What’s Driving Bitcoin’s Price Toward $3,000?

https://www.cryptocoinsnews.com/whats-driving-bitcoins-price-toward-3000/

As of June 6, 13:20 pm, the price of bitcoin was standing on $2,965 on the BraveNewCoin (BNC) global index. After a corrective move down to $2,823, the cryptocurrency resumed its uptrend, trading on $2,850 at the moment. In addition to BTC, Ethereum has also reached an all-time high beyond $250 shortly after ETH inventor Vitalik Buterin had a brief conversation with Russian President Vladimir Putin. However, the question is: what is the reason behind bitcoin’s continuous trend toward $3,000?

Bitcoin has been in a huge demand in Asian countries, who had contributed to the price surge of the cryptocurrency in the past too. However, after the Cabinet in Japan accepted a bill in April officially recognizing virtual currencies, including BTC, as real money, the number of bitcoin investments increased in the country. CCN reported earlier that there is also a growing interest in the digital currency in South Korea too. Following the Japanese example, South Korea is planning to introduce regulations on bitcoin this year, which would also have a surging effect on the cryptocurrency.

China has long been a major trading market for bitcoin. However, in January, the three biggest exchanges stopped margin trading because of an inspection by the Chinese government. However, on June 1, the three-months-long bitcoin withdrawal freeze came to an end as exchanges resumed trading the cryptocurrency. Now, as the two major exchanges in China (OKCoin has resumed withdrawals a day before) are back to trading, it could also have an impact on bitcoin’s uptrend to $3,000.