{"id":20950,"date":"2024-05-21T14:00:27","date_gmt":"2024-05-21T11:00:27","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20950"},"modified":"2024-05-21T09:55:41","modified_gmt":"2024-05-21T06:55:41","slug":"bitcoin-reaches-record-highs-in-multiple-countries","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-reaches-record-highs-in-multiple-countries\/","title":{"rendered":"Bitcoin Reaches Record Highs in Multiple Countries"},"content":{"rendered":"

Following a 7% increase on the day, Bitcoin<\/strong> reached all-time highs in a number of Asian and South American nations<\/a>, bringing the cryptocurrency ever closer to its peak value in US dollars.<\/p>\n

After rising by nearly 7% in the previous 24 hours, Bitcoin prices<\/strong> reached an intraday and six-week high of $71,650 on May 21.<\/p>\n

CoinGecko<\/a> reports the asset has recovered to within 3.4% of its all-time high in USD terms of $73,738, recorded on March 14.<\/p>\n

Still, the significant rise drove Bitcoin<\/strong> to new highs in relation to a number of other fiat currencies.<\/p>\n

As per CoinMarketCap, early on May 21st, BTC in Japan reached an all-time high of 11.2 million yen.<\/p>\n

It is the first instance of the asset being valued at over 11 million JPY. Since the start of the year, the local currency has depreciated 10% versus the US dollar.<\/p>\n

In Argentina, Bitcoin<\/strong> values peaked on May 21 at 63.8 million Argentine pesos (ARS), which is somewhat higher than peaks reached in mid-March.<\/p>\n

The country in South America has been fighting the devaluation of its currency and inflation, which is now at an astounding 290%.<\/p>\n

In a similar vein, on May 21, Bitcoin<\/strong> temporarily hit a record of 4.18 million pesos (PHP), surpassing highs from mid-March.<\/p>\n

According to industry watcher Thomas Fahrer on X,<\/a> other countries where BTC prices have matched or come very close to their mid-March peak prices include Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey.<\/p>\n

Bitcoin<\/strong> short position accumulation of a month had just been liquidated, according to crypto expert Willy Woo, who saw it hours earlier.<\/p>\n

\u201cOne more layer to go in order to short-squeeze past all-time highs<\/em>,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following a 7% increase on the day, Bitcoin reached all-time highs in a number of Asian and South American nations, bringing the cryptocurrency ever closer to its peak value in US dollars. After rising by nearly 7% in the previous 24 hours, Bitcoin prices reached an intraday and six-week high of $71,650 on May 21.<\/p>\n","protected":false},"author":6,"featured_media":20951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[1766,552],"class_list":["post-20950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin-btc","tag-bitcoin-price"],"yoast_head":"\nBitcoin Reaches Record Highs in Multiple Countries - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bitcoin hits all-time highs in Japan, Argentina, and other countries, nearing its peak of $73k. 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