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Bitcoin reaches unprecedented high in Australian dollars amid US fiscal concerns

Published 29/02/2024, 11:38 am
Updated 29/02/2024, 11:38 am
© Reuters. - BTC Markets, one of Australia's largest cryptocurrency exchanges, recorded a bitcoin trade at an all-time high of $97,000 in Australian dollars on Thursday. This surge is attributed to concerns over the U.S. fiscal position and substantial inflows to exchange-traded funds.

Bitcoin can be traded between any two parties, but it is typically traded with an exchange acting as the liquidity or market maker. Consequently, different exchanges or trading partners may record different peak prices.

In Australia, BTC Markets and Independent Reserve are the only primary order book exchanges and are considered the most successful. Smaller competitors typically rely on external order books from international market makers.

Caroline Bowler, the CEO of BTC Markets, remarked on the significant milestone, noting that the BTC/AUD pair had reached levels unseen since the bull market's peak on November 10, 2021, when the market reached $93,481.16.

Bowler pointed out that while Australian dollar investors are witnessing a new all-time high, those invested in U.S. dollar terms are still significantly behind. She noted that since November 10, 2021, the Australian dollar has drifted about 10% from the U.S. dollar, which has benefited those who have invested in BTCAUD.

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