Bitcoin price has almost jumped 7 percent in the initial two days of May to reach a record high of $1469.56 on Tuesday. The Bitcoin price which now nears the record high of $1500 is spurred by the spike in demand from Japan, following the legalization of Bitcoin over there. Japan passed a law to accept bitcoin as a legal payment method which came in effect on April 1, 2017.
Bitcoin, which had suffered a dip in price in the latter half of March following the debate over the future of its underlying technology, was resuscitated by the support from Japan after its legalization there. The bitcoin price has been steadily rising since then, with only minor fluctuations.
Legalization of Bitcoin in Japan was supported by the major retailers of the country including consumer electronics giant Bic Camera, which began accepting bitcoins almost as soon as the new law was implemented.
As per the data compiled by cryptocurrency trading platform Gatecoin, Bitcoin trading in Japanese Yen is the second-most liquid market globally.
Full story at http://bit.ly/2pfslE7
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