Bitcoin made record history at US $1,900

Tinuku ~ Bitcoin price a new record history. The digital currency broke through the US$1,900 mark first time in history on Friday, May 19, 2017. The CoinDesk price index traded in range of US$1,951.87 or rose 6.8 percent by last week's price and its direct capitalization value soared to US$31.89 billion or up more than US$4 billion.

Tinuku Bitcoin made record history at US $1,900

Several factors continue to drive the recent rise in bitcoin prices is the presence of Japan and South Korea, in addition to global political conditions filled with uncertainty as a key development in the world of cryptocurrency.

Japan and South Korea

CryptoCompare shows trading volume in the Japanese yen and Korean won has increased. If combined then the composition of both countries reached 48.6 percent of the world bitcoin transactions.

Japan has inaugurated a regulation that allows retailers to use bitcoin as a legal currency. Since then Japan has been the biggest driver of bitcoin trading transactions.

Yen bitcoin market transactions are also higher than the US dollar. Currently, bitcoin cross trades are at 228,783.29 yen or US$ 2.058 or higher than CoinDesk's bitcoin price index and continue to push prices higher.

Political uncertainty

History notes bitcoin is a safe haven as investors worry about political instability and declining performance of other investment assets. US stock markets suffered a sell-off this week before finally rebounding. Political conditions in the United States and Brazil are unstable because of the potential for scandal.

Investors fear President Donald Trump will not be able to keep his campaign promises on tax reform, deregulation and infrastructure spending. Brazilian President Michel Temer allegedly set up bribery for the silence of witnesses in a corruption scandal.