One bitcoin surpassed 11 million Japanese yen (approximately $70,400) on May 21st, marking the first ever such event. After a daily gain of over 7%, the average market price of the first cryptocurrency in US dollars hit a six-week high of $71,650. The Japanese yen was the first local currency to set a new record in the cryptocurrency market, according to CoinMarketCap.
According to the experts at CoinMarketCap, this happened because the yen lost value compared to the dollar. The trimester’s findings indicate that the value of the yen declined by over 10% compared to the previous quarter. British, Australian, Canadian, Chilean, Colombian, Egyptian, Israeli, Norwegian, Indian, South Korean, Taiwanese, and Turkish cryptocurrency markets all displayed an increase in Bitcoin prices relative to their national currencies, as pointed out by columnist Thomas Fahrer. These markets were comparable to the historical high points of mid-March. The market price of bitcoin jumped to a new monthly high at the start of the week as large investors resumed buying, according to analysts at Santiment.