⚠️ Bitcoin ($BTC) hit an all-time high, against $EGP on binance! What caused this? Read here -
Egypt is yet another country that currently copes with severe financial difficulties and galloping inflation, which have harmed the local currency. As such, the price of bitcoin against EGP has surged notably lately, exceeding 1,200,000 EGP on Binance, which is a record high.
It is worth mentioning that the valuation is not that high on other cryptocurrency exchanges, such as Coinbase.Despite Egypt’s GDP gradually growing in the past years, the standard of living in the country has been on a downtrend, with high inflation decreasing the purchasing power of the national currency.when approximately two million people flooded the streets protesting against the reign of President Hosni Mubarak.
The COVID-19 global pandemic and the military conflict between Russia and Ukraine are other factors that worsened the issues. Egypt depends on imported wheat and grain from the Black Sea region, and logically, those deliveries have been interrupted.The condition of the Egyptian pound is quite worrying since it has depreciated by nearly 40% against the US dollar in the last year.
The domestic currency has shrunk so much that the price of bitcoin measured in EGP has reached an all-time high on some cryptocurrency exchanges, such as Binance and Changelly.The previous record was in mid-November 2021, when the primary cryptocurrency reached its highest valuation against all fiat currencies, including the greenback, at $69,000.that one BTC is currently worth around 950,336 EGP.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin halving bullish for Saylor’s MicroStrategy: Berenberg CapitalAnalysts from Berenberg Capital Markets say that the upcoming Bitcoin halving could be a major positive for value of shares in saylor’s enterprise analytics firm MicroStrategy.
Read more »
Bitcoin, Ethereum Technical Analysis: ETH Over $1,900 as Greenback Weakens on Tuesday – Market Updates Bitcoin NewsEthereum moved briefly above the $1,900 level on Tuesday, as the U.S. dollar weakened versus several G7 currencies.
Read more »
Bots Sending BTC — Lightning Labs Releases New Tools for AI-Bitcoin Integration – Technology Bitcoin NewsThe tools essentially merge AI technologies, APIs, and blockchain technology to facilitate BTC transactions over the Lightning Network.
Read more »
Bitcoin Exodus: Over 855,000 BTC Withdrawn From Exchanges Since July 2020 – Featured Bitcoin NewsStatistics show over the past 1,075 days, customers have removed 855,621 bitcoin from centralized trading platforms.
Read more »
Standard Chartered revises bitcoin price target to $120,000Standard Chartered Bank has revised its forecast on bitcoin, presenting an even more bullish price target for the cryptocurrency.
Read more »
'Rich Dad' Author Gives Bitcoin (BTC) New Mega Prediction'Rich Dad Poor Dad' writer Robert Kiyosaki has called six-figure price target for Bitcoin
Read more »