Bitcoin Hits Record Highs in Japan, Argentina, and Philippines' Local Currency

Bitcoin (BTC) surged 7% in a single day, reaching record highs in several Asian and South American countries, inching closer to its all-time peak against the United States dollar.

Bitcoin reached an intraday and six-week high of $71,650 on May 21, marking a gain of over 7% in the past 24 hours. The asset is now within 3.4% of its USD all-time high of $73,738.

Bitcoin Surges to Record Highs Against Multiple Fiat Currencies amid Economic Challenges

The surge propelled Bitcoin to new highs against several fiat currencies. In Japan, BTC hit an all-time high of 11.2 million yen, surpassing 11 million JPY for the first time. Argentina also saw record highs, with Bitcoin reaching 63.8 million Argentine pesos (ARS). Similarly, in the Philippines, Bitcoin briefly touched a record 4.18 million pesos (PHP).

BTC/JPY 1 year. Source: Coinmarketcap

These record highs come amidst economic challenges in these countries, including currency devaluation and high inflation rates. Argentina, for instance, battles inflation at 290%, while the Philippines experiences currency devaluation.

Bitcoin's prices also neared or equaled mid-March peak levels in various nations worldwide, including Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey.

Bitcoin Short Squeeze Signals Potential for New All-Time Highs

Analysts observe that a month's worth of Bitcoin short position buildup was recently liquidated, potentially signaling a short squeeze towards new all-time highs. Over the past 24 hours, 79,010 traders were liquidated, with total crypto liquidations at $345 million, predominantly short positions.

Markus Thielen from 10x Research predicts that a breakthrough above $67,500 could lead to new all-time highs for Bitcoin. Currently trading at $70,945, BTC sits just $2,500 shy of its all-time high in USD.

Conclusion: Bitcoin's Global Surge

Bitcoin's surge to record highs in multiple countries underscores its growing prominence as a global asset. Economic challenges and market dynamics contribute to the cryptocurrency's resilience and potential for further growth.

Market participants closely monitor Bitcoin's price movements, anticipating a potential breakthrough to new all-time highs amidst ongoing market dynamics.