05:04 AM EDT, 05/21/2024 (MT Newswires) -- Bitcoin (BTC) reached new all-time highs against local currencies in Japan, Argentina, and the Philippines, driven by a 7% surge in its value on Tuesday.

The cryptocurrency rose to an intraday high of $71,650, nearing its March 14 peak of $73,738, according to CoinGecko.

For the first time, bitcoin was valued locally at more than 11.2 million Japanese yen. Since January, the yen's value relative to the US dollar has dropped by 10%.

Meanwhile, bitcoin reached a new record of 63.8 million Argentine pesos. The nation is dealing with a serious depreciation of its currency and high inflation, which is now at 290%.

Bitcoin in the Philippines surpassed its mid-March high to reach a record 4.18 million pesos.

Other nations with bitcoin values close to or equal to their mid-March high include Egypt, Israel, South Korea, Taiwan, Australia, Canada, Chile, Colombia, and the UK.

Bitcoin was last trading for $70,913, up 6.2% on the day.