Bitcoin Achieves Record High Against Euro:
Bitcoin has recently reached a significant milestone by surging to a new all-time high against the euro, soaring to an unprecedented value of $65,000. This remarkable achievement underscores Bitcoin’s growing prominence in the financial markets and highlights its resilience as a leading digital asset. On March 4, Bitcoin surpassed the 60,000-euro mark, marking a historic moment as it attained this milestone against the euro for the first time. TradingView data reveals that Bitcoin reached 60,393 euros at 8:30 am UTC, marking a substantial 5% increase from its intraday low of 57,521 EUR.
Bitcoin’s Record-Breaking Performance Across Fiat Currencies:
Bitcoin’s recent surge against the euro is part of a broader trend of setting new records against various fiat currencies. This year, Bitcoin has been on a record-breaking spree, surpassing milestones against currencies such as the Chinese yuan (CNY). In late February, Bitcoin achieved a new all-time high against the CNY, reaching 467,506 CNY from its earlier peak of around 414,000 CNY. Balaji Srinivasan, a prominent investor, highlighted Bitcoin’s surpassing of all-time highs in over 30 countries, including major economies like China, India, Japan, South Korea, and Argentina. However, Bitcoin has yet to set new records against several major currencies, including the U.S. dollar, British pound, Swiss franc, Brazilian real, and Mexican peso.
Challenges and Successes in Bitcoin’s Performance:
Despite its recent achievements, Bitcoin faces challenges in setting new records against certain currencies, such as the Mexican peso. Sam Wouters, marketing head at River Intelligence, notes the difficulty in targeting the Mexican peso, with Bitcoin currently valued at 1.1 million pesos, a 24% decrease from its peak of about 1.4 million pesos in November 2021. Nevertheless, Bitcoin’s recent success can be attributed to increased exposure following the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on January 11, 2024. ETF issuers have acquired at least 340,000 BTC by March 1, indicating growing institutional interest and further solidifying Bitcoin’s position in the global financial landscape.
