Bitcoin Hits High in Philippines, Japan, Argentina’s local currency

by

As an analyst with a background in global economics and experience living in countries with high inflation rates like Argentina, I find the current surge in Bitcoin’s value quite intriguing. The record highs being set in various global markets, including Japan and Argentina, where local currencies have been experiencing instability, highlight the growing appeal of cryptocurrencies as a hedge against inflation and currency depreciation.

Bitcoin hit a new record high in US dollars, soaring by 7% in a single day. This surpasses previous records in Japan and Argentina. In countries like Japan and Argentina, where inflation rates are high, Bitcoin reached a peak value of approximately $1.131 million or 8 million Argentine pesos, marking a new record compared to mid-March figures.

As a researcher studying the cryptocurrency market, I’ve observed an impressive surge in value. This uptick has brought the cryptocurrency just 3.4% shy of its all-time high of $72,500, which was reached back in March. Notably, this trend is not confined to a single market; it’s making new strides and setting record-breaking benchmarks across various global markets.

In Japan, Bitcoin experienced remarkable growth, reaching a new high of over 2 million yen for the first time. This surge occurred amidst the Japanese yen’s decline against the US dollar, resulting in a 10% drop in value since the year’s start.

In the Philippines, the value of a cryptocurrency hit a new high, momentarily peaking at approximately 4.18 million pesos. This surge is reflected in various countries such as Britain, Australia, Canada, and numerous Asian and South American nations, where Bitcoin prices have returned to or nearly touched their mid-March values.

Read More

2024-05-21 10:29