as per title how you recon the market is affected by individuals in countries like turkey, venesuella, brasil, argentina, russia, china, india (etc) which currently experience major currency devaluations against the dollar? normally it would be rather common practice to hold dollars as a hedge against the central bank's fiat denominations. though in countries like india they prefer gold. so now that an alternative is present how much buying pressure would it create to perhaps affect the bitcoin trend?
India imports a lot of oil from other countries and it is the one causing more impact on its currency devaluation. If oil prices go up then they need to spend more Indian currency to buy oil in dollars which reduces demand for Indian currencies.
Based on my knowledge if countries are allowed to trade bitcoin then people may move some funds to invest in cryptos but countries like India, they have already banned crypto trading so they may prefer to hold gold than bitcoins.