The price of bitcoin rose over 10 percent to 1.99 million yen ($17,594), coinciding with its futures debut on a major US stock exchange and after registering a sharp drop over the weekend. The spike was registered at around 12 p.m., in Coincheck, one of the biggest bitcoin exchanges in Japan, after the Chicago Board Options Exchange began trading in bitcoin futures at 11 p.m. on Sunday, reports Efe news. Also Read - Bitcoin price jumps after Elon Musk tweets Tesla will accept crypto in future
The value of the cryptocurrency had fallen to 1.5 million yen on Sunday after registering an upward trend in recent weeks owing to anticipations over its future debut in the stock market. Apart from the CBOE, the US regulatory authority had also greenlighted trading of bitcoin futures at the Chicago Mercantile Exchange, the world’s largest futures exchange, which will begin offering contracts on December 18, while the Nasdaq Index will offer similar contracts in 2018. Also Read - How to buy Bitcoin in India: Top 5 apps to buy, sell and trade Bitcoin
Products related to the virtual currency are also expected to be launched in Tokyo’s financial markets from next year onward, a conglomerate of Tokyo-based companies had said. Japan was one of the first countries in the world to legalize bitcoin, recognizing it as a mode of payment in April, making it an important investment asset in the world’s third biggest economy. Also Read - This country becomes world’s first to approve Bitcoin as official currency
Bitcoin trading volume in yen accounts for 37.7 percent of global trading volume in the digital currency, followed by the dollar, which accounts for 28.4 percent, according to the CryptoCompare website. Bitcoin is a decentralized virtual currency that made its debut in 2009, and is based on the “blockchain” technology, also used in other cryptocurrencies, where the material value is based in data encryption.