Key Points
- Bitcoin (BTC) reached a new all-time high (ATH) against the Euro on 29th October.
- Despite this, BTC failed to set a new ATH against the USD.
Bitcoin achieved a new all-time high (ATH) against the Euro on 29th October, reaching a peak of €68k on Coinbase and €67.9k on Binance.
BTC’s Milestone Against Euro
This new ATH was largely influenced by the strengthening of the US dollar (USD) against the Euro in recent days.
The USD/EUR pair saw a 4% increase in October, moving from 0.8918 to 0.9300. On the peak day, 1 USD was worth 0.93 EUR, which equates to about €68K for the BTCUSD value high of $73.6K.
This price disparity amid a strengthening USD could potentially offer arbitrage opportunities. Traders could purchase BTC from cheaper BTCEUR markets and sell it in the comparatively expensive BTCUSD markets, pocketing the exchange differences and price lags as profit.
Bitcoin’s Performance Against USD
However, despite the new ATH against the Euro, Bitcoin did not manage to set a fresh high against the USD.
On the same day, BTC/USD reached a high of $73.6K, about $100 from the March ATH of $73.7K.
There was a noticeable increase in BTCEUR long positions being closed on the Bitfinex exchange at the time of writing. In the past, such long unwinds have correlated with BTC local tops in July and February.
Whether a similar trend will repeat and pull BTC slightly lower before pushing forward remains to be seen.
At the time of writing, BTCEUR was valued at $66.5K ($72.3K), about 2% down from its new ATH of €68K.
