BTC broke previous records by raising the price of 1 Bitcoin above 11 million Yen in Japan; however, the price of this token also skyrocketed in the Philippines and Argentina.
As of today, Bitcoin has made history by reaching an all-time high in several countries in Asia and South America. The BTC price rose 7%, driving it close to the United States Dollar peak.
In the last 24 hours, Bitcoin managed to Break a resistance of $68,800 and touch the figure of $71,650. A rise of more than 7% on May 21, which is its highest gain in the last six weeks.
According to CoinGecko, Bitcoin is now within 3.4% of its all-time high of $73,738, reached on March 14 in U.S. dollar terms.
The surge, however, propelled Bitcoin to new all-time highs against several other fiat currencies.
The price of 1 Bitcoin goes high above 11.2 million yen in Japan, which is recorded as an all-time high as per coinmarketcap.
In Japan, it is for the first time that some digital assets are worth more than 11 million yen. As a result, the local currency has lost 10% in value against the dollar since January due to its weakening value versus the greenback.
Bitcoin prices also peaked in Argentina and reached 63.8 million Argentine pesos on May 21. This figure is slightly above the March high.
Argentina is still struggling to overcome inflation, now at 290%, and significant currency devaluation in recent years.
Leaving behind the March price, 1 Bitcoin value in the Philippines is 4.18 million pesos, which makes a new record in the country.
The industry observer Thomas Fahrer stated on X that several other countries come close to the mid-March peak price. The countries involved are Britain, Australia, Canada, Turkey, India, Egypt, Israel, Norway, Colombia, South Korea, Taiwan and Chile.
Crypto analyst Willy Woo observed that all the inverters who open short trades liquidate hours earlier from this spike.
“One more layer to go in order to short-squeeze past all-time highs,” he added.
According to a CoinGlass report, the total number of liquidation traders is 79,010, with a total asset of $345 million. In this figure, almost 78.5% of liquidation trades were short.
“breakthrough above $67,500 could potentially lead to new all-time highs.” as per Markus Thielen’s prediction.
At the time of writing BTC is trading for $70,961, almost $2500, below the all-time high.
