer nofollow">Lumos Exchange</a>, a cryptocurrency platform.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="452" src="https://thenewscrypto.com/wp-content/uploads/2023/10/luli-1024x452.jpg" alt="" class="wp-image-84593" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/luli-1024x452.jpg 1024w, https://thenewscrypto.com/wp-content/uploads/2023/10/luli-300x132.jpg 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/luli-768x339.jpg 768w, https://thenewscrypto.com/wp-content/uploads/2023/10/luli-150x66.jpg 150w, https://thenewscrypto.com/wp-content/uploads/2023/10/luli.jpg 1160w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC/NGN Price Chart, Source: Lumos
  </figcaption>
 </figure>
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<p>The variation in Bitcoin’s price on LumosExchange is due to the unique supply and demand dynamics created by its user base. Notably, Nigeria experienced Bitcoin premiums, with prices surging up to 60% above the global market average. These remarkable price differences are indicative of not only increased demand for Bitcoin but also a consistent demand for the US dollar due to currency instability in the region.</p>
<h3 class="wp-block-heading" id="h-reflection-of-unique-economic-and-social-conditions">Reflection of Unique Economic and Social Conditions</h3>
<p>The recent Bitcoin all-time highs in emerging markets highlight the decentralized and global nature of this digital asset. These varying prices also reflect the diverse economic, social, and regulatory conditions in each region. In some countries, Bitcoin may serve as a safe haven asset in times of economic uncertainty, while in others, it may be a means to access a more stable currency.</p>
<h3 class="wp-block-heading" id="h-bullish-trend">Bullish Trend</h3>
<p>From every angle, Bitcoin appears to be on a <a href="https://thenewscrypto.com/bitcoin-bulls-on-the-rise-new-highs-coming/" rel="noopener noreferrer nofollow">bullish</a> trend. These record-breaking highs in emerging markets like soaring above $35000 are a testament to the cryptocurrency’s ability to provide financial opportunities and security, especially in regions where traditional financial systems may be less stable.</p>

Bitcoin Hits an All-Time High in Five Countries, What’s Behind ?

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