"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 per cent on Tuesday on the Europe-based Bitstamp exchange, where trading is dollar-denominated, to hit $1,437, its highest since its 2008 launch. That marked a more than 200 per cent increase from its price in early May last year.