Bitcoin Surges 7% to Reach Record Highs Against Local Currencies in Asia and South America
Bitcoin has made history by reaching all-time highs against local currencies in various countries across Asia and South America. The surge in its price resulted in a significant 7% increase in value within a 24-hour period, with Bitcoin reaching an intraday and six-week high of $71,650 on May 21.
CoinGecko reports that Bitcoin is now within a 3.4% range of its all-time high in USD terms, which was recorded on March 14 at $73,738.
This surge has led to new record highs for Bitcoin against various fiat currencies. In Japan, Bitcoin reached an all-time high of 11.2 million yen during early trading on May 21, surpassing the 11 million JPY threshold for the first time. The Japanese yen has been weakening against the U.S. dollar in recent months, depreciating by 10% since the beginning of the year.
Argentina also witnessed Bitcoin reaching a peak value of 63.8 million Argentine pesos (ARS) on May 21, slightly surpassing the highs seen in mid-March. The country has been dealing with high inflation, currently standing at 290%, and currency devaluation over the past few years.
In the Philippines, Bitcoin briefly reached a record high of 4.18 million pesos (PHP) on May 21, surpassing the mid-March highs. Similar trends were observed in other countries such as Britain, Australia, Canada, Chile, Colombia, Egypt, Norway, India, South Korea, Taiwan, and Turkey.
There are indications of a potential short squeeze in the near future. Crypto analyst Willy Woo pointed out in a recent post that a month’s worth of Bitcoin short positions were liquidated, suggesting the possibility of a short-squeeze beyond the all-time highs. In the past 24 hours, 79,010 traders have been liquidated, with total crypto liquidations amounting to $345 million, of which 78.5% were short positions.
Analysts have also become more bullish on Bitcoin following weeks of consolidation. Leading trading firm QCP Capital has expressed optimism about Bitcoin’s price momentum and forecasted a potential return to the highs of $74,000. The firm noted substantial buyers acquiring 100,000 to 120,000 BTC Calls for December 2024, indicating confidence in the cryptocurrency’s upward movement.
Bitcoin is currently trading at $70,945, just $2,500 away from reaching a new all-time high in U.S. dollars.
