Bitcoin (BTC) has hit the $31,000 mark for the third time in 2023 on June 25th as attention of financial market participants was mostly focused on the geopolitical issues with Russia and its surrounding states.

This price-tag represented new all-time highs in three nations against their respective local currencies; Argentina, Venezuela and Lebanon. In these countries, the uptrend has continued to prevail as inflation throughout 2023 and macroeconomic moves took a toll on purchasing power. In Turkey, BTC/TRY hovered by the all-time high area recorded in December 2021. Turkey has been a victim of a calamitous drop in its lira against the dollar greenback.

While the price of Bitcoin has been picking up steam, the CEO of trading firm Eight, Michaël van de Poppe, does not remain very optimistic that the bull power will remain outweigh that of the bears for a significant period of time:

“I’m unsure whether we’ll continue running from here, but during uptrends you’ll most likely see price continuing to run rather than have deep corrections. If we have a correction, $28,500 I buy.”

Sources:

https://cointelegraph.com/news/bitcoin-price-new-all-time-highs-3-countries-btc-31k

https://twitter.com/CryptoMichNL/status/1672499801576050690

https://coinmarketcap.com/currencies/bitcoin/