In spite of the repression of the chinese government relating to the ICO and the crypto-currencies, traders in local continue to invest in the bitcoin. As reported by CryptoCoinsNews recently, the price of Bitcoin has reached a historical high of 5 920 dollars. The experts, including Mike Novogratz, have predicted that the price of bitcoin would rise again in the medium term. Many investors today are turning more and more to crypto-currencies.
When the price of Bitcoin exceeded the mark of $ 5,800, the chinese investors have rushed to invest in this digital currency, despite a ban from China on the exchange of crypto-currencies.
A strong demand for Bitcoins after the price increase
Last October 13, the price of bitcoin has been traded for more than 6 013 dollars on the chinese market. These transactions have been facilitated by Huobi and OKCoin. Moreover, local investors have started pouring in since the announcement of the increase. While major markets such as Japan, the United States and South Korea offered price to around 5 800 dollars, chinese investors bought this virtual currency to more than $ 6,000.
The south Korean market has shown an increase far more important until the end of 2016, compared to other markets such as the United States, because of the limited amount of bitcoins. At the time, Korbit and Coinone dominated the south Korean market exchanges of crypto-currencies.
South Korea, the 3rd largest market of the Bitcoin in the world
Unlike China, where the mining transactions benefit from a State grant, the south Korean market does not benefit from such mining activity. Thus, Ethereum and the Bitcoin are imported from abroad, which influence the price.
This market has seen a significant growth in recent years. Due to the closure of the main companies of the exchanges of crypto-currencies in China, the amount of virtual currency in the country is limited.
Source : CryptoCoinsNews