Bitcoin Hits New Milestone Against Euro, Crosses Other Global Currency Highs in 2024
Summary:
Bitcoin has achieved a new record high against the Euro, reaching a novel benchmark of 60,000 EUR for the first time. It also established fresh highs in other global currencies including the Chinese Yuan in 2024. However, it still needs to overcome previous highs against the U.S. dollar, Swiss franc, Brazilian real, and Mexican peso. The surge is linked with greater exposure of the cryptocurrency following the January 2024 launch of Bitcoin exchange-traded funds in the U.S.
Bitcoin has crossed a fresh record peak against the Euro, hitting a significant marker of 60,000 EUR on March 4. This incidence marks BTC's first ever achievement of this figure in relation to the Euro. Reports from TradingView reveal that Bitcoin hit 60,393 EUR around 8:30 am UTC, marking a rise of approximately five percent from its starting position at the day's low of 57,521 EUR. Presently, Bitcoin is valued at 59,981 EUR, reflecting a 56% growth since the year began.
Prior to clocking this 60,000 EUR benchmark, Bitcoin accomplished a number of other landmarks. For instance, on February 28, it surpassed an all-time peak of roughly 53,000 EUR, a record previously set in the final quarter of 2021.
In addition, 2024 has witnessed Bitcoin setting fresh highs in various global currencies, including the Chinese Yuan - the globe's most valuable fiat currency. Bitcoin achieved a record-breaking figure against the Yuan in late February, exceeding the earlier record of proximately 414,000 CNY as stated by Xe.com. Currently, Bitcoin's evaluation is 467,506 CNY.
Balaji Srinavisan, angel investor and former top executive at Coinbase, mentioned that as of February 28, Bitcoin has overcome record highs in over 30 nations, inclusive of China, India, South Korea, Japan, and Argentina.
Despite soaring past $65,000, Bitcoin still needs to set new records against several other currencies like the U.S. Dollar, Swiss franc, Brazilian real, and Mexican peso. At the moment, Bitcoin trades at around $65,000 which is about 6% less than the record high of $69,000, set in November 2021 on the Coinbase platform.
As per comments attributed to Sam Wouters, the head of marketing at River Intelligence, Bitcoin still has a robust target to hit in the Mexican peso. Bitcoin currently trades at 1.1 million MXN, which is about 24% less than the record high of 1.4 million MXN set in November 2021.
In the aftermath of the spot Bitcoin exchange-traded funds (ETF) launch in America on January 11, 2024, Bitcoin's all-time highs in several fiat currencies have been shattered. Post this launch, at least 340,000 BTC were bought by Bitcoin ETF issuers by March 1, with this figure not accounting for substantial BTC sales by the Grayscale Bitcoin Trust ETF.
Published At
3/4/2024 1:00:53 PM
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