Bitcoin and Ether reach new all-time price highs in Argentina – DiarioBitcoin
By Hannah Perez
New unprecedented price peaks for Bitcoin and Ethereum in Argentina, amid an unexpected jump of the blue dollar against the Argentine peso and a broad bullish movement in the cryptocurrency market.
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- Bitcoin and Ethereum reach new ATHs against the Argentine peso
- Crypto Market Moves Higher Amid Ether ETF Approval Expectations in the US
- The Argentine peso was devalued against the US dollar, which jumped more than 5% on the day
- Argentina was not the only country that observed historical price peaks for Bitcoin
The world’s two largest cryptocurrencies have conquered new price highs in Argentina amid a recent bullish push motivated by speculation surrounding an exchange-traded fund (ETF) of Ethereum cash in the US
Bitcoin (BTC) reached a record price of 63.49 million Argentine pesos (ARS) in the morning hours of this Tuesday, while Ethereum (ETH) also skyrocketed to a new record high of ARS $3.37 million in the South American nation, data from Google Finance.
Both digital currencies saw new all-time price highs in Argentina against the local currency amid a price rally. Relative to the US dollar, Bitcoin soared above USD $71,000 amid a daily gain of more than 6% in the morning hours before a modest correction, according to data from CoinMarketCap.
Ethereum, for its part, rose even more in comparison, gaining a staggering 23% in price, and standing at the USD $3,800 mark. The rise was driven by renewed expectations that the United States Securities and Exchange Commission (SEC) will approve a first ETF of Ethereum in cash this week.
It is worth noting that, against the US dollar, both cryptocurrencies have not registered new historical peaks. Bitcoin still remains around 4% below the all-time highs (ATH) near USD $74,000 seen in March, while Ethereum It is considerably further from its record price of USD $4,891 reached in November 2021.
In relation to the Argentine peso, BTC has decreased modestly on the day, although it has gained more than 70% so far this year, compared to ETH’s rise of 3.4% on the day and 76% over the course of 2024.
Free dollar rose more than 5% in Argentina
The achievement of new price heights for both cryptocurrencies in Argentina is the result of a dizzying rise in the exchange rate for the US dollar in the country, and the consequent devaluation of the peso.
According to several local news media, the free dollar registered an increase of more than 5% on the day to ARS $1,180 for sale, a price that was barely below the ARS $1,195 seen at the beginning of February.
This last movement translated into a cumulative increase of 13.5% for May for the also called “blue” or informal dollar, a rate that would be higher than the estimated inflation for the month, something that has not happened since October 2023, reported Infobae. It was the largest daily rise since January 9 of this year, when the free dollar rose 6.7% on the day, that newspaper added.
The rise in inflation occurred at a time when the market has a marked lack of suppliers of the currency, so the values seek to adapt to demand, operators told Reuters. Other factors, such as the rate cut by the central bank and greater circulation of pesos in the market, favored inflation, according to the report.
Bitcoin He also conquered ATH in other countries
Argentina was not the only struggling economy that saw new local price highs for Bitcoin.
Other nations have also seen near-record March price heights this week in relation to their local currencies, as the cryptocurrency surges, as noted by the co-founder of ApolloSats, Thomas Fahrer. Among them, he mentioned countries such as Great Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan and Turkey.
Against Japan’s fiat currency, BTC hit an all-time high of 11.2 million yen in early trading on May 21, reported Cointelegraphwhile also reaching an unprecedented price peak in Turkey, when it was momentarily traded at 4.18 million Philippine pesos this Tuesday.
As of the closing of this edition, Bitcoin It changes hands around USD $69,600 against its main global benchmark, the US dollar. ETH is trading slightly below USD $3,800.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplashedited in canva
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