Published On: Sun, May 21st, 2017

Japan Bitcoin Prices Hit 300,000 Yen, Trade Volume Doubles

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Bitcoin spot rates on Japanese exchanges hit 300,000 yen ($2690) Saturday as the largest trading market continues to buoy prices.
Japan Exchange Frenzy: Coincheck Sees 97% Increase
As Bitcoin breached the $2000 barrier worldwide Friday, Japan’s exchange spreads had begun widening, with asking prices exceeding $500 above the average amount quoted on resources such as Coinmarketcap.com.
Compared to an average press time rate of $2080, major exchange Coincheck currently quotes a spot rate of 260823 yen ($2344).

Fellow exchange BitFlyer registered a 97% increase in trade volumes in the 24 hours to press time Sunday. By contrast, Kraken saw USD/BTC up 21%, Bitfinex 51% and GDAX 45%.
Dotcom, Saxobank: ‘I Told You So’
Momentum in Japan has steadily increased as Bitcoin gains more of a public profile in business and media circles. Most recently, a drive focussed on mainstream availability – and hence adoption – of Bitcoin payments will see hundreds of thousands more outlets able to accept the virtual currency.
These outlets include those of major payment apps and by extension Alipay.
The Japanese exchange climate is also of interest to traders abroad as prices accelerate and opportunities for profit-taking via arbitrage become an increasingly hot topic of conversation on social media.

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