Bitcoin Setting New Highs over $4000 Fueled by Japanese Demand

The Bitcoin price has soared to new highs over $4000 and ramping up to $4183 on Cryptocompare. Many are questioning what the reasons for this surge in price. According to reports below, the Japanese Yen is the highest traded Bitcoin volume at this time.

 

This comes as no surprise.  In a bold step forward into the digital economy, Japan made Bitcoin a legal payment system on 1 April 2017, and since then there has been significant Institutional, Investor, Consumer and Merchant adoption.   The legality of Bitcoin and adoption by the Japanese Government has also opened the doors for the largest banks in Japan to invest in local Bitcoin Exchanges.  Read more information below on this trailblazing development that has set off the domino effect world wide as more countries make plans to follow suit.

 

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The Japanese Yen makes up 46% of traded volume, followed by USD at 23% and South Korea at 13%

and South Korea at 13%

 

 

Top Ten Volume by Currency and Top Ten Japanese Yen volume by Exchange

 

 

Traded Volume in Yen over the past month

 

 

Read more:

Governments Driving Bitcoin Adoption – Japan’s Bitcoin BluePrint

Bitcoin Fever Explodes across Japan

Bitcoin Businesses eye $40 Trillion FX Margin Trading Market in Japan

Japan, a Good News Bitcoin Story

 

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