When the US does QE it generally weakens the dollar relative to other currencies for a period of time. Many countries have dollar-denominated debt, and so a weaker dollar improves their domestic liquidity conditions. Bitcoin’s strongest correlation is with global liquidity conditions, of which the US is the biggest variable, and China second. 

 So you're saying that trading pairs of BTC/EGP, BTC/NGN et al are really measured from dollar converted denominations. And not as a result of monetary expansions in these countries??