Bitcoin Surpasses C$100,000 for the First Time
Bitcoin has surpassed C$100,000 for the first time, attributed to a weaker Canadian dollar and recent developments in Bitcoin ETFs. The cryptocurrency is approaching but has yet to exceed its previous all-time high measured in US dollars.
Bitcoin (BTC) has achieved a landmark milestone, surpassing C$100,000 for the first time, as reported by the Kraken exchange. Following a recent monetary policy change by the Bank of Canada, which implemented a 50-basis point rate cut on October 23, the Canadian dollar has weakened against its US counterpart, currently trading at 72 cents. Prior to this event, Bitcoin’s highest price was C$98,462, reached in March of this year. While Bitcoin has set new records in Canadian dollars, it remains just shy of its previous all-time high when measured in US dollars. Earlier today, this leading cryptocurrency peaked at $72,692 on the Bitstamp exchange; however, it is still experiencing a shortfall of 1.5% from its previous US dollar all-time high. This current increase to $73,737 can be partly attributed to the positive sentiment surrounding the recent success of Bitcoin exchange-traded funds (ETFs) as of early 2024.
The surge in Bitcoin’s price can be linked to the dynamics between the Canadian dollar and the US dollar, especially following the Bank of Canada’s decision to cut interest rates. This economic adjustment tends to affect currency values and can influence investor behavior towards cryptocurrencies. Bitcoin’s performance in relation to its historical peaks is crucial for market observers, as it reflects both investor confidence and market trends. The cryptocurrency landscape has seen significant interest in the establishment and performance of Bitcoin ETFs, thereby drawing further attention and investment into Bitcoin.
In summary, Bitcoin has crossed the C$100,000 milestone for the first time, influenced by fluctuations in the Canadian dollar and heightened enthusiasm regarding Bitcoin ETFs. While it has reached new heights in Canadian dollars, observers will be keenly watching its performance in US dollars to determine whether it can establish new all-time highs in this denomination.
Original Source: u.today
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