Bitcoin prices rose to more than $7,400 in Tuesday’s trading session, after reports that the Japanese brokerage Monex Group was looking to take over the recently hacked currency exchange platform Coincheck. Reportedly, the Japanese company plans to invest several billion yen and buy the majority stake in the platform later this week, and will establish a new management team to rehabilitate the cryptocurrency exchange.
Bitcoin prices hit a high of $7,430 after the news, according to CoinDesk data. Monex also rose by more than 23% on the Japanese stock markets. According to market experts, the possibility of implementing a Monex deal reinforces hopes that the adoption of cryptocurrencies is on the right path, which helps boost Bitcoin prices.
Monex’s acquisition could be a potential wake-up call for other brokerage firms. Monex has a US-based online brokerage firm, TradeStation, which has started offering futures contracts for this year. It also provides real-time market data for Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
After a historic rise to nearly $20,000 in 2017, Bitcoin prices have fallen by more than 47% this year. The downfall was partly caused by hacks in major cryptocurrency platforms, as well as the global regulatory uncertainties amid the crypto currencies.
Coincheck attracted the attention of Japanese regulators early this year after nearly 523 million coins were stolen from the stock exchange. The tokens were reportedly worth around 58 billion yen at the time, or nearly $534.8 million.
In March, Japanese regulators issued punishment notices for multiple cryptocurrency exchanges, and even forced some of them to stop operating.
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