Bitcoin Price – Bitcoin Hits Historic High in Euro: What This Means for Investors

Bitcoin Price – BTC/EUR Breaks Records: Bitcoin Reaches 67,987 Euros

Bitcoin Price – On October 29, Bitcoin (BTC) reached a historic peak of 67,987 euros on Binance, marking a significant milestone in the cryptocurrency’s performance against the euro. This breakthrough comes as BTC gathers momentum following a prolonged period of consolidation.

Global Impact of Euro Strength

The surge in Bitcoin’s price in euro terms is largely attributed to shifts in dollar strength. While Bitcoin’s value in US dollars, approximately $72,413, has also seen substantial gains, the eurozone’s unique market dynamics allowed BTC to set a new record after nearly eight months of trading within a defined range.

Tuur Demeester, a prominent cryptocurrency analyst, highlighted this achievement, stating, “The 350 million citizens of the eurozone just experienced a new all-time high for Bitcoin.” This sentiment is echoed by the fact that other major currencies, including the Australian dollar and Canadian dollar, are also witnessing historic lows against Bitcoin.

ECB’s Hostility Towards Bitcoin

The European Central Bank (ECB) has historically criticized Bitcoin, and its recent publications have drawn ire from the crypto community. Demeester remarked that the ECB’s latest paper was met with “scorn and even ridicule,” as many viewed its findings as illegitimate. He warned that the authorities might leverage such arguments to impose “harsh taxes or bans” on Bitcoin.

Bitcoin’s Struggle Against Gold

While Bitcoin celebrates its achievements, it faces challenges in establishing a new price discovery against gold. Veteran trader Peter Brandt pointed out that Bitcoin is still below its March 2024 high and has made little progress in the past 42 months when compared to gold’s performance. On the same day that Bitcoin reached its euro peak, gold also set a record, hitting $2,789.85 per ounce, illustrating the competitive landscape between these assets.