• Bitcoin (BTC) price surpasses C$100,000 for the first time on the Kraken exchange
• The Canadian dollar recently weakened against the U.S. dollar after the Bank of Canada implemented a 50-basis point rate cut
• Bitcoin is yet to reach a new all-time high in U.S. dollars, its current peak of $73,737 was due to exuberance surrounding the success of Bitcoin ETFs in early 2024
Bitcoin has reached a major milestone in Canada, surpassing $100,000 CAD for the first time according to data from the Kraken exchange. This comes as the Canadian dollar has recently weakened against the US dollar following a rate cut by the Bank of Canada.
Previous Record Smashed
The cryptocurrency‘s previous all-time high was $98,462, reached back in March 2024. Bitcoin has now firmly smashed through the $100k barrier, hitting $100,743 on Kraken’s CAD books.
New Highs Across Markets
In addition to the Canadian dollar record, Bitcoin has also reached new highs priced in other currencies.
Eurozone
It has hit an all-time high of €67,443 in the Eurozone. “The 350 million citizens of the Eurozone just experienced a new all-time high for Bitcoin,” noted analyst Tuur Demeester on social media.
United States
Bitcoin is yet to reach a new USD all-time high. It climbed to $72,692 on Bitstamp earlier today, which is around 15% away from its peak of $84,000 reached in early 2024.
Rally Driven By Bitcoin ETFs
This latest rally which has propelled Bitcoin upwards has been attributed to the successful launch of Bitcoin exchange-traded funds (ETFs) in 2024. The ETFs have opened up crypto investing to more mainstream investors and brought new capital into the market.
Outlook
With Bitcoin breaking through major psychological barriers across multiple currencies, expectations will now turn to whether it can set a new USD all-time high in the coming weeks and months. The current market momentum points to further gains ahead.
