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Bitcoin Reaches New Milestones in Local Currencies of Japan, Argentina, and the Philippines

ByDayne Lee

May 22, 2024
Bitcoin Reaches New Milestones in Local Currencies of Japan, Argentina, and the Philippines

Bitcoin Reaches New Milestones in Local Currencies of Japan, Argentina, and the Philippines

Bitcoin has recently achieved notable gains, experiencing a 7% increase in a single day which propelled its value towards record highs in various countries across Asia and South America. As of May 21, Bitcoin’s price reached $71,650, marking a six-week high and a significant recovery, positioning it within 3.4% of its all-time high of $73,738 in U.S. dollar terms recorded on March 14.

Global Highs in Local Currencies

This surge has not only brought Bitcoin close to its peak in USD but also set new records in several other fiat currencies:

  • Japan: Bitcoin reached an unprecedented 11.2 million yen, surpassing the 11 million yen mark for the first time. This record is partly due to the recent weakening of the Japanese yen against the U.S. dollar, which has seen a 10% depreciation since January.
  • Argentina: In a country grappling with extreme inflation rates of 290%, Bitcoin’s price hit a new high of 63.8 million Argentine pesos, edging past its previous record.
  • Philippines: The cryptocurrency was valued at a record 4.18 million pesos, topping its mid-March highs.

Comparative Performance in Various Countries

Bitcoin’s performance has been stellar not just in the aforementioned countries but also in several other nations where it has reached or nearly reached mid-March peak prices. These countries include Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey. The information was highlighted by industry observer Thomas Fahrer on the social media platform X.

CountryBitcoin Peak Local CurrencyDate Achieved
Japan11.2 million YenMay 21
Argentina63.8 million PesosMay 21
Philippines4.18 million PesosMay 21

Crypto analyst Willy Woo commented on the recent market dynamics, observing that a month’s worth of Bitcoin short positions were liquidated just hours before the surge. He suggested that overcoming one more resistance layer could trigger a short-squeeze driving Bitcoin past its all-time highs.

Coinglass reported significant market activity with 79,010 traders liquidated in the past 24 hours, leading to total crypto liquidations of $345 million, of which 78.5% were short positions.

Markus Thielen, head of research at 10x Research, provided a market update indicating that a breakthrough above $67,500 could set the stage for new all-time highs in U.S. dollar terms. At the time of writing, Bitcoin is trading at $70,945, just $2,500 shy of a new record in U.S. dollars.

  • Global Influence: Bitcoin’s influence continues to grow globally as it sets new benchmarks in various currencies.
  • Economic Conditions: The performance of Bitcoin in countries like Argentina highlights its role as a hedge against inflation and currency devaluation.
  • Market Sentiment: The recovery and new highs are reflective of a bullish sentiment prevailing in the cryptocurrency markets.

The recent performance of Bitcoin underscores its continued relevance and adaptability in the global financial landscape, especially as it sets new records in diverse economic environments. As Bitcoin edges closer to surpassing its all-time highs, both traders and analysts remain keenly watchful of its potential to redefine financial norms and assert its position as a major financial asset.

Featured image credit: Stock Catalog via Flickr

Dayne Lee

With a foundation in financial day trading, I transitioned to my current role as an editor, where I prioritize accuracy and reader engagement in our content. I excel in collaborating with writers to ensure top-quality news coverage. This shift from finance to journalism has been both challenging and rewarding, driving my commitment to editorial excellence.

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