Bitcoin reaches a new peak against the Euro, breaking the $65,000 mark

For the first time ever, Bitcoin has soared to a new high in euros, breaking through the 60,000 euro barrier as its price reached $65,000. This historic milestone was achieved on March 4, surpassing the previous record high of approximately 53,000 euros set in late September 2021.

Throughout 2024, Bitcoin has been establishing new records against a variety of global fiat currencies, including the Chinese yuan (CNY), which holds the title for the largest fiat currency by market capitalization worldwide.

In late February, Bitcoin set a new all-time high against the CNY, eclipsing the former peak of around 414,000 CNY. At present, Bitcoin’s value stands at 467,506 CNY.

By February 28, Bitcoin had reached all-time highs in more than 30 countries, covering major economies such as China, India, Japan, South Korea, and Argentina. However, it has yet to surpass its previous highs against several key currencies, including the US dollar, British pound, Swiss franc, Brazilian real, and Mexican peso.

Currently, Bitcoin is trading at $65,000, which is about a 6 percent decrease from its all-time high of $69,000 recorded in November 2021.

Among these currencies, the Mexican peso represents the most significant challenge for Bitcoin, with its current trading value at 1.1 million pesos, down approximately 24 percent from its peak of about 1.4 million pesos in November 2021.

Bitcoin’s ability to surpass all-time highs against numerous fiat currencies can be attributed to its increased visibility following the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on January 11, 2024. Since their introduction, Bitcoin ETF issuers have acquired at least 340,000 BTC as of March 1.

Bitcoin’s ascent to new heights against various fiat currencies underscores its expanding influence in the financial world. The introduction of spot Bitcoin ETFs in the U.S. has significantly boosted its exposure, captivating both markets and investors and paving the way for further growth in the cryptocurrency sector.