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Bitcoinnotched all-time highs in several countries across Asia and South America following a 7% surge on the day pushing the cryptocurrency ever closer to its United States dollar peak.

Bitcoin (BTC)prices hit an intraday and six-week high of $71,650 on May 21, following a gain of more than 7% over the past 24 hours.

The asset has returned to within 3.4% of its March 14 all-time high in U.S. dollar terms of $73,738, according to CoinGecko.

However, the big move pushed Bitcoin to new peaks against several other fiat currencies.

According to CoinMarketCap, in Japan, BTC hit an all-time high of 11.2 million yen in early trading on May 21.

It is the first time the asset has been worth more than 11 million yen. The local currency has weakened against the U.S. dollar in recent months, losing 10% against the greenback since January.

Bitcoin prices also peaked in Argentina when the asset tapped 63.8 million Argentine pesoson May 21, slightly higher than the March high.

The South American nation has been battling inflation currently at a whopping 290% and currency devaluation in recent years.

Similarly, 1 Bitcoin was briefly worth a record 4.18 million pesos in the Philippines on May 21, beating mid-March highs.

Other nations where BTC prices have equaled or come very close to their mid-March peak prices include Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan and Turkey, as noted by industry observer Thomas Fahrer on X.

Related: Bitcoin price hits $70K as spot and BTC ETF buying surges

Hours earlier, crypto analyst Willy Woo observed that a months worth of Bitcoin short position buildup was just liquidated.

One more layer to go in order to short-squeeze past all-time highs, he added.

Meanwhile, Coinglass reportedthat over the past 24 hours, 79,010 traders were liquidated, with total crypto liquidations at $345 million and 78.5% being short positions.

In a market update earlier this week, 10x Researchs head of research, Markus Thielen, predicted a breakthrough above $67,500 could potentially lead to new all-time highs.

BTC is trading at $70,945 at the time of writing, just $2,500 shy of a new all-time high in U.S. dollars.

Magazine:What do crypto market makers actually do? Liquidity, or manipulation

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Bitcoin hits record in Japan, Argentina and Philippines' local currency - Cointelegraph