Bitcoin (BTC) has hit all-time highs in several countries in…

Bitcoin (BTC) hit all-time highs in several countries across Asia and South America after a 7% intraday surge – pushing the cryptocurrency closer to the US dollar’s peak.

Bitcoin prices reached an intraday and six-week high of $71,650 on May 21 after gains of more than 7% over the past 24 hours.

The asset is back within 3.4% of its March 14 all-time high in USD terms of $73,738, according to CoinGecko.

However, this big move pushed Bitcoin to new highs against many other fiat currencies.

According to CoinMarketCap, in Japan, Bitcoin reached an all-time high of 11.2 million yen in early trading on May 21.

This is the first time the asset has been valued at more than 11 million Japanese yen. The local currency has declined against the US dollar in recent months, losing 10% against the dollar since the beginning of the year.

Bitcoin/JPY for 1 year. Source: CoinMarketCap

Bitcoin prices also peaked in Argentina when assets reached 63.8 million Argentine pesos (ARS) on May 21, slightly higher than the peak reached in mid-March.

The South American country has been battling inflation, which currently stands at 290%, and currency depreciation over the past two years.

Likewise, the value of one bitcoin briefly reached a record high of 4.18 million pesos (PHP) in the Philippines on May 21, surpassing its highs in mid-March.

Other countries where BTC prices equaled or were very close to their peak prices in mid-March include Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan and Turkey, the industry observer noted. Thomas Fuhrer on X.

Related: Bitcoin price hits $70,000 as spot buys and BTC ETFs surge

Hours ago, cryptocurrency analyst Willie Wu noted that a month’s worth of backlog of Bitcoin short positions had been liquidated.

He added: “There is another layer left to surpass the all-time highs.”

Bitcoin (Btc) Has Hit All-Time Highs In Several Countries In...
source: said

Meanwhile, Coinglass reports that over the past 24 hours, 79,010 traders were liquidated for a total of $345 million worth of crypto liquidations – 78.5% of which were short positions.

In a market update earlier this week, Markus Thelen, head of research at 10x Research, predicted that “a break above $67,500 could lead to new all-time highs.”

BTC is currently trading at $70,945, just $2,500 below the new all-time high in USD.

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