$BTC Bitcoin (BTC) has hit all-time highs in several countries across Asia and South America following a 7% increase on the day – pushing the cryptocurrency closer to its peak of the US dollar.
Bitcoin price hit an intraday and six-week high of $71,650 on May 21 after rising more than 7% in the past 24 hours.
According to CoinGecko, the asset is just 3.4% below its March 14 all-time high in USD of $73,738.
However, this major move has pushed Bitcoin to new highs against several other fiat currencies.
According to CoinMarketCap, in Japan, BTC hit an all-time high of 11.2 million yen in early trading on May 21.
This is the first time the asset has been worth more than 11 million yen. The local currency has weakened against the US dollar in recent months, losing 10% against the greenback since the start of the year.
Bitcoin prices are also hitting new highs in Argentina as the asset hit 63.8 million Argentine pesos (ARS) on May 21, slightly higher than the peak set in mid-March.
The South American country has been struggling with inflation, currently at a whopping 290%, and currency devaluation over the past few years.
Similarly, one Bitcoin briefly hit a record high of 4.18 million Philippine pesos (PHP) in value in the Philippines on May 21, beating its mid-March high.
Other countries with BTC prices at or very close to the mid-March high include the UK, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey, as noted by industry observer Thomas Fahrer on X.
In a market update earlier this week, 10x Research head of research Markus Thielen predicted “a breakout above $67,500 could lead to a new all-time high.”
BTC is currently trading at $70,945, just $2,500 shy of the US dollar’s all-time high.
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