Bitcoin Hits a New All-Time High in Argentina, Surging Past Previous Records in Local Currency Terms

Bitcoin, the first and largest cryptocurrency by market capitalization, has hit a new all-time high in Argentina, surging past previous records

Bitcoin (BTC) has hit a new all-time high in Argentina, as the cryptocurrency surges past previous records in local currency terms amid a rapidly devaluing peso and a round of pessimism from JPMorgan (NYSE:JPM) CEO Jamie Dimon about crypto.

At press time, BTC was trading at $104,416, heating up 4.27% from the all-time high of $109,114 reached in January.

Bitcoin price chart: 15-minute time frame. Credit: TradingView

In good news for crypto fans, Dimon said that bank clients can now buy Bitcoin, although he also restated his well-known pessimism about crypto.

JPMorgan joins other large banks, like Morgan Stanley (NYSE:MS), which allows its financial advisors to pitch clients on some Bitcoin ETFs if they meet certain criteria.

What happened: Bitcoin and other cryptocurrencies continued to climb in the early Tuesday session, tracking a broader recovery on risk markets. According to CoinMarketCap data, BTC has increased by 1.23% in the previous 24 hours to $104,485 as of press time.

Crypto traders also noted that Strategy (NASDAQ:STRM), the largest publicly traded BTC holding business, disclosed on Monday that it had purchased 7,630 BTC at an average price of more than $103,000, further boosting confidence.

In the latest move, energy management firm KULR (NASDAQ:KULR) announced that it had expanded its Bitcoin treasury to over 800 tokens with the purchase of additional BTC for $9 million.

This latest acquisition, which was made at an average price of $103,234 per coin, brings KULR's total investment in cryptocurrencies to $78 million.

It is clear that institutions are becoming increasingly interested in Bitcoin and other cryptocurrencies. This could lead to further price gains in the coming months.

Top insights

"Bitcoin just hit a new all-time high in Argentina. Fiat is always collapsing somewhere! "

Bitcoin is testing the crucial $105,000-$106,000 resistance. A breakout above this level could spark a rally to new highs.

Bitcoin is still down more than 5% from its U.S. all-time high, which was reached in January. However, local demand for Bitcoin has been strong, and the price of Bitcoin in Argentine pesos has surged to new highs.

In other crypto news, Bitcoin futures volume on the Chicago Mercantile Exchange (CME) hit a record high in July. This is a sign of the growing institutional interest in Bitcoin.

Also, the U.S. Securities and Exchange Commission (SEC) has again delayed its decision on several Bitcoin spot ETFs. The SEC is expected to make a decision on the ETFs by August 24.

What’s next: Bitcoin is approaching a critical juncture as it stalls at the $105,000-$106,000 resistance band. A breakout above this level could propel Bitcoin towards a rally to new highs, potentially igniting the next bull market.

On the other hand, failure to clear this resistance could lead to another round of selling pressure, potentially pushing Bitcoin back to the key $98,000-$95,000 support zone.

Moreover, with institutions actively deploying capital, there's a possibility that we might witness even larger buy-side trades in the coming days, especially if Bitcoin manages to sustain its price above $103,000.

As the world's leading cryptocurrency, Bitcoin's every move is keenly followed by traders and investors.