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November 28, 2013updated 04 Apr 2017 4:09pm

Bitcoin smashes through $1,000 mark

Bitcoin has passed $1,000 per coin on Mt.Gox, showing the market's response to encouragement by Washington lawmakers and widespread uptake in China .

By Dave Allison

 

 

Bitcoin has passed $1,000 per coin on Mt.Gox, showing the market’s response to encouragement by Washington lawmakers and widespread uptake in China .

 

A US Senate committee hearing earlier this month supported Bitcoin’s rise in value.

 

The committee described virtual currencies as a "legitimate financial service".

 

After the hearing began last Monday, Bitcoin’s price responded by jumping from less than $500 to nearly $750.

 

Bitcoin value continued to rise despite the shut-down of the Silk Road online marketplace and arrest of founder Ross Ulbricht two months ago.

 

The consequent value slump was short-lived, leaving Bitcoin worth more than it had been before the incident after just 10 days.

 

Industry observers say the digital currency is really popular in part because of the difficulties in tracking transactions in Bitcoin.

 

Due to this feature, the currency is often linked to illegal activity online.

 

Related articles:

Diamond Circle to offer NFC tags that act as Bitcoin wallets

Hackers seize $1.2m in Bitcoins from digital wallet service

New UK bitcoin exchange opens

 

 

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