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Bitcoin Surges to All-Time Highs in Asia and South America, Nears US Dollar Peak

Bitcoin reached all-time highs in various Asian and South American countries after a 7% surge, bringing it closer to its peak in U.S. dollars.

On May 21, Bitcoin’s price hit an intraday and six-week high of $71,650, up over 7% in 24 hours.

According to CoinGecko, Bitcoin is now just 3.4% below its March 14 all-time high of $73,738 in U.S. dollar terms.

However, Bitcoin reached new peaks against several other fiat currencies.

In Japan, Bitcoin hit an all-time high of 11.2 million yen on May 21, marking the first time it surpassed 11 million yen.

The yen has weakened against the U.S. dollar, losing 10% since January.

In Argentina, Bitcoin reached 63.8 million Argentine pesos on May 21, slightly higher than the March high. Argentina is grappling with inflation at 290% and currency devaluation.

Similarly, in the Philippines, Bitcoin briefly hit a record 4.18 million pesos on May 21, surpassing mid-March highs.

READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes

Other countries where Bitcoin prices have approached or surpassed their mid-March peaks include Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey, as noted by industry observer Thomas Fahrer on X.

Crypto analyst Willy Woo noted that a month’s worth of Bitcoin short positions were liquidated. “One more layer to go in order to short-squeeze past all-time highs,” he added.

Coinglass reported that in the past 24 hours, 79,010 traders were liquidated, totaling $345 million in crypto liquidations, with 78.5% being short positions.

Markus Thielen, head of research at 10x Research, predicted earlier this week that a “breakthrough above $67,500 could potentially lead to new all-time highs.”

At the time of writing, Bitcoin is trading at $70,945, just $2,500 short of a new all-time high in U.S. dollars.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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