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Bitcoin, the pioneering digital currency, reached record-breaking highs in three nations - Venezuela, Argentina, and Lebanon - over the weekend, defying market volatility against the U.S. dollar.
Analysts closely monitored Bitcoin's behavior amidst geopolitical tensions in Russia and neighboring territories, anticipating the market opening on June 26. The upcoming weekly candle close, known for potential market turbulence, added to the intrigue.
Renowned crypto market analyst Rekt Capital envisioned an optimistic outcome, suggesting that the week's close could surpass the crucial $31,000 milestone. Crypto Tony projected a promising journey to $32,000 if Bitcoin stabilizes around the $31,000 range. However, Michaël van de Poppe expressed less certainty, raising the possibility of a dip below $30,000, which could present a buying opportunity.
In Argentina, Venezuela, and Lebanon, ongoing inflation and macroeconomic policies have fueled a significant surge in Bitcoin's value against their local currencies. This trend has persisted throughout 2023, eroding purchasing power in these countries.
A similar situation has unfolded in Turkey, where the lira has reached all-time lows against the dollar, bringing the BTC/TRY pair close to its December 2021 peak. The Bitcoin community in Turkey observes these developments with a mix of hope and anxiety.
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