Tuesday, November 19, 2013

Bitcoin Price In U.S. Dollars Surges Past $700

Bitcoin surged past the $700 mark yesterday as lawmakers in Washington, D.C. hold hearings on whether, or how, to regulate the virtual currency.


According to the Bitcoin trading site Mt.Gox, the weighted average price of Bitcoin is at $712.  But Bitcoin remains highly volatile due to the relatively small market of buyers and sellers.  In the past week, Bitcoin traded as high as $900 and as low as $577.


Bitcoin is a decentralized virtual currency that is growing in popularity in countries where people do not trust the value of their own government's currency.  Bitcoin has raised eyebrows amongst law enforcement and regulators as a way to allow the funding of illegal activities.  


Bitcoin has also divided the anti-Federal Reserve community with some embracing the new currency technology while others see no intrinsic value in Bitcoin when compared to precious metals such as silver and gold.


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