The United States, Japan, and South Korea helped boost Bitcoin's surge, hitting a record high of $7,598

On November 6, Beijing time, as the market continued to be optimistic about Bitcoin's mid-term performance, the price of Bitcoin once again set a new historical high of US$7,598.

Bitcoin acceptance is growing rapidly in Japan and South Korea

In Japan and South Korea, two Asian countries known for conservative investment, the demand for Bitcoin among local traders has grown exponentially. In an interview with Nathaniel Poppers of The New York Times in October, Korbit founder and CEO Tony Lyu emphasized that once people in South Korea participate in Bitcoin investment, they will encourage others to join this "party".

“The spread in Korea was extremely fast, and once people got involved in Bitcoin, they wanted others to get involved as well. It was almost a huge, community movement,” Lyu said.

In the past two weeks, given the increased liquidity in the Bitcoin and cryptocurrency markets, many investors in the traditional financial industry in Japan and South Korea have allocated their funds to the digital currency market.

A 53-year-old Bitcoin investor said:

“The physical cryptocurrency exchanges and offline customer services launched by CoinoneBlocks and Bithumb have prompted many Korean investors to sell their stocks and shares of listed companies and invest in cryptocurrencies such as Bitcoin.”

Japan and the United States

Japan has been a driving factor in the price of Bitcoin, especially during a wild rally. Japan is one of the few countries that has adopted Bitcoin as a currency and payment method, allowing users to use Bitcoin to spend in hotels, online e-commerce platforms, retailers and restaurants in Japan.

Today, Japan's largest retailer Bic Camera, budget hotel chain Capsule, major airline Peach, and Japan's largest power grid operator Remixpoint, among others, all accept Bitcoin payments for all of their businesses, services, and products.

The recent Bitcoin futures launch plan proposed by CME Group, the world's largest futures exchange group, has also led to investors in the United States becoming optimistic about the Bitcoin market. It is expected that CME Group's Bitcoin integration will provide huge liquidity for institutional investors and retail investors.

Overall, strong performance in major regions such as Japan and South Korea, as well as Bitcoin integration plans proposed by leading U.S. financial institutions, have contributed to the recent surge in Bitcoin prices.

Some analysts predict that the price of Bitcoin is expected to exceed $10,000 by early 2018. However, some analysts warn investors to be cautious, because the price of Bitcoin has increased from $3,300 to $7,400 in the past month alone, and a price correction may follow.