bitcoin
06
Nov

A new all time high for Bitcoin- Why the market soars?

Bitcoin price once again touched its all time high on November 5. The Bitcoin market seems to be very optimistic. There seems to be a rapid adoption of Bitcoin and the blockchain technology in some major regions around the world.

The two regions of Asia- Japan and Korea are well known for their highly conservative traders and investors. But recently they have experienced an exceptional increase in the demand of Bitcoin from the local traders. Words spread faster in Korea. Once investors started to deal in Bitcoins, they want others also to join the party according to experts.

According to Cryptocoinsnews, Korea and Japan have seen a massive increase in the number of investors shifting their traditional fund to Bitcoins. This has given an increase in the liquidity of the Bitcoin market as well as the cryptocurrency market in general.

The popularity of offline exchanges of Coinone and Bithumb in South Korea has increased to a good level in the recent times. This is because the investors who do not have expertise in Bitcoin dealing or do not have technical knowledge have begun to seek for personal assistance in buying and managing Bitcoin.

A statement from a 53 year old Bitcoin Investor confirms this. He says- “Many investors in South Korea have sold their stocks ad equities to invest in cryptocurrencies such as Bitcoin. This is due to emergence of offline customer services and physical cryptocurrencies exchanges launched by Bithumb and CoinoneBlocks.”

Japan has been a big driving factor for Bitcoin prices and is one of few countries which have adopted bitcoin as a payment method and currency. Japan’s major retailer Bic Camera, Hotel chain Capsule, and largest grid operator Remixpoint have started to accept Bitcoin as a currency in all their operations. This overwhelming performance of major financial regions like Japan and South Korea along with the bitcoin integration by US leading financial institutions has been the major contributor to recent surge of Bitcoin prices.

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