Bitcoin has surged from $108,000 to over $120,000 in less than a week, extending its aggressive uptrend and hitting new all-time highs on nearly every trading day.
While the US dollar price of Bitcoin keeps soaring, the same momentum has been more muted in other fiat currencies like the euro and British pound.
The divergence is tied to the declining strength of the US dollar. Since January, the dollar has dropped over 10% against the pound and continues to fall against the euro.
This weakening trend has become a focal point for market participants who view it as a broader signal of economic instability and a catalyst for what some are calling a new phase of “bitcoinization.”
Weakening US dollars
Analysts at Kobeissi Letter pointed out that the market is entering “crisis mode,” noting that Bitcoin is now rising in a near-vertical line.
According to the firm, Bitcoin is in uncharted territory as the US rates are climbing, the dollar has fallen by 11% in just six months, and over
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