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31 October, 2024

Bitcoin Breaks Euro Record: Is a USD All-Time High Next?

31 October, 2024

Bitcoin Hits New High Against Euro

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While Bitcoin (BTC) hasn’t quite cracked its all-time high (ATH) in US dollars, the cryptocurrency king has just made history against the euro. On October 29th, Bitcoin crossed the €68,000 mark, setting a new ATH against the euro on major exchanges like Binance.

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This is the first time Bitcoin has hit a new euro ATH since March 2024. Why the difference? It all boils down to the fluctuating strength of the US dollar.

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Dollar Strength and Bitcoin’s Value

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When Bitcoin last reached its USD ATH of $73,737 in March 2024, the USD/EUR exchange rate was 0.9113. Currently, the rate stands at 0.9238, indicating a weaker euro against the dollar. This shift is largely due to the Federal Reserve’s interest rate hikes aimed at curbing inflation.

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The dollar’s strengthened position has directly impacted Bitcoin’s price against other currencies, with new ATHs recorded against the Canadian Dollar (CAD) and several other fiat currencies.

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The USD ATH: What’s Next?

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Bitcoin’s impressive performance comes at a crucial time, with the US presidential elections on the horizon, the effects of the BTC halving, and growing demand for stablecoins.

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While the new euro ATH is significant, the crypto market eagerly awaits a USD-denominated ATH. Most crypto trading occurs in USD or USD-pegged stablecoins like USDT and USDC.

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Data reveals that the BTC/EUR trading pair generates substantial volume on exchanges like Bitstamp, Binance, and WhiteBit. However, these volumes are dwarfed by the BTC/Korean Won (KRW) trading pair, which can reach up to $400 million daily – almost ten times the BTC/EUR volume.

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Despite flirting with ATH levels, Bitcoin traders seem hesitant to take profits around the $71,000 mark, suggesting expectations of further price increases based on current momentum.

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Veteran analyst Peter Brandt believes that a daily close above $76,000 is necessary to confirm a true breakout for Bitcoin.

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At the time of writing, Bitcoin is trading at $71,805, up 0.6% in the past 24 hours.

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Stay tuned for updates on Bitcoin’s journey to its next milestone.