The rate of the most popular crypto currency – Bitcoin has sharply moved upwards, having overcome the bearish trend. Other digital currencies also headed for growth.
On September 18, the value of Bitcoin reached $ 4,044 per coin. This happened amid news about the appearance in Japan of the first licensed exchange. It is about the Bitcoin platform and payment service Coinheck, which received the status of a "virtual currency exchange" in the country.
On last Friday, Bitcoin rate fell below $ 3000. That is over the weekend, the Crypto-currency has risen in price by more than $ 1000.
At the time of writing, the bitcoin rate fluctuated slightly above $ 4,000 per coin.
On September 15, the drop touched all the major crypto-currencies. Panic on cryptology was caused by China's decisions to ban local exchanges involved with digital currencies.
Besides, China decided to ban all the ICOs (Initial Coin Offering - the initial placement of coins, the form of attracting investments in new technological projects).
Thus, the circumstances have made Japan the largest market for Bitcoin, accounting for 50.75% of the global scale due to the outflow of traders from China, according to Cointelegraph. The sharp migration of traders led to a short-term increase in the volume of trade in Japan.
Traders do not want to risk with the Chinese government and its unpredictable nature. In just three days, the daily trading volume in the Chinese Bitcoin market fell by half - from 15% to less than 6.4%.
As for Bitcoin’s rival – Ethereum, its rate today rose to $ 297 for a coin, while on September 15 the quotation dropped below $ 200.
In general, all major crypto-currencies showed recovery. According to the market data of coinmarketcap, the total market value of Bitcoin rose to $ 65.5 billion, while on Friday this figure dropped to $ 49.5 billion. The total capitalization of the cryptocurrencies is just over $ 137 billion, against less than $ 100 billion recorded on Friday.