The new milestone achievement comes as the Japanese yen has weakened against the US dollar, losing 10% of its value since January.
Bitcoin (BTC) climbed to an intraday and six-week high of $71,650 on Tuesday, marking a more than 7% increase in the past 24 hours. This surge has driven the crypto asset to new record levels against several fiat currencies outside the US dollar.
According to CoinMarketCap data, Bitcoin has set new records against the Japanese yen, Philippine peso, and Argentine peso after recovering back to $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
CoinMarketCap data showed that BTC reached a new milestone of 11.2 million yen on May 21 after briefly trading above $71,000 in the early hours of the day before retracing slightly at press time.
This marks the first time the largest crypto asset in the industry, with a market valuation currently around $1.40 trillion, has surpassed 11 million yen since its launch.
The new milestone achievement comes as the Japanese yen has weakened against the US dollar, losing 10% of its value since January. The yen’s depreciation has been influenced by various economic factors, including monetary policy adjustments and trade imbalances.
The data also indicated BTC price appreciation in Argentina. Bitcoin prices soared to a new peak of 63.8 million against Argentine pesos on the same day as Japan, surpassing the previous high recorded in March.
The Argentine economy has been grappling with severe inflation, currently at an alarming 290%, alongside significant currency devaluation. These economic challenges have driven investors toward Bitcoin as a hedge against the declining value of the Argentine peso.
Bitcoin Continues to Shine against Fiat Currencies
Bitcoin also hit new highs in the Philippines, reaching a record high of 4.18 million pesos, beating the highs recorded in mid-March. The Philippine peso, like the yen and Argentine peso, has faced pressures that have contributed to the local currency’s depreciation against BTC.
Industry observer Thomas Fahrer said on X 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.
The new milestone 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.
Additionally, in South Korea, BTC exceeded the value of the local won due to high inflation in the country. Other fiat currencies such as the Chilean peso, the Australian dollar, the Chinese yuan, the South African rand, the Norwegian krone, and the Turkish lira experienced similar declines against Bitcoin.
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