The bitcoin price has achieved a new all-time high for the second time this week at $8,668, with strong momentum led by Japan and South Korea, cryptocoinsnew.com reported.
Over the past few days, the two largest bitcoin markets demonstrated trades with significantly high premiums. Yesterday, on November 24, CCN reported that South Korean investors traded bitcoin with a $300 premium.
In South Korea, bitcoin is still being traded with a high premium of around $200. At the time of reporting, traders on South Korea’s Bithumb, the world’s largest cryptocurrency exchange by trading volume, are trading bitcoin at a price of $8,780, nearly $200 higher than the average global price.
arlier today, CCN revealed that Shinhan, South Korea’s second largest commercial bank with major influence over the South Korean finance sector, has begun the testing of its bitcoin vault and wallet services, which will be offered to its clients by mid-2018.
In an official statement provided to Naver, a Shinhan representative said:
“Shinhan is testing a virtual bitcoin vault platform wherein the private keys of bitcoin addresses and wallets are managed and issued by the bank. The bank intends to provide the vault service for free and charge a fee for withdrawals.”
The integration of bitcoin by a major commercial bank in South Korea will likely lead to the imposition of regulatory frameworks by local financial authorities on bitcoin and cryptocurrency businesses, which will further increase the demand for bitcoin from the traditional finance industry.
Currently, the bitcoin exchange market remains unregulated in South Korea and exchanges are operating without having to comply with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. If the government introduces regulations for bitcoin in the mid-term, more institutional money will flow into the South Korean bitcoin market.
In Japan, investors are also investing in bitcoin with around $200 premium. Leading exchanges such as BitFlyer with 800,000 active users are processing bitcoin trades at around $8,800.