Bitcoin Price Surpasses 1,000,000 Yen as Japan Seizes Nearly 60% Market Share

Bitcoin bursts through 1,000,000 yen mark as Japan dominates global Bitcoin trade among growing adoption.

Yesterday, amid a rally that pushed Bitcoin to all-time highs globally, the price of a single Bitcoin broke 1,000,000 yen. While Westerners eye the sensational $10,000 level, Japan has seen their biggest psychological price barrier shattered. This is fitting, since there’s reason to believe that Japan started the massive Bitcoin rally to begin with.

Granted, Bitcoin’s price has been steadily rising since the fall of 2016, but April’s news that Japan had formally recognized Bitcoin as a legal currency certainly helped propel the currency to new heights. By exempting the currency from an 8% consumption tax, Japan further increased citizens’ desire to own Bitcoin.

Increasing adoption, growing volumes

Bitcoin’s rising price has been attributed to increasing adoption and continuing integration into mainstream financial markets. In Japan, good news continues to come to the fore, with major conglomerates becoming involved with Bitcoin, and trading volume from shuttered Chinese exchanges coming to Japan’s markets due to favorable regulations.

In fact, China’s ban on Bitcoin exchanges pushed Japan to the forefront of the world’s Bitcoin markets. Beginning in September, and continuing to the present time, the majority of Bitcoin trading has been denominated in Japanese yen. At press time, the yen is responsible for an impressive 59.6% of all Bitcoin trades worldwide.

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.

Source: Coin Telegraph




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Bitcoin Going Mainstream: Coinbase Has More Users Than Charles Schwab

Coinbase user numbers now exceed the number Schwab brokerage accounts, indicating widespread interest.

In a sign of growing mainstream acceptance, digital currency exchange Coinbase now boasts more accounts than brokerage firm Charles Schwab. According to its website, Coinbase has 13 mln users while the number of Schwab brokerage accounts stood at 10.6 mln as of the end of 2016.

These numbers don’t paint a complete picture, since the amount of assets controlled by Schwab certainly vastly exceeds those of Coinbase users. Nevertheless, the actual number of users indicates a massive volume of adoption, as the public begins to dabble in cryptocurrencies. Coinbase user numbers have grown by 167% this year.

Widespread awareness

Coinbase openly publishes the number of active accounts on their site, and traders have been keeping a close eye on those numbers throughout the digital currency boom this year. Such large numbers of individuals creating accounts on cryptocurrency exchanges should put an end to the thought that Bitcoin is just a fringe economic event.

Regardless of bullish or bearish expectations, the reality is that Bitcoin is gaining traction amongst members of the general public. This is further demonstrated by the offering of futures by the Chicago Mercantile Exchange (CME), the proliferation of hedge funds and the embrace of Bitcoin in cash-strapped countries.

Source: Coin Telegraph

 




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HashFlare for automated Bitcoin cloud mining - Currently ROI in around 60 days only

Bitclub Network allows you to buy mining shares with daily payouts

CCG Mining now offers open end contracts. Bitcoin, Ethereum, Zcash, Litecoin and others

Cointracking keeps track of all your coins automatically. Many exchanges and wallets supported