PANews reported on May 21 that, according to Cointelegraph, Bitcoin reached an all-time high in several countries in Asia and South America with a 7% increase on the day. The price of Bitcoin reached an intraday and six-week high of $71,650 on May 21, with a gain of over 7% in the past 24 hours. According to CoinGecko, the asset has rebounded to within 3.4% of its all-time high of $73,738 set on March 14.

However, this significant move also pushed Bitcoin to new peaks against several other fiat currencies. According to CoinMarketCap, in Japan, Bitcoin reached an all-time high of 11.2 million yen during early trading on May 21. This is the first time the asset has exceeded 11 million yen. In recent months, the yen has depreciated against the dollar, losing 10% of its value since the beginning of the year. On May 21, Bitcoin also peaked in Argentina, reaching 63.8 million Argentine pesos, slightly above the mid-March peak. Over the past few years, this South American country has been grappling with inflation as high as 290% and currency devaluation.

According to industry observer Thomas Fahrer on X, other countries where Bitcoin prices reached or were very close to mid-March peak prices include the United Kingdom, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, and Turkey.