Bitcoin has seen a notable 7% surge today, achieving record highs across various countries in Asia and South America, inching closer to its peak value against the US dollar. Within the past 24 hours, Bitcoin’s price has soared to an intraday and six-week high of $71,650 as of May 21.
Bitcoin Surpasses Previous Records
CoinGecko data reveals that Bitcoin is currently trading just 3.4% below its all-time high of $73,738 recorded on March 14 in USD terms. This impressive rise has propelled Bitcoin to new heights against several fiat currencies. According to CoinMarketCap data, Bitcoin reached an all-time high of 11.2 million yen during early trading on May 21 in Japan, marking its first ever breach of the 11 million JPY threshold. This surge follows a 10% depreciation of the local currency against the US dollar since the start of the year.
Which Countries Are Seeing Record Bitcoin Prices?
In Argentina, Bitcoin prices peaked at 63.8 million Argentine pesos (ARS) on May 21, slightly exceeding mid-March levels. The South American nation is grappling with soaring inflation around 290% and significant currency devaluation. Similarly, Bitcoin briefly hit a new high of 4.18 million pesos (PHP) in the Philippines on the same day, surpassing its mid-March peak. Observers noted that Bitcoin prices in countries such as the UK, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey matched or closely approached the mid-March peaks.
Crypto analyst Willy Woo highlighted that a month’s worth of Bitcoin short positions in the futures market were recently liquidated, suggesting that another layer needs to be cleared to achieve new all-time highs soon. Coinglass data indicated that 79,010 investors were liquidated over the past 24 hours, with total crypto liquidations reaching $345 million, 78.5% of which were short positions. Markus Thielen, head of research at 10x Research, projected that surpassing $67,500 could potentially lead to new all-time highs.
Key Insights
– Bitcoin’s value surged by 7%, nearing its all-time high against USD.
– In Japan, Bitcoin hit 11.2 million yen for the first time.
– Argentina saw Bitcoin prices peak at 63.8 million ARS amid high inflation.
– The Philippines recorded a new Bitcoin high at 4.18 million PHP.
– 79,010 investors were liquidated in the past 24 hours, primarily from short positions.
Bitcoin is currently trading at $70,532, just $2,913 below its all-time high in USD terms.