Bitcoin Reaches New Highs against Japanese, Argentine, Philippine Currencies

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As a researcher with a background in economics and finance, I’ve been closely monitoring the cryptocurrency market for several years. The recent surge in Bitcoin’s price against various fiat currencies is an intriguing development that warrants further investigation.

Bitcoin reached a peak of $71,650 during Tuesday’s trading session, representing a 7% rise over the previous 24 hours and hitting new highs against various fiat currencies excluding the US dollar. Bitcoin established new benchmarks versus the Japanese yen, Philippine peso, and Argentine peso, bouncing back above $70,000 for the first time since April.

The crypto asset is nearing its peak price of over $73,000 recorded on May 13, 2024.

Bitcoin Breaks All-Time Highs against Japanese Yuan

As a crypto investor, I’m excited to share that Bitcoin (BTC) hit an impressive new milestone according to CoinMarketCap data. On May 21, BTC surpassed the 11.2 million yen mark after briefly touching $71,000 early in the day. However, it has retraced slightly at the moment of writing this.

For the first time since its inception, the leading cryptocurrency, valued at approximately $1.4 trillion in the market, has exceeded 11 million yen.

As an analyst, I’ve noticed that the Japanese yen has experienced a significant decline against the US dollar lately, with the greenback gaining approximately 10% in value since the beginning of the year. This depreciation of the yen can be attributed to several economic factors that have come into play.

As an analyst, I’ve noticed an intriguing trend in the data: Bitcoin prices reached unprecedented heights in Argentina, peaking at approximately 63.8 million Argentine pesos on the same day as Japan’s record-breaking price surge. This surpassed the earlier high from March.

The Argentine economy is facing steep inflation, which stands at a worrying 290% now, and a notable currency depreciation. These economic troubles have led many investors to turn to Bitcoin as a protective measure against the eroding value of the Argentine peso.

Bitcoin Continues to Shine against Fiat Currencies

Bitcoin set a new peak in the Philippines, surpassing the 4.18 million peso mark for the first time, eclipsing the previous highs reached in mid-March. The Philippine peso, similar to the Japanese yen and Argentine peso, has been subjected to stressors leading to its depreciation relative to Bitcoin.

As a crypto investor, I’ve noticed an exciting development: Bitcoin (BTC) has shattered previous records in various countries including the UK, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey on X.

As a researcher studying cryptocurrency markets, I’ve discovered that the latest achievement has gone beyond the peak levels Bitcoin reached against local currencies in these countries back in March.

In February, Bitcoin achieved record-breaking prices against various currencies, with its value reaching approximately $59,000 for the first time in two years. During this span, Bitcoin exceeded the Japanese yen, Malaysian ringgit, Indian rupee, and new Taiwan dollar exchange rates.

As a researcher studying the global market trends, I’ve noticed an intriguing development in the financial landscape. In South Korea specifically, the value of Bitcoin surpassed the local currency, the won, due to rampant inflation within the country. Similar patterns emerged for other fiat currencies including the Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone, and Turkish lira. These currencies all experienced significant declines in value relative to Bitcoin.

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2024-05-21 13:33