Despite Chinese Ban, Bitcoin Price Surges To $4,040, A $440 Daily IncreaseSeptember 18, 2017 10:33 pm
Bitcoin prices surged on Monday recording a 13 percent increase in the past 24 hours as global markets stabilized and the price rose from $3,600 to $4,040, Cryptocoinnews.com reported.
All of the major regional markets – including Japan, the U.S., China and South Korea demonstrated an increase in demand from traders, as bitcoin price rose by more than 10 percent on every bitcoin exchange market globally, the report said.
Further helping the bitcoin price in the Chinese market, Chinese news sources including CnLedger revealed, cryptocurrency traders are purchasing bitcoin and Ethereum with high premiums.
Although fiat deposits on major platforms – including OKCoin and Huobi – were halted on Friday, CnLedger revealed traders made several bulk purchases of bitcoin over the past few days, with one trader purchasing more than 17,000 bitcoins through a single order, the report said.
Despite the Chinese crackdown on bitcoin exchanges and trading platforms, the continuous rise in demand toward bitcoin in the Chinese market is important to acknowledge because earlier Monday, The Wall Street Journal reported the Chinese government is preparing a nationwide ban on bitcoin as a whole.
China-based WSJ reporters noted rumors on the potential imposition of stricter regulations and policies on bitcoin have begun to recirculate, after the National Internet Finance Association of China (NIFA) announced last week the government does not intend to ban the usage of bitcoin, the report said.
Despite the rumors and the likelihood of Chinese financial regulators implementing stricter policies on bitcoin usage in the upcoming months, the global bitcoin exchange market is showing an increased demand toward bitcoin because traders have started to recognize the minimal impact of the Chinese bitcoin exchange market over the global bitcoin market, Cryptocoinnews.com reported.
Sunday, Japan officially overtook the U.S. market to become the largest bitcoin exchange market in the world with a staggering 50.7 percent market share of the global bitcoin exchange market, the report said. Japan still remains as the largest bitcoin market with 47.5 percent market share, approximately twice of the market share of the U.S.
Meanwhile, as China isolates itself from the global bitcoin industry, exchanges, trading platforms, traders, investors and users will take advantage of the Japan and South Korea markets, the report said, and markets will quickly stabilize and bitcoin price will be enroute to achieving new all-time highs.
The Japanese, South Korean and American bitcoin exchange markets are evolving at a rapid rate, the report said, with many U.S.-based exchanges including Gemini and Coinbase providing efficient and robust infrastructures for institutional and retail investors.
– WN.com, Jack Durschlag