$BTC $USDT $USDC
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While Bitcoin (BTC) has not surpassed its all-time high (ATH) in USD, it’s noteworthy that the cryptocurrency has set a new record against the euro (EUR) and a selection of other fiat currencies. On October 29, Bitcoin’s value exceeded €68,000 (approximately $73,561), marking a historic ATH against the euro. This achievement highlights Bitcoin’s growing strength and appeal in the financial market, especially as it achieves this milestone on prominent exchanges such as Binance. This event is particularly significant as it represents the first instance since March 2024 that Bitcoin has attained a new ATH against the euro. Despite nearing a new ATH in USD, Bitcoin’s performance slightly fell short, demonstrating the dynamic and volatile nature of the cryptocurrency market.
The discrepancy in Bitcoin’s performance between the euro and the USD is attributed to the changing strength of the dollar. Last recorded in March when Bitcoin achieved its USD ATH of $73,737, the USD/EUR exchange rate stood at 0.9113. The current rate of 0.9238 suggests a weakening of the euro against the dollar. This shift is primarily due to the US Federal Reserve’s interest rate adjustments, aimed at reducing inflation to its 2% target. Moreover, Bitcoin has not only achieved a new ATH against the euro but also against other fiat currencies like the Canadian Dollar (CAD), Turkish Lira, Argentine Pesos, and Russian Ruble, underscoring its resilience and growing acceptance against traditional currencies suffering from inflation or devaluation.
Bitcoin’s notable performance arrives at a critical time, with the upcoming US presidential elections, the aftermath of the BTC halving, and a rising demand for stablecoins intensifying the spotlight on the cryptocurrency market. While the new ATH against the EUR is a promising development, the crypto community is highly anticipative of a USD-denominated ATH, considering that a significant volume of crypto trading occurs in USD or USD-pegged stablecoins such as USDT and USDC. The trading volume for the BTC/EUR pair on exchanges like Bitstamp, Binance, and WhiteBit, though substantial, pales in comparison to pairs such as BTC/Korean Won (KRW), further emphasizing the global nature of Bitcoin trading and the diverse interest in its performance across different currencies.
Current market analysis suggests that Bitcoin traders are cautiously optimistic, hesitating to take profits at the $71,000 level in anticipation of further price increases. Veteran analyst Peter Brandt posits that a daily close above $76,000 is required for a definitive breakout for Bitcoin, signaling the high expectations and closely-watched indicators by seasoned traders and analysts alike. As of now, Bitcoin trades at $71,805, marking a 0.6% increase over the past 24 hours, showcasing the ever-evolving and dynamic nature of the cryptocurrency market. This continuous observation and analysis of Bitcoin’s performance against both the euro and the USD not only reflect the immediate economic factors influencing its value but also the broader, global economic sentiments and trends that drive the cryptocurrency market forward.
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