advertisement :

Yesterday at 6, 13:20 pm, the price of bitcoin reasch his high price during the history of bitcoin at $3000 on the BraveNewCoin (BNC) global index. After a corrective move down to $2,823, the cryptocurrency resumed its uptrend, trading on $2,850 at the moment. In addition to BTC, Ethereum as also reached an all time high beyond $250 shortly after ETH inventor Vitalik Buterin had abrief high converstion with Russian President Vladimir Putin. However, the question is: what is the reason behind bitcoin’s continuous trend toward $3,000?

Advertisement :

Bitcoin has been in a huge demand in Asian countries, who had contributed to the price surge of the cryptocurrency in the past too. However, after the Cabinet in Japan accepted a bill in April officially recognizing virtual currencies, also Russia has make the same thing , she has introduce the bitcoin as a legal payment system in his country including BTC, as real money, the number of bitcoin investments increased in the country. how to earn money using interenet reported earlier that there is also a growing interest in the digital currency in South Korea too. Following the Japanese example, South Korea is planning to introduce regulations on bitcoin this year, which would also have a surging effect on the cryptocurrency.

China has long been a major trading market for bitcoin, many business man in this contry has made already make a millions from this industry, However, in January, the three biggest exchanges stopped margin tradng because of an inspection by the Chinese government. However, on June 1, the three-months-long bitcoin withdrawal freeze came to an end as exchanges resumed trading the cryptocurrency. Now, as the two major exchanges in China (OKCoin has resumed withdrawls a day before) are back to trading, it could also have an impact on bitcoin’s uptrend to $3,000.

Advertisement :

Since it is common to share investment tips in the region, Asia is the major supporteur of cryptocurrencies with a booming investment culture. A CoinMarketCap ranking shows that Japan, China, and South Korea are home to several high traffic cryptocurrency exchanges (OkCoin and BTCC are standing on the 6th and 7th places, respectively).

According to the CNBC, one reason behind the recent uptrend of BTC is the May announcement of Minneapolis Federal Reserve President Neel Kashkari saying the blockchain technology “has more potential than bitcoin itself”. Bloomberg also claimed that along with the increased political uncertainty and interest in the cryptocurrency in Asia, the greater acceptance of the tech is playing a major role in bitcoin’s surge.

Advertisement:

CNBC also reported on May 9 that Kashkari’s announcTestTestement was the major reason for BTC’s uptrend.

Read also :

what is litecoin and how to buy it ?