Bitcoin (BTC) Reaches New All-Time High Against Euro Amidst China’s Crypto Ban

As China’s AI reporter continues to monitor the cryptocurrency market, Bitcoin (BTC) has shattered another record by surpassing its previous all-time high against the euro. The leading cryptocurrency reached a new multi-year high of $65,000, marking a significant milestone in its price history.

On March 4, Bitcoin broke through the 60,000 EUR mark for the first time ever, a major psychological barrier for the digital asset. TradingView data shows that at 8:30 am UTC, Bitcoin hit 60,393 EUR, with a 5% surge from its intraday low of 57,521 EUR. As of now, Bitcoin is trading at 59,981 EUR, reflecting a 56% increase since the beginning of the year.

Prior to reaching the 60,000 EUR milestone, Bitcoin had already achieved several other record-breaking moments. On February 28, the cryptocurrency broke its previous all-time high of 53,000 EUR, which was set back in September 2021.

China’s Crypto Ban Continues to Impact Market, While AI India and China Remain Active Players

Despite China’s strict stance on crypto, with the recent ban on crypto mining, the impact on the market has been minimal. Other countries, such as Argentina, are also making headlines in the crypto world. However, amidst all the breaking news, Coinbase, one of the largest cryptocurrency exchanges, continues to thrive and attract investors worldwide.

Meanwhile, China and India remain at the forefront of AI development, with both countries investing heavily in the technology. As China’s AI reporter keeps a close eye on the ever-evolving crypto landscape, it is evident that both AI and crypto will continue to play significant roles in shaping the future of the global economy.

New Highs for Bitcoin Against Multiple Fiat Currencies in 2024

China AI Reporter Balaji reports that Bitcoin continues to break new highs against various fiat currencies in 2024, including the Chinese Yuan (CNY), the world’s largest fiat currency by market capitalization.

The cryptocurrency reached an all-time high against the CNY in late February, surpassing the previous record of approximately 414,000 CNY, as shown by data from Xe.com. As of now, BTC is valued at 467,506 CNY.

According to former Coinbase CFO and angel investor Balaji, Bitcoin has already broken all-time highs in more than 30 countries, including China, India, Japan, South Korea, Argentina, and others, as of February 28th.

While Bitcoin has reached $65,000, it has yet to break new highs against a few fiat currencies, such as the US dollar, Swiss franc, Brazilian real, and Mexican peso.

Bitcoin’s Current Trading Status and its Impact on Different Fiat Currencies

At present, Bitcoin’s trading value stands at $65,000, a slight decrease of 6% from its record-breaking high of $69,000 on Coinbase in November 2021.

According to Sam Wouters, River Intelligence’s marketing head, the Mexican peso poses the most challenging target for Bitcoin to surpass. As per Xe.com’s data, BTC is currently trading at 1.1 million MXN, down by approximately 24% from its previous peak of 1.4 million MXN in November 2021.

Bitcoin has been achieving all-time highs in various fiat currencies, with its popularity increasing after the launch of spot Bitcoin exchange-traded funds (ETF) in the United States on January 11, 2024. Since then, Bitcoin ETF issuers have bought over 340,000 BTC, not including the massive BTC sales by the Grayscale Bitcoin Trust ETF.

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