Bitcoin hits records in Japan, Argentina, and the Philippines’ local currency

For the first time in history, the price of one Bitcoin hit 11 million yen in Japan, while values peaked in Argentina and the Philippines.

BTC $71,005 reached all-time highs in numerous Asian and South American countries following a 7% increase on the day, bringing the cryptocurrency closer to its US dollar peak. Bitcoin prices reached an intraday and six-week high of $71,650 on May 21, following a more than 7% advance in the previous 24 hours. According to CoinGecko, the asset has rebounded to within 3.4% of its all-time USD high of $73,738, established on March 14.

However, the large rise propelled Bitcoin to new highs against numerous other fiat currencies. According to CoinMarketCap, Bitcoin reached an all-time high of 11.2 million yen in early trade on May 21.

This is the first time the asset has been valued at more than 11 million JPY. The local currency has depreciated against the US dollar in recent months, falling 10% since the start of the year. BTC prices peaked in Argentina on May 21, reaching 63.8 million Argentine pesos (ARS), slightly higher than the peak in mid-March.

Over the last few years, the South American country has struggled with inflation, which is currently at 290%, and currency devaluations.

Similarly, one BTC was temporarily worth a record 4.18 million pesos (PHP) in the Philippines on May 21, surpassing mid-March highs. According to industry observer Thomas Fahrer on X, other countries where Bitcoin values have equaled or come very close to their mid-March peak levels include the United Kingdom, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey.

Hours earlier, cryptocurrency expert Willy Woo saw that a month’s worth of Bitcoin short position buildup had just been liquidated. “One more layer to go to short-squeeze past all-time highs,” he stated.

During the last 24 hours, Coinglass reported that 79,010 traders were liquidated, totaling $345 million in crypto liquidations, with short positions accounting for 78.5%. In a market report earlier this week, Markus Thielen, head of research at 10x Research, projected that a “breakthrough above $67,500 could potentially lead to new all-time highs.” Bitcoin is currently trading at $70,945, barely $2,500 short of reaching a new all-time high in US currency.

Buy and sell crypto in minutes with 0.20% trading fees at Bitdenex  Exchange.