Coinspeaker Bitcoin Hits ATH in Europe Close to €68K amid Resistance from US Market
Bitcoin’s (BTC) global price performance has reached incredible new levels, as evidenced by data from different markets. The world’s leading digital asset hit an all-time high (ATH) in some countries as BTC soared amid renewed investors’ interest. The coin tested new levels in Europe and Canada, surpassing March records.
Canada and Europe Set New Bitcoin ATH Records
In Canada, Bitcoin soared past C$100,000 for the first time, trading at C$101,078, according to data from the Kraken exchange. This placed Bitcoin some C$2,500 above its ATH of C$98,462, which it reached in March of this year.
An important factor that aided Bitcoin’s rise came from the broader financial market. Notably, the Canadian dollar lost some ground recently against its U.S. equal. This happened because the Bank of Canada implemented a 50-basis point rate cut, which saw the Canadian currency trade C$1 to 72 cents.
Bitcoin also hit a similar new ATH in the eurozone, where many confirmed the milestone experienced after about seven months. TradingView data confirms that BTC/EUR climbed to a record €67,987 on the Binance exchange. This highlighted a significant gain in momentum for Bitcoin in the Eurozone.
Meanwhile, in the U.S. market, Bitcoin was just a couple of hundred dollars away from shattering its March ATH of $73,750. On Tuesday, the price jumped as high as $73,544, but faced a significant rejection before retesting the ATH.
Despite still maintaining its positive outlook, CoinMarketCap data shows BTC has corrected to $72,278 as of this writing. Nonetheless, its 52-week growth has topped 109% amid sustained optimism.
The Bhutan-Fueled Bitcoin Selloff Scare
Interestingly, besides Bitcoin’s upward price trajectory, Arkham Intelligence caught some noteworthy events in the crypto space. Arkham said the Bhutan government moved some of its Bitcoin stash, sparking speculations. The Bhutan government deposited a massive 1,000 BTC in an address on the Binance crypto exchange.
This deposit has triggered a possible sell rumor in the crypto community. If the Bhutanese government decides to sell, it could significantly impact traders’ sentiment on Bitcoin, depending on the volume they decide to offload.
When the German government went on a selling spree a few months ago, offloading over 50,000 Bitcoin in weeks, the price plummeted. Bitcoin’s price crashed from around $70,000 to $61,000 within days. In that episode, the German government signaled the sale by transferring Bitcoin to exchanges, just like the Bhutan government has done. The sale by the German authority affected bullish sentiment overall.
Some stakeholders have expressed concerns about the likely effect such a move could have on the broader financial market. The move could trigger Bitcoin holders to lock in their gains and watch the market unfold. Such a scenario might slow Bitcoin’s climb to a new record ATH, just like has been witnessed in Canada and Europe.
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Bitcoin Hits ATH in Europe Close to €68K amid Resistance from US Market
