Bitcoin reached record highs in multiple countries across Asia and South America following a 7% surge in its price, edging the cryptocurrency closer to its previous peak against the U.S. dollar. On May 21, Bitcoin witnessed a significant increase of over 7% within a 24-hour period, reaching an intraday and six-week high of $71,650. CoinGecko data indicates that Bitcoin is now within 3.4% of its all-time high of $73,738 in U.S. dollars, achieved on March 14.
This notable uptrend also propelled Bitcoin to new highs against various fiat currencies. In Japan, Bitcoin attained an all-time high of 11.2 million yen in early trading on May 21, according to CoinMarketCap. This milestone marked the first time the value of Bitcoin exceeded 11 million yen. The local currency's depreciation against the U.S. dollar in recent months, experiencing a 10% decline since January, contributed to Bitcoin's surge in yen valuation. Similarly, Bitcoin prices soared in Argentina, reaching 63.8 million Argentine pesos on May 21, surpassing the March high. The country has grappled with high inflation rates, currently estimated at 290%, and currency devaluation in recent years.
Meanwhile, in the Philippines, Bitcoin achieved a record valuation of 4.18 million pesos on May 21, surpassing its mid-March peak. Observers noted that several other countries, including the United Kingdom, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey, have also witnessed Bitcoin prices nearing or matching their mid-March highs. Cryptocurrency analyst Willy Woo observed that a significant amount of accumulated short Bitcoin positions were liquidated recently, suggesting a potential catalyst for breaking through all-time highs.
Coinglass reported that within the past 24 hours, 79,010 traders were liquidated, resulting in total cryptocurrency liquidations amounting to $345 million, with approximately 78.5% attributed to short positions. Markus Thielen, head of research at 10x Research, predicted earlier this week that surpassing the $67,500 mark could pave the way for a new all-time high. As of the latest update, Bitcoin is trading at $70,945, positioning it just $2,500 shy of its previous peak.
