[2017-10-05] Bitcoin Price Punches Past $4,315 in Korea-Fueled Rally

[cybersofts]

The bitcoin price snapped out of its two-day slump on Thursday, climbing past $4,315 amid surging demand from Korean traders.
Bitcoin Price Spikes to $4,315

Earlier this morning, the bitcoin price began to dip, falling as low as $4,164 at 9:00 UTC. Although it quickly recovered above the $4,200 threshold, it appeared that the markets were cooling off from last week’s rally. However, the bitcoin price continued to spike leading into the afternoon hours, bringing it above the $4,300 mark to a present global average of $4,315.
bitcoin price

The rally has largely been fueled by increasing demand on South Korean bitcoin exchange Bithumb, whose BTC/KRW pair is currently trading at $4,361–a full $46 above the global average and $52 above Bitfinex’s BTC/USD, which is bitcoin’s highest-volume trading pair. Kraken’s BTC/EUR is also trading well above the average and is currently priced at $4,329. Interestingly, however, the bitcoin price is trading well below the average on Japanese bitcoin exchange bitFlyer, where BTC/JPY is valued at just $4,302.
bitcoin price

It is not immediately clear what is fueling the increased demand from Korean traders, especially considering that BTC/KRW occasionally lags behind the global average price.

However, analysts predict the bitcoin price will continue to climb in Q4, and several factors confirm this bullish outlook. Most notably, bitcoin continues to gain traction within institutional circles, as was confirmed by Goldman Sachs CEO Lloyd Blankfein’s recent revelation that he is “still thinking” about bitcoin but has not yet formed a definitive opinion. Additionally, even outspoken bitcoin skeptics like Mark Cuban have begun begun investing in bitcoin-backed assets. Finally, official Chinese press agency Xinhua hinted that the country may soften its stance toward cryptocurrency exchanges in the mid-term future, potentially opening the door to the restoration of bitcoin trading in a highly-regulated order-book environment.


Source: https://www.cryptocoinsnews.com/bitcoin-price-punches-past-4315-in-korea-fueled-rally/

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[btc_angela]

Quite interesting to see that South Korea this time had push the price to $4300 levels. Just a couple of days, they announced that they are going to ban ICO as well. Maybe this is the cause of the 2 days slump. However, out of nowhere they started to trade and buy bitcoins in volumes. Such a very unpredictable market. So its gonna be Japan and South Korea for the market leader in Asia. Let's see if this upward trend will continue because its already end of the week in Asia and investors might dump a few, which is a practice that I have noticed in the last couple of months. So let's observe and see how everything pans out in the next 10-12 hours.

[bbc.reporter]

Do South Korean exchanges and traders really lead this rally? I reckon it is Hong Kong based Bitfinex who is leading this rally. Most of the pumps are coming from them and they lead all the other exchanges in volume.

It could be that Chinese traders have now started using Bitfinex.

[shursight]

It looks like they are trying to push the price up so they can make profit from they previous boughts.. I am starting to think that this all has been made for only one purpose, buying bitcoins at a lower price, that is probably why they created all this unnecesary fud in order to make the price dump.
anyway, we should wait for further news in the next days, lets see how it goes.