The recent price surge for Bitcoin is due to to increased activity from the Asian market, according to experts and analysts.
eToro’s Mati Greenspan and ADVFN’s Clem Chambers have both attributed the recent spike in Bitcoin’s trading volume to a concurrent increase in volume from markets in Japan and Korea when Bitcoin’s price rose above $8,000.
In a tweet that also contained illustrative graphics, Greenspan said: “The surge above $8,000 was definitely led by East Asia. Take a look at Bitcoin volumes in Japanese Yen and Korean Won at the time of the surge… In contrast, USD volumes had only bee a small spike and USDT (tether) remained constant through the movement.”
Chambers, similarly has commented on the price surge with a theory that the wealthy in China are attempting to secure their funds in Bitcoin before the currency is devalued due to the economic battle between China and the US.
Writing for Forbes, he said: “If the trade wars go into meltdown, then Bitcoin will ‘moon’ because huge amounts of Chinese currency will be swapped for BTC as the tyan-denominated super-rich move to be hedged from the wealth privations of devalation. Bitcoin, not gold, is and will be the asset they will run to first.”