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

Bitcoin (BTC) has reached all-time highs in several countries in Asia and South America after an intraday rise of 7%, bringing the cryptocurrency closer to the peak of the US dollar.

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

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

However, this big move pushed Bitcoin to new heights compared to 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 depreciated against the US dollar in recent months, losing 10% against the dollar since the start 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 above the peak reached in mid-March.

The South American country has been facing inflation for two years, which currently stands at 290%, and a depreciation of its currency.

Similarly, the value of one bitcoin briefly reached an all-time high of 4.18 million pesos (PHP) in the Philippines on May 21, surpassing its mid-March highs.

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

about: Bitcoin Price Hits $70,000 as Spot Buys and BTC ETFs Rise

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

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

source: said

Meanwhile, Coinglass reports that in the last 24 hours, 79,010 traders were liquidated for a total of $345 million in crypto liquidations, of which 78.5% 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 shy of the new all-time high in USD.

review: What do cryptocurrency market makers actually do? Liquidity or manipulation

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