Summary:

• Japanese firms are expected to increase Bitcoin (BTCUSD on xStation5) acceptance in upcoming months
• Australian lawmakers want to see Bitcoin as an official currency
• Dashcoin (DSHUSD) soars and eyes a relevant resistance

Bitcoin has surged lately amid wild volatility, however, a range of swings has subsided since then. Nonetheless, Bitcoin has yet to close a bullish gap which has been drawn recently, hence a likelihood of a pullback could be on the cards in the nearest future. We mentioned that scenario in our latest analysis concerning the cryptocurrency market.

Let’s move on to the newest revelations regarding virtual currencies. There is no doubt that the Bitcoin market and industry used the hard fork as a trigger to establish momentum and continue to increase in value. As a result, some of the largest Bitcoin exchange markets including the U.S., South Korea, China and Japan experienced drastic increase in demand towards Bitcoin, as the digital currency hit a new all-time high at $3470 in global average. The Japanese Bitcoin industry in particular, demonstrated exponential growth rate hence the news that hundreds of thousands of cafes, restaurants, bars, stores and merchants are expected to integrate and accept BTC should not be surprising.

Furthermore, Australia could become the first country in the world where Bitcoin is used as an official currency as lawmakers from the country’s centre and left-leaning political parties are reportedly pushing for that idea. A call for Australia’s central bank (RBA) to consider the launch of its own cryptocurrency is also among the proposals. It would be, for sure, a revolutionary leap for the RBA and for Australian financial institutions. That said, the jury is still out as yet not all members of the Australian Parliament are on board with the idea of expanding cryptocurrency use.

DSHUSD has bounced off a support line of late which could suggest an extended upward leg towards $210 and $220 respectively. Source: xStation5