Bitcoin Surges 7%, Hitting Record Highs in Various Countries and Approaching All-Time USD Peak
Summary:
On May 21, Bitcoin's price surged 7% in 24 hours, reaching record highs in various Asian and South American countries. This brought the cryptocurrency near to its all-time high in U.S. dollar terms. In Japan and Argentina, Bitcoin reached unprecedented values, exceeding 11 million yen and 63.8 million Argentine pesos (ARS) respectively. Bitcoin also soared to a record high in the Philippines, beating its previous mid-March highs. Currently trading at $70,945, Bitcoin is just $2,500 short of a new all-time high in U.S. dollars.
On May 21, Bitcoin experienced a sharp increase of 7% in 24 hours, reaching fresh record levels in multiple Asian and South American countries. This leap puts the cryptocurrency tantalizingly close to its all-time high measured in U.S. dollars. The digital coin's price soared to a six-week intraday peak of $71,650, narrowing the gap to its highest-ever dollar value on March 14 ($73,738) to a mere 3.4%, as per data from CoinGecko.
Bitcoin also reached unprecedented values when compared to certain other national currencies. For instance, in Japan, it rocketed to a record 11.2 million yen. This marks the first occasion of Bitcoin exceeding an 11 million JPY threshold. Indeed, the yen has seen a relative dip against the U.S. dollar, shedding 10% since the year's start.
In Argentina, Bitcoin hit a record high of 63.8 million Argentine pesos (ARS) on the same day — surpassing its previous high in mid-March. The country, grappling with a soaring inflation rate of 290% and a depreciating local currency, has witnessed growing interest in the digital asset. Similarly, Bitcoin registered an all-time high of 4.18 million pesos (PHP) in the Philippines on May 21, outperforming its mid-March record.
Industry observer Thomas Fahrer notes that Bitcoin prices are either at peak levels or very near to them in other countries like Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey.
On the same day, cryptocurrency analyst Willy Woo shared that a month-long accumulation of Bitcoin short positions was just eradicated. He noted that there is “one more layer to go in order to short-squeeze past all-time highs.” According to Coinglass, 79,010 traders were liquidated in the past 24 hours, totaling crypto liquidation at $345 million wherein 78.5% were short positions.
Earlier this week, Markus Thielen, head of research at 10x Research, made a prediction that exceeding the $67,500 level could potentially usher in new record highs. At the current trading price of $70,945, Bitcoin is just $2,500 away from creating a new dollar-based all-time high.
Published At
5/21/2024 8:17:55 AM
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