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Bitcoin Surges to Record Highs Against the Euro and Multiple Currencies

Bitcoin has recently achieved a significant milestone, setting a new record high against the euro, with its value surging to an unprecedented $65,000.

This remarkable achievement marks a new multi-year high for the cryptocurrency, highlighting its growing strength in the financial market.

On March 4, Bitcoin surpassed the 60,000-euro mark, a historical event as it reached this level against the euro for the first time.

TradingView data shows that Bitcoin hit 60,393 euros at 8:30 am UTC, witnessing a roughly 5% increase from its intraday low of 57,521 EUR.

Currently, Bitcoin’s value stands at 59,981 euros, boasting a significant 56% increase since the beginning of the year.

Before this achievement, Bitcoin had already been setting records, breaking the 53,000-euro mark on February 28, a record previously set in late September 2021.

This year, Bitcoin has been on a record-breaking spree against various fiat currencies, including the Chinese yuan (CNY), which is the largest fiat currency by market capitalization globally.

Late February saw Bitcoin surpass its previous all-time high against the CNY, reaching 467,506 CNY from an earlier high of around 414,000 CNY, as per Xe.com.

Balaji Srinivasan, a prominent angel investor and former Coinbase CFO, noted that as of February 28, Bitcoin had surpassed all-time highs in over 30 countries, including major economies like China, India, Japan, South Korea, and Argentina.

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Despite these achievements, Bitcoin has yet to set new records against several major currencies, such as the U.S. dollar, British pound, Swiss franc, Brazilian real, and Mexican peso.

As it stands, Bitcoin is trading at $65,000, approximately 6% below its all-time high of $69,000 recorded on Coinbase in November 2021.

Sam Wouters, River Intelligence marketing head, identifies the Mexican peso as a particularly challenging target for Bitcoin, noting its current value at 1.1 million pesos, a 24% decrease from its peak of about 1.4 million pesos in November 2021.

The cryptocurrency’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.

Since the launch, ETF issuers have acquired at least 340,000 BTC by March 1, not including significant sales by the Grayscale Bitcoin Trust ETF, further cementing Bitcoin’s growing influence in the global financial landscape.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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