Bitcoin surged to an all-time high above $1,400 on Tuesday due to strong Bitcoin demand in Japan. The demand is also correlated to the recent legalization of Bitcoin as a mean of payment in Japan.
2 May, AtoZForex – It is not just the strong bitcoin demand in Japan, also the global awakening of the Bitcoin demand creating more and more volatility in cryptocurrencies market, making Bitcoin #1 among the Top 10 cryptocurrencies.
According to Cryptocompare, which is specialized on bitcoin trading analysis across bitcoin exchanges globally, around 50 percent of trading volume over the past 24 hours (May 1 – May 2) had been on the bitcoin/Japanese yen exchange rate.
Meanwhile, NewsOgram founder Yagub Rahimov commented the following:
“I believe besides the Japanese Bitcoin demand hike, the review of the SEC on Bitcoin ETF is another main reason why the Bitcoin prices are soaring these days. Indeed this will also have its impact on other cryptocurrencies, such as Ethereum”
Indeed SEC has announced earlier in April that SEC will be re-evaluating their decision on rejection of Bitcoin ETF.
Where do you think Bitcoin prices end up this month? Comment below.