Traders in China and Japan Continue to Push Bitcoin Price Higher




Asian traders seemingly remain bullish on Bitcoin, a situation that may not change all that soon.

The past few days have been quite interesting for Bitcoin holders. With a new all-time high being set earlier today, the upward momentum is in full effect. As we would expect, Asian traders are responsible for this price increase. The rest of the world is keeping up with them pretty nicely, though. A Bitcoin price of US$3,000 is not that far away, by the look of things. Do keep in mind this upward momentum can turn bearish at any given time.

Japan has shown a growing appetite for Bitcoin. More specifically, local exchanges are generating increasing amounts of 24-hour volume. bitFlyer, for example, processed US$41.27m of trades over the past 24 hours. That is a more than respectable number, even though it ranks the platform barely in the top 15. Bitfinex is the leading fiat currency exchange right now, followed closely by Bithumb. This latter exchange has seen a lot of success since enabling BTC/KRW trading.

Bitcoin Price Continues To Rise

One of the reasons Japan is so successful is due to how they embrace Bitcoin. The popular cryptocurrency can be used to pay for goods and services. However, the shareholders are not always too happy about this decision. Various companies have seen their share prices swing violently ever since embracing Bitcoin. Other service providers see their valuation increase due to the same reason. It is an interesting ecosystem, that much is certain. Moreover, it affects the Bitcoin price in a positive manner.

Now that Chinese exchanges have resumed cryptocurrency withdrawals, they are worth keeping an eye on as well. OKCoin.cn is the leading Chinese platform, followed very closely by BTCC and Huobi. It is evident these three companies are pushing the Bitcoin price up as well. In fact, all platforms list Bitcoin at a value of US$2, 935. The current USD market price is US$2,849. It only takes a small bump in volume to push toward US$3,000.

All of this points toward a bright future for Bitcoin. Then again, it is always advised to be very wary of massive value gains over a short period. The Bitcoin price has risen sharply over the past few weeks. A correction could always be looming on the horizon, although no one can tell for sure. Asian traders seemingly remain bullish on Bitcoin, a situation that may not change all that soon. There are no guarantees when investing in cryptocurrency or any other vehicle, though.

Published by

JP Buntinx

JP is working hard to bring more credibility to the Bitcoin and blockchain news industry. Outside of being Europe Editor at Newsbtc, JP is also an active writer for the website, and does not shy away from letting his opinion be heard.

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