Bitcoin Price Reaches $1,220, Three Main Factors to Influence its Growth

Bitcoin price recovered to the $1,200 range for the first time since April 13. At its peak, Bitcoin price surpassed $1,220, reaching $1,222 on most major Bitcoin exchanges.

Major factor: Japanese market

The Japanese Bitcoin exchange market has experienced an increasing demand for Bitcoin over the past few weeks. Earlier this month, the Japanese retail giant Bic Camera began to accept Bitcoin in all of its retail centers across Japan. According to local publications, 260,000 restaurants, cafes and bars are set to accept Bitcoin through a PoS system called AirRegi developed by Recruit Lifestyle by this summer.

While the vast majority of the Bitcoin community have heard about Bic Camera and its integration of a Bitcoin payment system developed in cooperation with the world’s largest Bitcoin exchange BitFlyer, most Bitcoin users have struggled to acknowledge the brand power and recognition of Bic Camera throughout Japan and its impact on mainstream Bitcoin adoption.

Bic Camera operates a large number of electronic retail centers at the largest financial districts and city centers in Japan. Most Bic Camera retail stores are located in prestigious and expensive shopping centers that are often operated by the company.

The company’s acceptance of Bitcoin brought significant mainstream media coverage on Bitcoin in Japan, South Ko