Bitcoin Price Hits 30-Day High Near $4,650, Report SaysOctober 9, 2017 3:01 pm
Bitcoin prices have skyrocketed and hit 30-day highs today as the cryptocurrency are now trading above $4,600 with U.S. dollar prices rose from $4,460 to a high of $4,622 earlier Monday, Cryptocoinsnews.com reported.
The combined value of all mined bitcoins climbed above $76 billion and now accounts for more than 50 percent of the combined cryptocurrency market cap of $151 billion, the report said.
Since the beginning of October, the report said, bitcoin has gained slightly more than 10 percent in value, with prices rising 5 percent on Saturday trading alone.
Following China’s decision to ban all initial coin offerings (ICOs) in early September – which eventually will lead to the ‘voluntary’ shuttering of bitcoin exchanges in China – shuts out the world’s once largest bitcoin market, Cryptocoinsnews.com reported.
The market new face has since seen Japan emerging as a major bitcoin hub for bitcoin trading and adoption after the country recognized bitcoin as a legal method of payment earlier this year, the report said. Data from BraveNewCoin and Cryptocompare shows Japanese markets witnessing a notable majority of the world’s bitcoin trading over a 24-hour period.
The ban has also led to a number of Chinese startups looking to Japanese cryptocurrency exchanges to list their tokens, the report said.
“Bitcoin’s rally is continuing off the back of a more certain regulatory environment across the world, most notably in Japan,” Gatecoin CEO Aurélien Menant told CNBC. “This has encouraged more institutional funds to enter the market and we are finally seeing the effect of this additional liquidity.
Elsewhere, cryptocurrency observers pointed to the rise in Bitcoin network transactions using the August-activated Segwit soft fork over the weekend.
– WN.com, Jack Durschlag