Bitcoin Surges to All-Time Highs Against Various Fiat Currencies
Recently, Bitcoin experienced a remarkable surge in price, leading to record highs against several fiat currencies across Asia and South America.
- Bitcoin reached a new intraday and six-week high of $71,650 on May 21, reflecting a substantial 7% increase in a 24-hour period.
- This surge brought Bitcoin within a 3.4% range of its all-time high in USD terms, set at $73,738 on March 14.
Bitcoin Breaks Records Against Local Currencies
The significant increase in Bitcoin’s price resulted in the cryptocurrency achieving new milestones against various fiat currencies:
- In Japan, Bitcoin hit an all-time high of 11.2 million yen, surpassing the 11 million JPY threshold for the first time.
- Argentina witnessed Bitcoin reaching a peak value of 63.8 million Argentine pesos on May 21, slightly exceeding previous highs.
- The Philippines also saw Bitcoin briefly hitting a record high of 4.18 million pesos, surpassing mid-March levels.
Global Trends and Bitcoin’s Performance
Bitcoin’s price surge also impacted other countries globally, including:
- Britain, Australia, Canada, Chile, Colombia, Egypt, Norway, India, South Korea, Taiwan, and Turkey, where the cryptocurrency showed an upward trend in value.
- Industry observer Thomas Fahrer highlighted these positive trends in various regions.
Bitcoin Short Squeeze Potential Looms
Crypto analyst Willy Woo pointed out the liquidation of a significant number of Bitcoin short positions, indicating a possible short squeeze:
- Within 24 hours, 79,010 traders were liquidated, with total crypto liquidations amounting to $345 million, predominantly from short positions.
- Markus Thielen from 10x Research had previously suggested that a breakthrough above $67,500 could lead to new all-time highs.
- Bitcoin is currently trading at $70,945, nearing a new all-time high in U.S. dollars.
Bullish Sentiments and Price Predictions
Several analysts, including QCP Capital, have expressed optimism about Bitcoin’s price momentum:
- QCP Capital forecasts a potential return to highs of $74,000, citing substantial buyers acquiring BTC Calls for December 2024.
- The firm noted a breakout triggered by US CPI numbers, leading to positive price movements in the cryptocurrency market.
Hot Take: Bitcoin’s Meteoric Rise Continues
As Bitcoin surges to new heights against various fiat currencies and the potential for a short squeeze looms, the cryptocurrency market is abuzz with excitement. Market analysts and observers are closely monitoring Bitcoin’s performance, with optimistic sentiment prevailing among investors and traders. Will Bitcoin continue its upward trajectory and break through to new all-time highs? Only time will tell as the crypto community eagerly awaits the next chapter in Bitcoin’s remarkable journey.
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