Japan and South Korea stalled, China stepped up its efforts, and the price of Bitcoin rose above $3,000

This morning, the price of Bitcoin surpassed $3,000 for the first time, hitting a new all-time high (data from BitcoinWisdom) after Currency Telegraph reported that South Korea and Japan (the world's third and fourth largest Bitcoin trading markets) no longer show a Bitcoin price premium.

In late May, the price of Bitcoin in South Korea reached 40 million won, or $3,600. In North America, the price of Bitcoin was only $2,400, a $1,200 price premium. Now, data from Korbit, South Korea's largest Bitcoin trading platform, shows that these premiums have fallen to zero.

Judging from the data, the extreme premium rates in the Korean and Japanese Bitcoin trading markets did not occur overnight. The main reason for the disappearance of the extreme premium is the stability of the Chinese Bitcoin market.

With the relaxation of regulatory measures, China's Bitcoin market gradually stabilized in June, and China's three major Bitcoin exchanges (Huobi, OKCoin and BTCC) also began to recover comprehensively. The Bitcoin price in China, which was originally 25% lower than the global average, is now at the forefront of the world, exceeding the global average price.

According to OKCoin data, the current price of Bitcoin in China is $3,185.56, while the price of Bitcoin on the Bitstamp platform is only $2,968.09. Three months ago, the price of Bitcoin on the former platform was $1,187.56, while the price of Bitcoin on the latter was $1,226.62.

As the Chinese market drives the global average price of Bitcoin higher, the premium between the Japanese and Korean Bitcoin prices and the global average has narrowed. At the same time, the liquidity of the Japanese and Korean markets has also increased significantly. Some of Japan's largest companies, including multi-billion-dollar Internet integrated transformation companies, have opened Bitcoin exchanges to cope with the rapidly growing demand for Bitcoin, and Korean exchanges have also begun to focus on providing traders with higher liquidity. These have caused the high premium in the Japanese and Korean markets to eventually slide to zero.

Now, the Bitcoin premium in the Japanese and Korean markets has disappeared, while the Bitcoin discount era in the Chinese market has ended and is returning to the premium era.

According to the Currency Telegraph Review, China is the world's largest Bitcoin trading market and a catalyst for the stability and standardization of the global Bitcoin trading market, playing a decisive role in the rise in Bitcoin prices.