Bitcoin (BTC) Price Journey Succeeded in the EU and Canada but in the US, the Struggle Continues

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.

Bitcoin’s ATH Journey Succeeds in EU, Canada, but US Still Struggling

Key Notes

Bitcoin’s (BTC) global price performance has hit new highs, with data from different markets showing the world’s leading digital asset reaching an all-time high (ATH) in some regions. BTC soared amid renewed interest from investors, with the coin scaling new heights in Europe and Canada, surpassing March records.

Canada, Europe See Bitcoin Hitting Fresh ATHs

In Canada, Bitcoin surged past the C$100,000 mark for the first time, trading at C$101,078, according to data from the Kraken exchange. This puts Bitcoin roughly C$2,500 above its previous ATH of C$98,462, which it hit in March of this year.

A key factor that helped propel Bitcoin’s rise was the broader financial market activity. Notably, the Canadian dollar recently lost some ground against its US counterpart, as the Bank of Canada implemented a 50-basis point rate cut, with the Canadian currency trading at C$1 to 72 US cents.

Bitcoin also hit a new ATH in the eurozone, with many confirming the milestone after about seven months. TradingView data showed that BTC/EUR climbed to a record €67,987 on the Binance exchange, highlighting a strong momentum for Bitcoin in the Eurozone.

Meanwhile, in the US market, Bitcoin was just a couple of hundred dollars away from breaking its March ATH of $73,750. On Tuesday, the price rose as high as $73,544, but faced a strong rejection before retesting the ATH.

Despite still maintaining its bullish outlook, CoinMarketCap data shows that BTC has corrected to $72,278 at the time of writing. However, its 52-week growth has topped 109% amid sustained optimism.

Bhutan’s Bitcoin Selloff Scare

Interestingly, beyond Bitcoin’s rising price trajectory, Arkham Intelligence picked up some noteworthy events in the crypto space. According to Arkham, the Bhutan government made a move that sparked some speculation. The government deposited a massive 1,000 BTC into an address on the Binance crypto exchange.

This deposit has fueled some sell rumors within the crypto community, as if the Bhutanese government decides to sell, it could largely influence 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 a matter of weeks, the price crashed. Bitcoin’s price plummeted from around $70,000 to $61,000 within days. In that episode, the German government signaled the sale by moving Bitcoin to exchanges, just like the Bhutan government has done. The sale by the German authority put a damper on the bullish sentiment overall.

Some parties are concerned about how such a move will affect the broader financial market. The move could prompt Bitcoin holders to lock in their gains and watch the market unfold, which might slow Bitcoin’s climb to a new record ATH, like we’ve seen in Canada and Europe.

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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