Bitcoin Soars, Shattering Records in Asia and South America
Bitcoin surged over 7% in the past 24 hours, reaching a new six-week high and flirting with its all-time high against the US dollar. This price spike also propelled Bitcoin to record highs in several countries across Asia and South America.
Global Surge Pushes Bitcoin Closer to Peak
Data from CoinGecko shows Bitcoin currently sits just 3.4% below its all-time high of $73,738 set in March. While the dollar price remains slightly shy of a record, Bitcoin smashed barriers against numerous fiat currencies.
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Asian and South American Records Tumble
CoinMarketCap data reveals Bitcoin reaching an all-time high of 11.2 million yen in early May 21st trading in Japan. This marks the first time the cryptocurrency surpassed 11 million JPY, fueled in part by the weakening Japanese yen, which has depreciated 10% against the US dollar this year.
Similarly, Bitcoin prices in Argentina soared to a new peak of 63.8 million Argentine pesos (ARS) on May 21st, surpassing the highs reached in mid-March. Argentina’s battle with rampant inflation, currently at around 290%, and ongoing currency devaluation create an environment where Bitcoin is seen as a potential hedge.
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The Philippines also witnessed record-breaking Bitcoin prices on May 21st, with the cryptocurrency briefly reaching 4.18 million pesos (PHP), exceeding its mid-March peak.
Global Impact: Records Broken and Liquidations Triggered
According to a sector observer, several other nations saw Bitcoin prices reach or near their mid-March highs, including the UK, Australia, Canada, and countries across South America, Asia, Africa, and the Middle East.
Meanwhile, Coinglass reported significant liquidations in the past 24 hours. Over 79,000 investors were liquidated, with total crypto liquidations reaching $345 million, with short positions accounting for a hefty 78.5%. This suggests traders caught off guard by the price surge.
Expert Opinions: Poised for All-Time High?
Markus Thielen, head of research at 10x Research, previously projected in a market update that a break above $67,500 could potentially lead Bitcoin to shatter its all-time high. The recent price action aligns with this prediction, leaving many wondering if a new record is truly on the horizon.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
