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Bitcoin continues to reach all-time highs against fiat currencies, potentially impacting everyone significantly. Data from TradingView indicates that a new Bitcoin price record against the British Pound (GBP) may be imminent. Bitcoin may have been at its highest levels in over two years in terms of US dollars, but other milestones are also appearing in this domain.
Bitcoin and Fiat Currencies
Among these fiat currencies, Bitcoin is also reaching an all-time high against the British Pound. The BTC/GBP record set in early November 2021 on Coinbase, just below $51,000, is being tested again. The pair reached $41,973 on February 15, meaning only a 21% gain is needed to enter price discovery.
The UK’s beleaguered currency continues to face numerous headwinds this year. Inflation, a sluggish stock market, and property bottlenecks, issues many countries are grappling with, continue to leave a bitter taste in consumers’ mouths.
Latest data announced this week and quoted by mainstream media sources confirmed that the UK economy has entered a recession after two consecutive quarters of economic contraction. James Van Straten, a research and data analyst at crypto analysis firm CryptoSlate, included the following statement in an article on the topic during the day:
“The British Economy has become a complete joke.”
Van Straten noted that the pound has weakened against the dollar, with the GBP/USD pair trading at $1.25. These are some of the lowest levels historically.
The UK’s cryptocurrency policy continues to target exchanges and the right to user anonymity. The country also remains alone in Europe regarding its ban on crypto derivatives, implemented in 2021.
BTC/TRY Pair Continues to Set Records
Meanwhile, regarding all-time highs, UK-based entrepreneur and commentator Alistair Milne highlighted Bitcoin’s ongoing records against the Turkish Lira (TRY). The Russian ruble, as well as the euro, are on the verge of mirroring the pound.
The Japanese Yen (JPY) is already trading at all-time highs, with Bitcoin trading at around 8 million Yen during the day.
