Bitcoin’s price reaches yet another all time high of $2063 after recently surpassing over $1 million in trade volume. After shaking out the weak hands during last weekend’s volatility period, the bullish market is pulling the price upwards towards unprecedented heights.
Considering this meteoric price rise it is surprising to see the Bitcoin reddit and the forums relatively calm about the events. Whether it is a sign that the bears are waiting on the sidelines, or that traders simply got too used to the bull trend is up for debate. But one thing is for certain, Bitcoin is receiving the attention of many new investors.
While theories may predict one outcome, reality can be completely different. In this case, most traders predicted that the WannaCry ransomware would’ve be detrimental to Bitcoin’s price, as it seemingly shed bad light on the cryptocurrency. However, the reality proved different, and the massive media attention to the WannaCry ransomware actually shifted the focus to Bitcoin’s ongoing price rally. As a result, instead of shunning Bitcoin, investors couldn’t resist the urge to capitalize on the technology.
Furthermore, bringing focus back to the Japanese FOMO trading. It seems that there is no end to investors looking to hop on this wave. In fact, Bitcoin’s price hit $2685 (298,000 yen) in Japan, and is currently trading at around the $2400 levels. This massive premium is evidence that Japan is in fact leading this launch to the moon. This massive price gap creates a massive arbitrage opportunity, so if you have any friends in Japan maybe give them a call (wink wink).
Speaking of arbitrage, it is rather interesting to see Bitstamp and BTC-E are finally agreeing on Bitcoin’s price. For most of its existence, BTC-E has been trading substantially lower than other exchanges. While the reasons behind the spread are different depending on whom you ask, it is unusual to see BTC-E’s price surpass that of Bitstamp. If you have any compelling theories please share them with us in the comments.
Disclaimer: This is not trading advice. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.