Bitcoin has NOT reached a new all-time high in euros and pounds amid $118k breakout

Bitcoin surged to a caller all-time precocious against the US dollar connected July 10, hitting $111,683 connected Binance earlier closing the time adjacent higher astatine $115,244. The breakout marked different milestone for dollar-based investors successful Bitcoin’s 2025 bull cycle.

But portion the headlines celebrated a caller record, BTC told a antithetic communicative erstwhile priced successful euros oregon pounds. The BTC-EUR brace ended the time astatine €95,720, inactive 1.8% beneath its March peak. BTC-GBP hardly inched up to £82,148, conscionable shy of its erstwhile all-time precocious acceptable successful April. A beardown euro and unchangeable lb erased Bitcoin’s nominal gains erstwhile translated into overseas currencies.

Over the past 30 days, the US Dollar Index (DXY) has fallen 1.5%, portion the euro scale (EXY) gained 2.6% and the lb scale (BXY) ticked up 0.3%. These shifts successful currency valuations meant that Bitcoin was priced otherwise crossed fiat pairs, making it look similar it’s breaking retired successful 1 currency and stagnating successful another.

However, Bitcoin saw a monolithic 5.7% spike precocious Thursday into Friday morning, marking a caller all-time precocious of $118,400. Yet, adjacent though the terms successful dollars is present implicit $6,000 supra its record, successful pounds and dollars we are yet to spot a caller all-time high.

Why the USD ATH came first

Bitcoin’s USD-denominated rally was partially driven by macro shifts favoring non-dollar currencies. US involvement complaint expectations person softened, with wealth markets pricing successful 2 quarter-point cuts by September. Meanwhile, the European Central Bank has shown small inclination to easiness further aft June’s complaint pause. Eurozone PMI information besides amazed to the upside, boosting cyclical request for the euro.

These trends weakened the dollar broadly, pushing the DXY to its lowest levels since January. Because Bitcoin is typically quoted successful USD, a weakening dollar inflates the BTC-USD complaint adjacent erstwhile BTC’s purchasing powerfulness successful different currencies remains unchanged.

Graph showing the US dollar scale (DXY) from Jan. 1 to July 10, 2025 (Source: TradingView)

Currency mathematics explains the rest. The BTC-USD complaint is simply a merchandise of BTC-EUR and EUR-USD, oregon BTC-GBP and GBP-USD. When EUR-USD oregon GBP-USD rises, BTC-USD climbs, adjacent if BTC-EUR and BTC-GBP enactment flat. That’s precisely what happened successful July. At the peak, EUR-USD roseate to 1.173, portion GBP-USD pushed supra 1.363, capable to thrust the dollar punctuation to grounds levels adjacent arsenic euro and lb quotes stalled.

While this mightiness look similar a technicality, it has existent implications. First, investors extracurricular the US aren’t seeing the aforesaid returns. For euro-based investors who bought the March precocious adjacent €97,500, Bitcoin remains somewhat underwater, portion Americans proclaim caller records.

Second, FX hazard present plays a larger relation successful crypto investing. Spot Bitcoin ETFs successful the US are priced successful dollars, but Europe-listed products way BTC-EUR. When the euro strengthens, those funds lag successful NAV maturation and flows. Since aboriginal July, AUM successful euro-denominated ETPs has grown much dilatory than US ETFs contempt akin BTC performance.

Third, it matters for treasury adoption. Corporate treasuries looking to clasp Bitcoin indispensable measure it successful presumption of their ain reporting currency. A British oregon European institution whitethorn look astatine July’s USD ATH and reason Bitcoin hasn’t yet breached caller ground, limiting its entreaty arsenic a reserve plus until section fiat valuations drawback up.

The euro’s spot explains wherefore BTC-EUR was deed the hardest. The EXY roseate 2.6% implicit the past month, acold outpacing the 0.9% summation successful BTC-USD and overwhelming immoderate crypto-native momentum. BTC-EUR ended the play little than wherever it started, down 1.7% contempt Bitcoin’s planetary rally.

Graph showing the Euro currency scale (EXY) from June 10 to July 10, 2025 (Source: TradingView)

Sterling has been much stable. The BXY roseate conscionable 0.3%, astir successful enactment with the 0.3% summation successful BTC-GBP. As a result, BTC-GBP was wrong 4% of its anterior grounds erstwhile accepted UK markets closed. UK investors whitethorn soon get their section ATH, with Bitcoin present £2,100 distant from a caller record. In euros, Bitcoin is adjacent further away, with 5% much to spell to deed its peak, which was deed successful January.

Graph showing the British lb currency scale (BXY) from May 22 to July 10, 2025 (Source: TradingView)

If the dollar stabilizes oregon rebounds, Bitcoin’s USD brace whitethorn stall, unlocking upside for BTC-EUR and BTC-GBP. A reversal successful the spot of the euro and lb would let Bitcoin’s worth successful different currencies to drawback up with the USD rally.

Three macro scenarios could adjacent this gap. First, the Fed could chopped rates conscionable erstwhile alternatively of doubly arsenic projected, frankincense slowing dollar outflows. Second, the ECB could hint astatine a renewed hazard for a recession, weakening the euro, and bringing caller spot to BTC-EUR. Finally, governmental jitters successful the UK could origin the sterling to slip.

In each case, the comparative worth of overseas currencies would drop, lifting BTC-EUR and BTC-GBP adjacent if Bitcoin itself goes sideways.

The station Bitcoin has NOT reached a caller all-time precocious successful euros and pounds amid $118k breakout appeared archetypal connected CryptoSlate.