Bitcoin Aims To $5,000 Helped By Japan

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Comments Dmitry Nazarov, COO, Solution Architect of Genesis Vision

Bitcoin has added another $300 since the start of the week, and it looks like the currency is ready to go higher.

According to charts, quotes touched $4,893 area, and the currency is still trading close to these levels. Besides, the total capitalization of the mined Bitcoins has reached $79,023 bln by the time of writing.

Most probably, the current surge of Bitcoin is related to recently announced cryptocurrency exchanges legalization in Japan. The Japanese authorities are aimed to form a legal base for crypto exchanges providing just regular monitoring of the activity. This news made Chinese crypto exchanges that are out of law in China since October move to Japanese territory.

Late September, Financial Services Agency of Japan approved the license requests of 11 crypto currency exchanges. The largest exchanges of Japan and Singapore are most likely to get s permission for transactions. The current processes triggered a surge of crypto currency trading in Japan. According to Cointelegraph, the share of this country in global trades volume exceeded 50%. And such a development may push Bitcoin even higher with initial target at $5,000.


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