Bitcoin Hits New ATH in GBP, EUR, and Many Asian Currencies
Bitcoin is currently consecutively setting new all-time highs (ATH) when paired against various national fiat currencies, including the British pound, euro, South Korean won, Japanese yen, Chinese yuan, and even the Vietnamese dong.
Bitcoin Hits New ATH in GBP, EUR, and Many Asian Currencies. Image: Reuters
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has reached all-time highs when measured against several European (EU) and Asian national currency pairs.
Specifically, Bitcoin's value in euros (EUR) has surpassed 60,000 EUR, marking its highest price ever, surpassing the previous ATH of 56,278.52 set in November 2021.
https://cdn.coin68.com/images/20240304131918-8c420c73-8709-486b-8a3c-ab0ba415fae6-38.jpg
Bitcoin's value in euros (EUR), screenshot from Google Finance at 08:00 PM on 04/03/2024
Similarly, when measured in British pounds (GBP), Bitcoin also reached a new peak at 51,515.81 GBP, significantly exceeding the previous ATH of 48,005.97 by nearly 7% established during the peak period in November 2021.
Bitcoin's value in British pounds (GBP), screenshot from Google Finance at 08:00 PM on 04/03/2024
The same trend is evident when comparing values with the Australian dollar (AUD), South Korean won (KRW), Chinese yuan (CNY), and Vietnamese dong (VND), where Bitcoin has reached peaks at 100,177 AUD - 86.9 million KRW - 470,000 CNY - and over 1.6 billion VND. Most have surpassed the 2021 highs by 5-10% in value.
Bitcoin's value in AUD, KRW, CNY, and VND, screenshot from Google Finance at 08:00 PM on 04/03/2024
Notably, Bitcoin's value in Japanese yen (JPY) has exceeded the previous high by more than 32%, establishing an ATH at 9,787,433 JPY per BTC.
Bitcoin's value in Japanese yen (JPY) surpasses the previous high by more than 30%, establishing an ATH at 9,787,433 JPY per BTC.
Despite reaching ATH values against numerous national currencies, Bitcoin has not yet surpassed its all-time high of $69,000 in USD set in November 2021.
The Dollar Index (DXY), a key measure of the USD's strength against six major currencies, has shown an upward trend in the past week. DXY has accumulated a total of 2.7% over January and February 2023.
According to a recent market report from Grayscale, U.S. inflation has gradually decreased since the beginning of this year, with the market currently forecasting higher inflation prospects:
"In general, higher current U.S. interest rates may positively impact the value of the USD and negatively affect Bitcoin."
At the time of writing, BTC is trading around $65,500, surpassing the $64,100 peak of 2024 set just 2 days earlier.
1D chart of BTC/USDT pair on Binance at 08:00 PM on 04/03/2024
Bitcoin's recent price surge has led to significant liquidations of short positions on centralized exchanges. Nearly $80 million in Bitcoin positions have been liquidated, with shorts accounting for 60% of the total. In the last 24 hours, a total of $249.96 million has been liquidated in leveraged positions, with the majority, $146.5 million, in short positions.
In total, the cryptocurrency market has witnessed $249.96 million in liquidations over the past 24 hours, with $146.5 million predominantly in short positions.
Derivatives liquidation statistics in the cryptocurrency market, screenshot from CoinGlass at 07:50 PM on 04/03/2024
