Bitcoin hits all-time high against Euro, surpassing $65,000

Bitcoin has been setting new records against various fiat currencies in 2024 due to its increased exposure following the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US

By Shashank Bhardwaj

Published: Mar 5, 2024 03:14:20 PM IST

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Bitcoin achieves a record peak in euros, soaring past the 60,000 euro milestone for the first time in history, as its price hit $65K. The crypto surged past the 60,000 euros on March 4.

Prior to surpassing the 60,000-euro mark, Bitcoin achieved several milestones, including breaking the previous all-time high of around 53,000 euros set in late September 2021.

Bitcoin has been setting new records against various fiat currencies in 2024, including the Chinese yuan (CNY), which is the largest fiat currency by market capitalisation globally.

In late February, Bitcoin reached a fresh all-time high against the CNY, surpassing the previous record of approximately 414,000 CNY. Currently, BTC is valued at 467,506 CNY.

Bitcoin achieved all-time highs in over 30 countries by February 28, including significant economies such as China, India, Japan, South Korea, and Argentina.

However, Bitcoin has not yet surpassed previous highs against several fiat currencies, including the United States dollar, the British pound, the Swiss franc, the Brazilian real, and the Mexican peso.

As of the current moment, Bitcoin is trading at $65,000, representing a decrease of approximately 6 percent from its all-time high of $69,000, which was recorded in November 2021.

Amongst all these fiat currencies, breaking new ground against the Mexican peso presents the most ambitious challenge for Bitcoin. Currently BTC is trading at 1.1 million pesos, indicating a decline of around 24 percent from its previous peak of approximately 1.4 million pesos recorded in November 2021.

The reason behind Bitcoin surpassing all-time highs against numerous fiat currencies is its increased exposure following the introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on January 11, 2024. Since the launch, Bitcoin ETF issuers have acquired a minimum of 340,000 BTC as of March 1.

Bitcoin's journey to new highs against various fiat currencies showcases its growing prominence in the financial landscape. With the launch of spot Bitcoin ETFs in the U.S. amplifying its exposure, Bitcoin continues to captivate markets and investors alike, setting the stage for further advancements in the crypto space.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.

Twitter: @bhardwajshash