Home / Crypto News / The price of BTC (bitcoin) has exceeded 1 million yen, is it a price increase that involves multiple factors?

The price of BTC (bitcoin) has exceeded 1 million yen, is it a price increase that involves multiple factors?

Bitcoin added a price of 1 million yen for the first time in a year and a month since May 10, 2018, past 13:00 on June 16, 2019, and updated its high price .

Although the price reached 990,000 yen the other day on May 30, the price fell in the immediate vicinity of 1 million yen, and there was also a period that temporarily remained in the low 800,000 yen range.

bitFlyer Price Chart

It is presumed that multiple factors are related to the BTC (bitcoin) price reaching 1 million yen, as discussed below.

  • Discussions within G20 have shown the direction of global regulation of cryptocurrencies
  • Some of the exchanges at Binance USA regulations, Poloniex, Bittrex, etc. are banned from selling altocoins to Americans, and BTC demand is rising
  • Increase in number of USDT issued
  • Libra Project on Facebook and Consortium Participation Project around it

In the discussions within G20, it is already reported that the cryptocurrency has been divided into four parts: “Financial system stability” “Anti-money laundering” “User protection” “Distributed technology” and discussed .

Among them, the strong commitment to apply the FATF revised regulation standards has been reaffirmed, and it is no exaggeration to say that the direction of restrictions on cryptocurrencies is visible worldwide.

Attention is also drawn to the FATF’s adoption at the meeting this weekend.

Also, the other day, Binance announced that it would restrict Americans to use Binance after September .

And, it is announced that some Altocoins of Poloniex and Bittrex also prohibit the sale for Americans .

-Bittrex adds 42 new currencies not targeted to US users-CRYPTO TIMES
– Poloniex suspends offering of 9 currency trading pairs to US users – CRYPTO TIMES
Binance announces US launch of exchange – CRYPTO TIMES

It is also expected that the response of these exchanges will be in accordance with the restrictions on encryption currency that are expected to be implemented in the future.

As a result, it is expected that users who used Binance and users who had the target alto coin will temporarily change assets to BTC, and the demand for BTC will increase.

Light blue is the number of USDT issued. It is rising in one month.

In addition, the increase in the number of USDT issued by Tether, and the gradual appearance of rumors of the Libra Project by Facebook, may also be a factor.

It is believed that these multiple factors are intertwined to achieve the current one million yen.

However, as stated above , the adoption of the FATF regulations will be postponed on June 21. According to regulators, will it be as tough as a bank? It is also said that after this announcement, attention will be drawn to what will happen to the price of bitcoin .

However, we can expect more users, companies, investment institutions, etc. to enter the world by regulation, so I would like to keep warm in the future.

Author: Crypto Times Editorial Department – ​​Source Post: http://festyy.com/w1NfKf

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