March 27, 2024
Bitcoin's at $65,048, Hits Record High in Euros, Surpasses $65K
Bitcoin price today

Bitcoin’s at $65,048, Hits Record High in Euros, Surpasses $65K

Monday, March 4, 2024: Bitcoin Price is at $65,048, showcasing notable progress in the financial realm, achieving a fresh euro record at an astounding surge to $65,000. This achievement signifies a historic high against the euro, reaching a remarkable value of 60,393 euros on March 4, with a remarkable 5% rise from its daily low of 57,521 EUR. At present, Bitcoin is traded at 59,981 euros, marking an impressive 56% year-to-date increase.

The cryptocurrency achieved several milestones leading up to its breakthrough against the euro. On February 28, Bitcoin surpassed the previous all-time high of approximately 53,000 euros, set in late September 2021. This momentum is part of a broader trend, as Bitcoin has been consistently setting new records against various fiat currencies in 2024.

In late February, Bitcoin reached an all-time high against the Chinese yuan (CNY), the world’s largest fiat currency by market capitalization. The cryptocurrency surpassed the previous record of around 414,000 CNY, now valued at 467,506 CNY. According to Balaji Srinivasan, an angel investor and former CFO of Coinbase, Bitcoin has exceeded all-time highs in more than 30 countries, including major economies like China, India, Japan, South Korea, and Argentina.

However, Bitcoin has yet to break new highs against certain fiat currencies, such as the United States dollar, the Swiss franc, the Brazilian real, and the Mexican peso. Despite reaching $65,000 in value, Bitcoin remains approximately 6% below its all-time high of $69,000 set on Coinbase in November 2021.

One noteworthy target for Bitcoin’s upward trajectory is the Mexican peso, identified by River Intelligence marketing head Sam Wouters as the most ambitious goal. Presently, Bitcoin is trading at 1.1 million pesos, down about 24% from its previous high of approximately 1.4 million pesos in November 2021.

The surge in Bitcoin’s value against multiple fiat currencies can be attributed to increased exposure following the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on January 11, 2024. Since the ETF launch, issuers have acquired at least 340,000 BTC as of March 1. This excludes significant BTC sales by the Grayscale Bitcoin Trust ETF.

Bitcoin’s continuous breaking of all-time highs reflects the growing acceptance and recognition of cryptocurrency in the global financial landscape. Investors are closely monitoring its performance against various fiat currencies, anticipating further milestones as the cryptocurrency market continues to evolve.

Image by Miloslav Hamřík from Pixabay

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