‘Like Gun Powder, It’s Not Optional’ Experts Say By Benzinga
© Reuters. Bitcoin Hits All-Time Highs In Euro, British Pounds: ‘Like Gun Powder, It’s Not Optional’ Experts Say
Benzinga – by Khyathi Dalal, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC) is moving rapidly towards the $70,000 mark, but it has already set an all-time high in another big currency, the euro.
What Happened: Bitcoin hit a new all-time high in euro, trading as high as EUR61,558.63 in Monday trading per Tradingview data.
In doing so, it eclipsed its previous all-time high of EUR59,704.60, set on Nov.10, 2021.
Bitcoin’s market capitalization stands at $1.3 trillion per CoinMarketCap data, up 6% on the day to trade at $66,300.
The global cryptocurrency valuation surged 5.7% in past 24 hours to $2.47 trillion.
Bitcoin also hit an all-time high in the British pound at GBP52,607.2, surpassing its previous high of GBP51,000.
The U.S. dollar and the Swiss france are the only two major currencies left that Bitcoin has not hit a new all-time high in yet.
Why It Matters: On Feb.22, 2024, the European Central Bank took a harsh stance on Bitcoin, labeling it as culpable for fraud and manipulation.
The ECB also stated that Bitcoin has no fair value despite the latest spot Bitcoin ETF approval by the SEC.
In November 2022, the regulator body had indicated that Bitcoin is “irrelevant,” and its market valuation is based on speculation rather than tangible cash flows or dividends.
Jan Wüstenfeld, a Bitcoin-supporting economist, tweeted:
The euro hit an all-time low against bitcoin today.
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