Bitcoin Hits Record Highs in Asia and South America After 7% Surge
Bitcoin has reached new all-time highs against local currencies in several countries across Asia and South America, following a notable 7% increase in its price.
On May 21, Bitcoin’s price surged to an intraday and six-week high of $71,650, marking a gain of over 7% within a 24-hour period. According to CoinGecko, this places Bitcoin within a 3.4% range of its all-time high in USD terms, recorded on March 14, at $73,738.
Bitcoin Achieves New Highs Against Multiple Fiat Currencies
The recent surge has led Bitcoin to set new record highs against various fiat currencies. In Japan, BTC hit an all-time high of 11.2 million yen on May 21, surpassing the 11 million JPY threshold for the first time. This comes as the Japanese yen has depreciated by 10% against the U.S. dollar since the beginning of the year.
In Argentina, Bitcoin reached a peak value of 63.8 million Argentine pesos (ARS), slightly surpassing mid-March highs. The country continues to battle high inflation, currently at 290%, and significant currency devaluation.
The Philippines also saw Bitcoin briefly reach a record high of 4.18 million pesos (PHP) on May 21, surpassing the highs from mid-March. Similar trends were observed in other countries including Britain, Australia, Canada, Chile, Colombia, Egypt, Norway, India, South Korea, Taiwan, and Turkey, as noted by industry observer Thomas Fahrer on X.
Potential Short Squeeze on the Horizon?
Crypto analyst Willy Woo recently highlighted the liquidation of a month’s worth of Bitcoin short positions, suggesting the potential for a short-squeeze that could push Bitcoin beyond its all-time highs. Coinglass reported that within the past 24 hours, 79,010 traders were liquidated, with total crypto liquidations amounting to $345 million, 78.5% of which were short positions.
Markus Thielen, head of research at 10x Research, previously predicted that a breakthrough above $67,500 could lead to new all-time highs. Currently, Bitcoin is trading at $70,945, just $2,500 shy of reaching a new all-time high in U.S. dollars.
Other analysts have also turned bullish on Bitcoin following a period of consolidation. Leading trading firm QCP Capital expressed optimism about Bitcoin’s price momentum, forecasting a potential return to the highs of $74,000. In a recent note, the firm observed substantial buyers acquiring 100,000 to 120,000 BTC calls for December 2024, indicating confidence in the cryptocurrency’s upward movement.
“US CPI numbers triggered a breakout of the range across risk assets. BTC has since traded back above 66k,” QCP Capital wrote.
