Yesterday, the middle of a rally which pushed Bitcoin all-time higher globally, the price of a single Bitcoin broke 1,000,000 yen. While Westerners eye the sensational $10,000 level, Japan has seen their highest psychological price barrier smashed. This is fitting as there is the reason to trust that Japan began the massive rally.
Bitcoin’s price has been constantly rising since the fall of 2016, but April’s news that Japan had formally recognized Bitcoin as a legal currency and helped to push up the currency to new heights. Through exempting the currency from an 8% consumption tax, Japan further increased citizen’s desire to have Bitcoin.
Increasing adoption and the growing volumes
Bitcoin’s growing price has benefited from the increase in the adoption and furthering integration into mainstream financial markets. In Japan, the good news continued to come to the fore, with the major mixture involved with the Bitcoin, and trading value from the shuttered Chinese exchanges which is coming to Japan’s markets due to its favorable regulations.
Actually, China’s ban on Bitcoin exchanges motivated Japan to the forefront of the world’s Bitcoin markets. In the beginning of September, and continuing to the present time, the majority of Bitcoin trading has been dominated by Japanese yen. At press time, the yen is responsible for an impressive 59.6% of all Bitcoin trade all over the world.
While China dominated the Bitcoin trade for years, it’s clear that the crown has passed to the island nation of Japan. What happens on Japanese markets has powerful ripple effects throughout the global Bitcoin economy. Japan’s continued bullishness, indicated by Bitcoin’s current price of 1,084,000 yen, makes an assault on the West’s $10,000 level nearly inevitable.
While China controlled the Bitcoin trade for years, it’s clear that the advantage has passed to the island nation of Japan. What happens in Japanese markets has incredible ripple effects throughout the global Bitcoin economy. Japan’s continued bullishness, specified by Bitcoin’s current price of 1,084,000 yen, makes a hit on the West’s $10,000 level nearly unavoidable.