Bitcoin Marks All-time Highs
Tuesday, Bitcoin rose to an all-time high above $1,400, after more than 3X’ing in value over the past year, with its most recent rise attributed to strong demand in Japan, where the digital currency has been deemed a legal means of payment.
Cryptocompare, a data website that analyses Bitcoin trading across dozens of exchanges globally, said around 50% of trading volume over the past 24 hours had been on the BTC/JPY exchange rate.
“The Japanese have recently warmed their approach towards bitcoin by treating it legally as a form of payment – a ratification and bringing into the regulatory fold,” said Charles Hayter, the website’s founder.
“China’s clampdown on exchanges can also be seen as a positive move for the industry too,” he added.
Chinese authorities have increased scrutiny of exchanges this year and have forced them to start charging trading fees, after becoming concerned about bitcoin speculation and its potential use in money laundering.
Bitcoin surged as much as 3% Tuesday on the Europe-based Bitstamp exchange, where trading is dollar-denominated, to hit $1,437 BTC=BTSP, its highest since its Y 2008 launch. That marked a more than 200% increase from its price in early May 2016 last year.
Its current marks put the total value of all Bitcoins in circulation close to $25-B.
Bitcoin analysts said the price had also been boosted by a request by the BATS exchange that the US Securities and Exchange Commission review its March decision not to approve a Bitcoin-tracking ETF set up by the Winklevoss Twins.
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