Bitcoin Skyrockets above $1800 – A New All-time High

Wiki
image_pdfimage_print
YOURCOMMENTSHERE

Bitcoin rides Japanese demand to record $1,800, just two days after topping $1,700

  • Bitcoin surged more than 5 percent at one point Thursday, reaching a price as high as $1,839.23
  • Analyst Brian Kelly attributes the bitcoin rally to Japan’s legalization of the digital currency in April.
  • Bitcoin is up more than 30 percent in May.
Bitcoin prices are continuing to hit new record highs

Bitcoin prices are continuing to hit new record highs   16 Hours Ago | 00:43

The price of bitcoin hit a record high Thursday, crossing above $1800 just two days after rising above $1700 for the first time.

Bitcoin jumped more than 5 percent at one point, reaching a price as high as $1,839.23, according to CoinDesk. The digital currency is now up roughly 36 percent so far this month.

BKCM CEO Brian Kelly says he believes the rally is driven by Japan legalizing bitcoin and institutional investors entering the digital currency universe.

On April 1, Japan passed a law recognizing bitcoin as a legal method of payment and put in place capital requirements, cybersecurity regulations, employee training, and annual audits. Furthermore, the Accounting Standards Board of Japan has also started developing standards for digital currencies such as bitcoin, according to a note from Kelly.

“There’s a tremendous amount of bitcoin influx in Japan,” he said. “It’s one of the most popular currencies in Japan.”

The hedge fund manager, who runs a digital assets portfolio, says there’s been a massive adoption of Bitcoin in Japan and even speculation that some major Japanese banks will start trading bitcoin as a currency like the yen, dollar and euro.

“These developments have made Japan the dominate player in the bitcoin trading market. According to data compiled by CryptoCompare, the Japanese Yen is the most popular fiat currency used to buy bitcoin,” Kelly said in a note. “Over 50% of the daily fiat to
bitcoin trading volume is in Japanese Yen.”

Read full article here…

Visit our Classified ads.

Check out our Classified ads at the bottom of this page.

Recent stories & commentary

Classifieds

For classified advertising rates and terms, click here. The appearance of ads on this site does not signify endorsement by the publisher. We do not attempt to verify the accuracy of statements made therein or vouch for the integrity of advertisers. However, we will investigate complaints from readers and remove any message we find to be misleading or that promotes anything fraudulent, illegal, or unethical.

1
Leave a Reply

avatar
1 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
0 Comment authors
Bitcoin Skyrockets above $1800 – A New All-time High - Grassyknoll Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
trackback
Bitcoin Skyrockets above $1800 – A New All-time High - Grassyknoll

[…] Article Source […]