The Bitcoin price was surging and It made a new all time high price at $1463 .The previous all time high was at $1377.
The price first touched $1442, declined to $1430 and was stable for some time. At all major Exchanges it was trading around the same range. But then it started to rise again and is priced around $1463 at the time of publishing the article.
The previous high was made around 28-29 April, just few days ago. At that time, analysts including BKCM CEO Brian Kelly attributed the upward trend of Bitcoin price to the US Securities Exchange Commission’s decision to re-examine the Winklevoss twins’ Bitcoin ETF COIN proposal
(Must Read: Reconsideration Of Bitcoin ETF by SEC)
Analysts including Bitfury Group executive vice chairman, Geroge Kikvadze suggested that the explosive growth of Japanese Bitcoin exchange market and the activation of SegWit on Litecoin may be the reasons for the recent surge in Bitcoin prices, when it made it’s all time high at $1337.
At the time of publishing , Bitcoin on major Indian Exchanges such as Unocoin and Zebpay was trading at INR94,644 and INR 94,422 respectively.
In March, the United States Securities and Exchange Commission (SEC) rejected the application of Bitcoin ETF filed by Winklevoss Twins. After some more days in the same month, another Bitcoin ETF application filed by SolidX was rejected by the US SEC. This led to a major fall in Bitcoin prices from #1200 to around $975. For some time price were stable . On April 1 Japan legalized the use of Bitcoin and also introduced new tax policies on it. Since then Bitcoin prices is continuously rising and making new highs.
This is considered as the most solid reason for the recent surge. After Japan making it legal, the Japanese Bitcoin market grew as investors and traders gained confidence. Also major retailer of Japan introduced bitcoin payments to make it easier for customers as well as foreign tourists to pay in Bitcoins. ( read more details )
The Japanese government’s legalization of Bitcoin and the elimination of taxes for Bitcoin trading have hugely impacted the Bitcoin trading ecosystem and the demand for the digital currency in Japan. After Japan, Russia also announced that it may legalize Bitcoin in 2018.
Not only just adoptions of Bitcoin caused it prices to rise but also the US SEC announced that it may reconsider the Bitcoin ETF application.
Overall, market sentiments are positive and Bitcoin prices may continue to rise. It is believed to cross $1500 soon.
Experts predicts that the Bitcoin price will achieve $5000 if Segwit is enabled on Bitcoin.
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Also Read:
Japan And Russia: The Major key factor for the recent rise in Bitcoin Prices
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