Bitcoin Price Rises Above $2,500

Despite its problems with scalability, which has led some to now complain of fees in the $13 range or $26, bitcoin’s price continues to increase, rising above $2,500 today after what appears to have been a a downwards correction from an all-time high of $2,800.
Its rise is probably mainly due to speculation, in particular by the Japanese where bitcoin trading has been added to, which claims to be one of the world’s largest foreign exchange platform, in a move made after Japan declared bitcoin to be legal tender.
That declaration was made soon after China cut-off bitcoin exchanges in its own country, giving the market to its neighbours, Japan and South Korea, which have gladely taken the opportunity to participate in a booming industry.
Perhpas China finally saw just what, potentially strategic, debacle it had created, so the exchanges opened withdrawals on the 1st of June, just as ethereum trading was to begin. In the process, likely contributing to bitcoin’s recent price rise.
Another reason might be other digital currencies which act as a source of demand for bitcoin because most of them can only be bought with btc. According to coinmarketcap, bitcoin’s highest trading volume is with a currency no one has heard of, DigiBytes.

Courtesy: CryptoCoinsNews

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