After the sharp decline in bitcoin price due to news that China has banned bitcoin platforms in the country, bitcoin finally Crosses the $5,000 landmark. The reason for this sharp increase is because of the the large interest of Japan and South Korea.
The government of Japan recently declared its support for seven cryptocurrency and Bitcoin is the foremost of them. They have been preparing to launch a huge support for the bitcoin cryptocurrency and when China finally showed less interest, Japan gladly took over the bitcoin market.
South Korea is closely behind Japan as they also show great support for the Cryptocurrency. They believe that they can use this advantage to increase and stabilize their economy. Unlike Japan however, South Korea has not shown any interest of owning a national cryptocurrency.
Japan is also set to launch the J-Coin rumored to be used along side the national currency YEN. With this two Asia country supporting the bitcoin and with a favorable government policy, the bitcoin is now in safe hands and can only be in the rise now.
As at the time of writing this article, the bitcoin is cost at a little above $5,200. And if this spike continues, it may hit the $7,000 landmark by the end of the year.
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