Bitcoin Price Hits New All-Time High in 14 Countries; USA Next in the Coming Hours
Bitcoin, the pioneering cryptocurrency, has once again made headlines by surpassing a significant milestone. On March 4, Bitcoin achieved a remarkable feat, breaking through the 60,000 euros mark for the first time in its history. This achievement marks a historic moment in the journey of the digital currency.
Record-Breaking Surge
The surge in Bitcoin’s value against the euro was witnessed as it soared to a new multi-year high of $65,000. Data from TradingView indicates that Bitcoin touched 60,393 euros at 8:30 am UTC, marking a substantial increase from its intraday low of 57,521 euros. As of the time of reporting, Bitcoin is trading at 59,981 euros, reflecting an impressive year-to-date surge of approximately 56%.
Milestones Leading to 60,000 Euros
Prior to reaching the 60,000-euro milestone, Bitcoin had been steadily setting records. Notably, on February 28, Bitcoin broke its previous all-time high against the euro, which was approximately 53,000 euros, established in late September 2021.
Bitcoin’s Global Rise
Bitcoin’s surge is not limited to its performance against the euro. The cryptocurrency has been breaking new highs against various fiat currencies worldwide. Notably, in late February, Bitcoin surpassed its all-time high against the Chinese yuan (CNY), reaching a record of around 414,000 CNY. At present, Bitcoin is valued at 467,506 CNY.
According to reports by Balaji Srinivasan, a prominent angel investor and former CFO of Coinbase, Bitcoin has surpassed all-time highs in over 30 countries, including significant economies such as China, India, Japan, South Korea, and Argentina.
Challenges and Unexplored Territories
Despite its impressive performance, Bitcoin has yet to break new highs against certain fiat currencies, including the United States dollar, the Swiss franc, the Brazilian real, and the Mexican peso. Currently trading at $65,000, Bitcoin remains approximately 6% below its all-time high of $69,000 set on Coinbase in November 2021.
Among the remaining targets, the Mexican peso presents a particularly ambitious challenge for Bitcoin. At the time of reporting, Bitcoin is trading at 1.1 million pesos, representing a decrease of approximately 24% from its previous high of roughly 1.4 million pesos, set in November 2021.
The Role of Bitcoin ETFs
The surge in Bitcoin’s value against various fiat currencies has been attributed to several factors, including increased exposure following the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States on January 11, 2024. Since the launch, Bitcoin ETF issuers have acquired at least 340,000 BTC as of March 1, excluding significant BTC sales by the Grayscale Bitcoin Trust ETF.
In conclusion, Bitcoin’s remarkable journey to surpassing the 60,000 euros milestone against the euro reflects its growing prominence in the global financial landscape. With its continued resilience and widespread adoption, Bitcoin continues to redefine traditional notions of currency and investment.
