Bitcoin price is skyrocketing and it made a huge jump of $300 in a single day.Everyone is excited about Bitcoin prices continuously rising. But do you know why did the price of Bitcoin soared up recently? Was it another Bitcoin Blockchain network update? Or was it any major announcement of improvements in Bitcoin network? No. This time it was somewhat Political.
KryptoMoney.com publishes latest Bitcoin news and here we explain you why the price of Bitcoin soared suddenly.
Bitcoin price crossed $4500 mark recently. And this time the increase in Bitcoin price is due to a global factor.
On 29 August, Tuesday Morning, North Korea fired a missile that traveled over Japan’s Hokkaido island. This missile is suspected to be a “Hwasong-12” which is designed to carry a nuclear payload.
The missile is suspected to have been launched from North Korea’s Sunan Pyongyang International Airport on Tuesday morning.
The missile had travelled over the Japanese island and finally fell into Pacific Ocean after travelling for 2700 km at an altitude of 550km.
Japan asked UN to covene an emergency meeting to pressurize North Korea.
South Korean Prime Minister convened an emergency meeting and Seoul released details of conducting flight tests of two types of new missiles.
This launch of nuclear carrier designed missile set off a diplomatic storm. It caused share markets to tumble and safe-haven assets soared up. Stock Indexes like India’s NSE and BSE, Japan’s Nikkei, South Korea’s KOSPI were in red.
Bitcoin, now being considered as a safe haven asset also experienced an increase in demand as investors/traders shifted from Altcoins to Bitcoin. This not only inflated the Bitcoin prices but also caused the Altcoins to fall.
Market experts believe that Bitcoin prices are now over-hyped and eventually will correct. This rapid inflation is believed to be a temporary phase and it is expected that Bitcoin price may come down to $3500 or below.
Bitcoin prices at the time of publishing this article was $4605. In Indian Markets, it was INR 3,18,000.
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