South African crypto exchange VALR announced that the price of Bitcoin reached one million South African Rands (ZAR). Bitcoin’s price also skyrocketed to 7.9 million yen as investor confidence in South Africa and Japan remains muted.

VALR said earlier today that the current price of Bitcoin was 6% below the all-time ZAR high of the asset’s 2021 high. The cost of Bitcoin in Japanese yen on the crypto exchange bitFlyer reached an all-time high of around 7.85 million yen.

How Weak Rand Impacted Bitcoin’s Price

While Bitcoin breached $52,000 in the US this week, it is still 32% below its all-time high of $69,000. In contrast, the price of BTC surpassed ZAR 1 million ($53,634) but is only 6% below its all-time high of ZAR crypto exchange VALR said.

According to CoinGecko, Bitcoin reached an all-time high of ZAR 1,057,029 on Nov. 10, 2021. Similarly, the price of Bitcoin skyrocketed to an all-time high of 7.9 million yen on the exchange bitFlyer in the past 24 hours.

The different prices can affect trading strategies because of differences in economic climates. For example, in South Africa, investors

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Author: David Thomas

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