Bitcoin Hits Record Highs Against Local Currencies in Asia and South America with 7% Daily Surge

Bitcoin has achieved all-time highs against local currencies in several countries across Asia and South America, following a significant 7% surge in its price.

On May 21, Bitcoin reached an intraday and six-week high of $71,650, marking a gain of over 7% within a 24-hour period.

According to CoinGecko, this puts the asset within a 3.4% range of its all-time high in USD terms, recorded on March 14, at $73,738.

The surge in Bitcoin’s price has resulted in new record highs against various fiat currencies.

In Japan, BTC hit an all-time high of 11.2 million yen during early trading on May 21.

This marks the first time that the asset has surpassed the 11 million JPY threshold.

The Japanese yen has experienced a weakening trend against the U.S. dollar in recent months, depreciating by 10% since the beginning of the year.

Argentina also witnessed Bitcoin reaching a peak value of 63.8 million Argentine pesos (ARS) on May 21, slightly surpassing the highs seen in mid-March.

The country has been grappling with high inflation, currently standing at a staggering 290%, along with currency devaluation over the past couple of years.

In the Philippines, Bitcoin briefly reached a record high of 4.18 million pesos (PHP) on May 21, surpassing the mid-March highs.

Similar trends were observed in other countries such as Britain, Australia, Canada, Chile, Colombia, Egypt, Norway, India, South Korea, Taiwan, and Turkey, as noted by industry observer Thomas Fahrer on X.

#Bitcoin is back to ATH all over the world