Bitcoin continues breaking records. The cryptocurrency has set a new all-time high of $1,484.68, currently trading at $1,449.
Yesterday advance has the bitcoin on track for its 11th gain in the past 12 sessions, and marks one more day of record highs.
Experts link the current price boost of Bitcoin with increased trading activity in Japan where the yen contributed to over half of the global trading volume over the last 24 hours. Although there is an 8% consumption rate tax on purchasing bitcoin at exchanges in Japan, the Yen-Bitcoin trading is booming. At the end of 2016, Japanese officials decided to cancel this tax tariff but the law will be implemented only in July this year.
Japanese financial publication Nikkei informs that 18 companies are planning to get a special license to operate Bitcoin and cryptocurrency exchanges in Japan. It is interesting that more than 10 of these 18 companies are new to the bitcoin ecosystem in the country. Bitcoin has got increased attention as the cryptocurrency gained recognition as a legal method of payment last month.
“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”, Charles Hayter, Cryptocompare founder, said.
The move aimed at creating a friendly approach to digital currencies contributes greatly to Japan becoming one of the world’s leading economies. Over a quarter of a million retail Japanese storefronts inform about their intention to start accepting Bitcoin later this year.
One more factor that is named as one of the most influential for the Bitcoin boost is the decision of the US Securities and Exchange Commission to review the refusal of the Winklevoss ETF.
In March, the SEC rejected two bitcoin ETFs stating that “it is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”
Not only Bitcoin, the leading digital currency, but altcoins are undergoing incredible boost as well. Last week, Ethereum reached its top of $71.90. The market capitalization has surpassed $6 billion.
Since the beginning of 2017, Bitcoin has gained nearly 50% in value. The total market capitalization has surpassed $24 billion for the first time in its history, which is equal to nearly half of the market capitalization of automaking giant General Motors.