Bitcoin Price Reaches $1220 All-Time High, Pounces CNY 8000 Level

Earlier today, on Feb. 24, Bitcoin price reached its new all-time high global average price at $1,220. Major markets including Japan and South Korea demonstrated substantially higher premiums, presenting an arbitrage opportunity for traders.

BTC/USD chart

On Bitstamp and other major US exchanges including Kraken and Bitfinex, the Bitcoin price was traded in the range of $1,175 to $1,220, as shown in the Bitstamp Bitcoin price chart above. Bitcoin price continued to demonstrate an increasing trend since its recovery from the suspension of Bitcoin withdrawals of OKCoin and Huobi.

Within the Chinese exchange market, which has weakened due to the migration of traders from regulated exchanges to Japan and peer-to-peer trading platform such as LocalBitcoins, leading Bitcoin exchanges including OKCoin saw large surges in trading volumes and Bitcoin price.

Even OKCoin, which demonstrated a massive decline in trading volume after its one-month suspension of Bitcoin and Litecoin withdrawals, broke the 8000 Chinese yuan margin.

Premium markets

Some markets such as India, Japan and South Korea that usually present a five to 10 percent premium in comparison to the average global Bitcoin price facilitated Bitcoin trades in the range of $1,220 to $1271.

The Japanese Bitcoin exchange market led by leading exchange BitFlyer controls 45.7 percent of the global Bitcoin exchange market, a market share larger than that of China and the US combined. Japanese Bitcoin trading platforms facilitated trades at $1,230 per Bitcoin at its peak today, with a $10 premium.

Indian Bitcoin exchanges including Zebpay revealed that Bitcoin price surpassed the previous all-time high trading margin set in India. Zebpay noted that at today’s peak, Bitcoin was traded at 84,756 Indian rupees, or $1,271, four percent higher than the global average Bitcoin price.

In the short run, Bitcoin price will most likely demonstrate an increasing trend due to extensive mainstream media coverage and rising number of panic buyers purchasing Bitcoin to avoid economic uncertainty. With the Japanese Bitcoin exchange market and its leading exchange BitFlyer presenting itself as a regulated global Bitcoin powerhouse, analysts expect Bitcoin price to continue its rising trend.

Dennis Davitt, the portfolio manager at Harvest Volatility Management, noted in an interview with CNBC that the era of governments attempting to demonstrate their authority over Bitcoin is nearly over, as people are beginning to understand the decentralized nature and safe haven asset like characteristics of Bitcoin.


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