Seeing Bitcoin Prices Touch All-Time Highs are 8 Countries Stricken With Rampant Inflation

As Bitcoin Price Touch All-Time Highs, What Is Observed In The Crypto Market? 

A number of supporters are optimistic that the crypto assets’ value will drive higher as the price of bitcoin touched new highs in 2020. Around eight different countries have seen bitcoin touch all-time highs in their local currency in addition to this year’s bitcoin price high. It was observed during the last year, as the bitcoin ATHs in these countries have been showing how rampant inflation has ravaged all these currencies a great deal. 

The nation state’s responses to the coronavirus made things a lot worse as 2020 has been a hard year as far as the global economy is concerned. Having come back in a big way since then, cryptocurrency markets dropped significantly in mid-March following the Black Thursday market rout. 

Since the value dropped to $3,600 on March 12, 2020, for instance, the price of bitcoin (BTC) has climbed more than 261%. Reaching $13,184 per coin on Wednesday evening, BTC touched a 2020 high on October 21. 

The price of BTC has surpassed the local currency’s previous ATHs, however in eight countries where inflation is rampant. Discussing the subject on Twitter was Alistair Milne, the Bitcoin proponent when he tweeted: 

These are the counties where bitcoin now hits a new ATH in the local currency: 

Brazil – pop. 209 million, Turkey – pop. 82m, Argentina – pop. 44.5m, Sudan – pop. 41m, Angola – pop. 30m, Venezuela – pop. 29m, Zambia – pop. 17m.

Soon after that, Russia, Colombia along with all other fiat currencies. 

It shows that each one has seen BTC touching new price highs looking at the exchange rates for all of these countries on October 22. 

On May 28, 2019, in the USD terms, Bitcoin was trading for $8,000 on global spot markets. As the price of one bitcoin is 103,775 Turkish lira on October 22, 2020, it is a different story. Seen across the board in all eight countries mentioned above, where these bitcoin price increases. 

What Are The Opinion Of Experts Like Jason Deane?

Delving into the depths, the cryptocurrency columnist Jason Deane also had written that a comprehensive editorial on some of these countries touching all-time price highs earlier this month. As far as BTC’s price was concerned, Deane discovered that all of these countries were clocking new record highs. 

Studying for hours and wondering how long it would be until stronger currencies start to follow suit is most of Deane’s research. Moving on the author now reports concluding that 

It is sure that for one reason the new all-time high has now prompted the research for this article certainly not to be the last for the Turkish lira, Argentine peso, Pakistani rupee, and many others. Before we see the same thing with a currency that may be closer to our hearts whereas how long will it be? In case of that especially if it is started printing it at an unsustainable rate to deal with a pandemic that is global and how long is it indeed? 

It indicates that bitcoin and cryptocurrencies mean something different to users in countries suffering severe economic hardships, is the new price highs in Brazil, Turkey, Argentina, South Sudan, Angola, Venezuela, Pakistan, and Zambia. 

The price needs to jump above $ 13,796 per coin to outpace 2019’s ATH on June 26 as, at press time, the price of bitcoin is hovering just below the USD 13k zone. 

Tron Foundation Announces Cashout Plan For TRX Holders As P2P Trading Resumes On Okex As Withdrawals Freeze Still In Effect. 

Peer to peer trading is now open but the freeze on withdrawals remains in effect as Asian cryptocurrency exchange Okex says. Okex CEO Jay Hao reveals thereby that buying cryptocurrency via the fiat gateway comes active whereas he fails to give a timeframe for the resumption of withdrawals in an update. The CEO further reassures customers that their funds are safe and that withdrawals will commence as soon as possible in an earlier tweet. 

After an unnamed private key holder was taken into custody by law enforcement, on Oct. 15, it was announced by Okex the suspension of withdrawals of cryptocurrency. Reports have emerged alleging large BTC withdrawals just before the announcements of the freeze since the suspension of cashouts. 

Dismissing such reports, the Okex CEO has however issued statements. Thereafter they were found to express dissatisfaction along with the exchange’s failure thereby disclosing details about the progress of that ongoing investigation which are the still anxious Okex customers.  

As it comes to be the users are now venting their anger so that in the case they question the wisdom of the latest announcements it is with the peer-to-peer trading that comes to be open now on Twitter. When being queried about the rationale of asking clients hereafter to continue trading when there is no option available to cash out is one user named Maciek_sk. The user explains the following in his reply to Hao’s tweet: 

Being active on the stock market from which you cannot withdraw your funds, there is no point in it. It doesn’t make any sense. He is frightened that it subsequently leads to withdrawal from the platform. 

The Conclusion 

Justin Sun’s Tron Foundation had thereby announced that it comes to be enabling TRX holders along with funds were frozen on the exchange cashing out their tokens via a specially designated account in a surprising move. 

It was found that in a statement on the organisation’s Medium page, it was said that they have decided to shoulder their major responsibility in the industry which is giving users access to the unlimited 1:1 withdrawal of TRX on Okex it is not clear what prompted the move by the Tron Foundation. As soon as it is announced, this decision will take effect.  

This campaign intends to help TRX holders protect their assets according to the Tron Foundation.