Bitcoin BTC/USD 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:
Also Read: Bitcoin Peaks To All-Time High In 3 More Currencies, 18% Left To USD Peak
What’s Next: Daniel Ripoll, known as Rip VanWinkle on X, sees Bitcoin as a store of value, medium of exchange and unit of account all at once.
The Swan Media managing director cites Saifedean Ammous, author of The Bitcoin Standard, who likened Bitcoin to gunpowder: “Adopting gunpowder wasn't optional for nation-states. If they failed to, they were overtaken by nations who did. Like gunpowder, Bitcoin is not optional.”
The crypto community and the global financial markets now await Bitcoin's peak in the global reserve currency, the U.S. dollar. Considering the current price surge, Bitcoin looks likely to hit that milestone before the Bitcoin halving event.
Read Next: Bitcoin Surges Past $66,000 - Will It Reach An All-Time High This Week?
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