Bitcoin reached unprecedented levels in several countries across Asia and South America, fueled by a 7% surge that brought it closer to its peak value against the US dollar.
On May 21, Bitcoin hit an intraday high of $71,650, marking a six-week peak and coming within 3.4% of its all-time high of $73,738, according to CoinGecko. However, its surge was even more pronounced in local currencies.
In Japan, Bitcoin soared to an all-time high of 11.2 million yen, surpassing the 11 million yen mark for the first time. This surge is partially attributed to the yen’s recent decline against the US dollar, having depreciated by 10% since January.
Argentina also saw Bitcoin hitting new heights, with prices reaching 63.8 million Argentine pesos. This increase comes amid the country’s struggle with severe inflation, currently at 290%, and ongoing currency devaluation.
In the Philippines, Bitcoin briefly traded at a record 4.18 million pesos, surpassing mid-March highs.
Other countries where Bitcoin prices neared or matched their mid-March peaks include the UK, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey, as noted by industry expert Thomas Fahrer.
Earlier, crypto analyst Willy Woo highlighted a significant liquidation of short positions, suggesting that the market might be poised for a breakthrough. Coinglass reported that 79,010 traders were liquidated in the past 24 hours, totaling $345 million in crypto liquidations, with 78.5% being short positions.
Markus Thielen, head of research at 10x Research, recently predicted that a breakthrough above $67,500 could lead to new all-time highs. At the time of writing, Bitcoin is trading at $70,945, just $2,500 away from setting a new record in US dollar terms.
Bitcoin’s remarkable performance in various local currencies underscores its growing global appeal and resilience amidst fluctuating economic conditions.