Three main factors push Bitcoin price back to the peak of $1,220

Golden Finance News- For the first time since April 13, the price of Bitcoin has recovered to the $1,200 range.

At its peak, the price of Bitcoin exceeded $1,220. Image source: Golden Finance

At its peak, the price of Bitcoin exceeded $1,220 and reached $1,222 on most major Bitcoin exchanges.

Main reason: Japanese market

In the past few weeks, the demand for Bitcoin in the Japanese Bitcoin exchange market has been increasing. Earlier this month, Japanese retail giant Bic Camera began accepting Bitcoin in retail centers across Japan. According to local media reports, 260,000 restaurants, cafes and bars will accept Bitcoin payments through a PoS system called AirRegi (developed by Recruit Lifestyle this summer).

Most people in the Bitcoin community have heard of the Bitcoin payment integration system that Bic Camera developed in cooperation with BitFlyer, the world's largest Bitcoin exchange. Most Bitcoin users also have to acknowledge the power of the brand and the popularity of Bic Camera throughout Japan and its influence on the entire Japanese mainstream.

The demand for Bitcoin in Japan has increased significantly, and the price of Bitcoin has risen in the short term. Image source: Golden Finance

Bic Camera has a large number of electronic retail centers in Japan's largest financial districts and city centers. Most of the Bic Camera retail stores are located in famous and expensive shopping malls, of course, these shopping malls are often shopping malls operated by Bic Camera.

- Significant mainstream media coverage of the company's acceptance of Bitcoin in Japan, South Korea, and China. Major news organizations demonstrated the use of Bitcoin payments online to millions of viewers across Asia. This marketing effect led to a significant increase in demand for Bitcoin in Japan, resulting in a short-term increase in Bitcoin prices.

Two other major reasons: Segregated Witness talk and the Indian Bitcoin market

Two other factors that have contributed to the rise in Bitcoin prices are discussions about SegWit for Bitcoin Core and the Bitcoin Unlimited software. Analysts predict that scaling solutions such as SegWit (increasing chain capacity and introducing two-layer solutions including the Lightning Network) will lead to a significant surge in Bitcoin prices in the short and medium term.

——At the beginning of this month, Cointelegraph reported that the world's third largest mining pool F2Pool began mining SegWit blocks to show their support for SegWit. In an internal survey, 53% of the pool's miners supported Bitcoin Unlimited's SegWit.

As user support for the soft fork increases and F2Pool decides to support Segregated Witness, the community has become optimistic about the activation of Segregated Witness and the debate on Bitcoin scaling.

Any optimistic discussion and chatter about SegWit and the Bitcoin blockchain has incidentally revealed their direct impact on the price of Bitcoin.

——In addition, as the legalization of large Bitcoin markets, including the Indian Bitcoin exchange market, becomes increasingly clear, Bitcoin prices are expected to rise in the short term.