Key Points
- Bitcoin has reached new record levels against the Japanese yen, Philippine peso, and Argentine peso.
- The cryptocurrency is approaching its peak price of over $73,000 recorded in May 2024.
Bitcoin (BTC) has experienced a significant increase in value, reaching a six-week high of $71,650 on Tuesday. This rise represents a more than 7% increase in the past 24 hours.
This upsurge has brought the cryptocurrency to unprecedented levels against several fiat currencies outside the US dollar. Bitcoin has set new highs against the Japanese yen, Philippine peso, and Argentine peso, recovering back to $70,000 for the first time since April.
The cryptocurrency is nearing its peak price of over $73,000 recorded on May 13, 2024.
New Milestones for Bitcoin
Data from CoinMarketCap indicates that BTC reached a new milestone of 11.2 million yen on May 21 after briefly trading above $71,000. This is the first time the cryptocurrency, with a current market valuation of around $1.40 trillion, has surpassed 11 million yen since its inception.
This new milestone comes as the Japanese yen has weakened against the US dollar, losing 10% of its value since January. Factors such as monetary policy adjustments and trade imbalances have influenced the yen’s depreciation.
The data also showed a rise in Bitcoin’s price in Argentina, reaching a new peak of 63.8 million Argentine pesos on the same day. The Argentine economy is currently facing severe inflation, at an alarming 290%, and significant currency devaluation. These economic challenges have driven investors toward Bitcoin as a hedge against the declining value of the Argentine peso.
Bitcoin’s Performance against Other Currencies
Bitcoin also set new records in the Philippines, reaching a record high of 4.18 million pesos, surpassing the highs recorded in mid-March. The Philippine peso, like the yen and Argentine peso, has faced pressures leading to its depreciation against BTC.
Industry observer Thomas Fahrer reported that BTC also broke new records in countries such as the United Kingdom, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey. These new milestones surpassed the highs Bitcoin recorded against local currencies in these countries in March.
In February, Bitcoin also reached new all-time highs against several currencies when it traded around $59,000 for the first time in two years. During this period, the crypto asset surpassed the Japanese yen, the Malaysian ringgit, the Indian rupee, and the new Taiwan dollar.
In South Korea, BTC exceeded the value of the local won due to high inflation in the country. Other fiat currencies like the Chilean peso, the Australian dollar, the Chinese yuan, the South African rand, the Norwegian krone, and the Turkish lira also experienced declines against Bitcoin.
