Monday, 22 May 2017

Bitcoin Price Breached ₦795K ($2,087), Hiits ₦895K ($2,350) in Japan and South Korea

Bitcoin price established its new all-time high at ₦795K ($2,087) earlier today after surging past its previous all-time high set at ₦781K ($2,050), with demand toward Bitcoin rising from institutional investors in the US, Japan and South Korea.

During the time of writing, Bitcoin will be traded in Japan and South Korea, the next and third largest Bitcoin exchange markets on the planet, at around ₦895K ($2,350), at an 11 percent premium in accordance with the global average Bitcoin price and the purchase price listed by US-based Bitcoin exchanges.

Analysts including Charles Hayter, the CEO of CryptoCompare, explained that the Japanese and South Korean Bitcoin exchange markets played an integral role whilst the driving factor of Bitcoin's recent price surge. In a interview with CNBC, Hayter stated:
"Arbitrage involving the fiat pairs drags markets up or down in accordance with leading markets. At present, volumes on the KRW and JPY pairs dominate trading with a mixed 48 percent market share.”
Cointelegraph previously emphasized the significance of the Japanese and South Korean exchange markets on the global Bitcoin market. The 2 markets hold over 48.6 percent of the global Bitcoin exchange market share and represent a large proportion of institutional investors within Asia.
Japan, specifically, has experienced an explosive growth in demand for Bitcoin as a few of the country's most influential conglomerates announced the launch of the independent digital currency exchanges, with the vision of facilitating fiat-to-digital currency trading securely and transparently, with low fees.

Forever blowing bubbles

It was reported that the significant amount of investors have started initially to fuel an altcoin bubble concentrated around Ripple and NEM.
IndieSquare co-founder and Japan-based researcher Koji Higashi stated that the legalization of digital currency and the tax exemption of Bitcoin convinced beginner and casual cryptocurrency traders that each other cryptocurrencies are legitimate and well-based.
However, Higashi noted that a lot of investors are buying cryptocurrencies aside from Bitcoin with relatively shallow knowledge and comprehension of digital currencies.
Higashi explained:
“I believe I understand the clear answer now. Newly entering Japanese investors are driving this great altcoin bubble and not-so-smart money is flowing into the room especially into some altcoins at an extremely concerning rate. Yet another thing to notice about that new trend is that the overall insufficient understanding or appreciation of the technology by a lot of new users.”

What happens next

Next couple of months, as Bitcoin maintains its momentum and upward trend, it is probable that the Japanese cryptocurrency exchange market will demonstrate some stability and view a decline in interest over alternative cryptocurrencies or altcoins. If that's the case, the demand for Bitcoin will probably increase over time.

Currently, analysts and researchers at mainstream media outlets such as for instance CNBC and Bloomberg are attributing Bitcoin's recent upward momentum to the economic uncertainty and instability of the US. This can be a rational conclusion due to the fact the US replaced the Japanese Bitcoin exchange market for the first 12 months to become the biggest Bitcoin exchange market.

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