Bitcoin Sets Euro Record, Targets U.S. Dollar

The value of bullish bets reached a record high, sending Bitcoin {{BTC}} closer to its lifetime top of $69,000, which was established in November 2021, when it surpassed the $65,000 barrier in Monday early European hours

With its current price of about €61,000, bitcoin has surpassed its previous record high in a number of local currencies.

A broad measure of the major cryptocurrencies, the CoinDesk 20 Index (CD20), increased 5.6% in the past 24 hours, while the largest coin added more than 6%. In terms of US dollars, Bitcoin is now only 5% away from its record.

According to indications from the futures market, additional gains might be on the horizon. According to data from Coinglass, open interest, which is defined as the number of futures bets that have not yet been finalized, reached a record high of $27 billion

A rise in interest rates indicates that more capital is flowing into the market. According to statistics from several sources, market capitalization also hit a record high of $2.8 trillion, surpassing the $2.7 trillion mark set in November 2021.

In the last day, more than $60 million worth of short positions—bets against increased bitcoin prices—were liquidated, which is a good indicator that losing positions were covered, which in turn contributed to the price surge.

Several traders have informed CoinDesk that bitcoin is expected to surpass its all-time high of $69,000 in March, thanks to euphoric emotion,

demand from institutional buyers, and historical gains associated with the halving event.

stay turned for development