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Bitcoin reaches record levels against local currencies in Asia and South America with 7% daily increase

This significant jump in value indicates growing interest and adoption of cryptocurrency in these regions, where local currencies are often subject to strong fluctuations.

Date: 2024-05-21 Author: Łukasz Michałek
Bitcoin reaches record levels against local currencies in Asia and South America with 7% daily increase

Bitcoin has reached an all-time high against local currencies in several Asian and South American countries, after a significant 7% increase in its price. on May 21, Bitcoin reached its highest level in a day and in six weeks at $71,650, up more than 7% in 24 hours.

According to CoinGecko, this puts the asset within 3.4% of its all-time highest level ever expressed in USD, registered on March 14 at $73,738. The surge in Bitcoin’s price has caused new records against various fiat currencies.

In Japan, BTC reached its highest level ever at 11.2 million yen during early trading on May 21. This marks the first time the value of the asset has exceeded the JPY 11 million threshold.

The Japanese yen has seen a downward trend against the US dollar in recent months, losing 10% since the beginning of the year.

Argentina also witnessed bitcoin peak at 63.8 million Argentine pesos (ARS) on May 21, slightly exceeding the maximums recorded in mid-March. The country is struggling with high inflation, currently at a staggering 290%, as well as the devaluation of its currency 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 maxima recorded in mid-March.

Similar trends have been observed in other countries such as the UK, Australia, Canada, Chile, Colombia, Egypt, Norway, India, South Korea, Taiwan and Turkey, as noted by industry observer Thomas Fahrer in X.

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What lies ahead in the near future?

In a recent post on X, cryptocurrency analyst Willy Woo highlighted the liquidation of monthly short positions on Bitcoin, suggesting the possibility of a short breakout beyond historical highs. Coinglass reported that 79,010 traders were liquidated in the last 24 hours, with a total of $345 million in cryptocurrency liquidations, 78.5% of which were short positions.

Markus Thielen, head of research at 10x Research, previously predicted that a breakout above $67,500 could potentially lead to new all-time records. Currently, the price of BTC stands at $70,945, just $2,500 away from reaching a new all-time record high in U.S. dollars.

In addition to 10x Research, some other analysts have also become optimistic about Bitcoin after the week-long consolidation. Leading trading firm QCP Capital expressed optimism about Bitcoin’s price dynamics, forecasting a potential return to the $74,000 maximums.

In a recent note, the firm said it had observed significant buyers buying between 100,000 and 120,000 BTC options for December 2024, indicating confidence in the cryptocurrency’s rising value.

“The US CPI data broke the range for risky assets. Since then, the price of BTC has exceeded 66,000.” – the company wrote.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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