Bitcoin, also known as BTC, experienced a significant rise in value, reaching new record highs in various countries across Asia and South America. Following a 7% surge in a single day.
Bitcoin reached $71,268, approaching its previous peak in USD.
Within a 24-hour period, Bitcoin saw a gain of over 7%, hitting a high of $71,650, marking a six-week peak. This brought it within 3.4% of its all-time high of $73,738 recorded on March 14, according to CoinGecko.
This surge also resulted in Bitcoin reaching new highs against several fiat currencies. In Japan, Bitcoin hit an all-time high of 11.2 million yen on May 21, surpassing the 11 million JPY mark for the first time. Similarly, in Argentina, Bitcoin reached 63.8 million Argentine pesos, slightly higher than previous peaks in mid-March.
Bitcoin also achieved record values against the Philippine peso, reaching 4.18 million PHP on May 21. Additionally, in several other countries including Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey, Bitcoin prices either equaled or came close to their mid-March peak prices.
Crypto analyst Willy Woo noted that a significant amount of Bitcoin short positions were liquidated, suggesting a potential short-squeeze past the all-time highs.
Coinglass reported that over 79,010 traders were liquidated in the past 24 hours, totaling $345 million in crypto liquidations, with 78.5% of them being short positions.
Markus Thielen, head of research at 10x Research, had earlier predicted that a breakthrough above $67,500 could lead to new all-time highs for Bitcoin.
Currently, Bitcoin is trading at $70,945, just $2,500 away from reaching a new all-time high in U.S. dollars.
May 2024, Cryptoniteuae