Bitcoin prices broke US$3.108 Monday

Tinuku ~ Bitcoin price has tripled since the beginning of the year has exceeded US$3000 amid rising global demand. The bitcoin price hit a new record jumped up to break US$3,108 mark on Monday and then rebounded to US$2624 today. The rise is supported by the growing demand for the world's most popular crypto.

The price of bitcoin reached US$3,108 which was unprecedented or tripled from US$985 at the beginning of 2017. While virtual currency trading in China increased again after the country's main bitcoin bourse officially restarted withdrawal service in June.

Trading volume in China rebounded above 30 percent of all global bitcoin trade on Monday from about 10 percent at the end of May, but still well below 80 percent of last year's record. The biggest uncertainty in the industry is the possibility of tightening regulations by the Chinese government.

OKCoin is the largest bitcoin market in China that officially started withdrawals for traders on May 31st. Huobi and BTCC as other major bitcoin exchanges in mainland China also announced the withdrawal of coins will be available to all users.

In February, the three biggest bitcoin bourses in China stopped the crypto withdrawal. The government took moratorium measures to ease the market after a price rally that has never happened in previous history.

Regulatory easing in China is one factor to push the price of digital currency up above US$3,000, but global prices are mainly driven by demand from Japan and Korea. Both countries have contributed significantly to strong bitcoin price increases in recent months.

Prices rose above US$2,000 for the first time in Japan in late May and the country's trade volume accounted for 50 percent of the global total. BITPoint Japan announced it will receive bitcoin for ticket purchases and allow other Japanese retailers to receive digital currencies.