Why Bitcoin Went Bananas This Week

bananas23 Nov 2013 / Motley Fools – Bitcoin may have just had its biggest breakout week ever. Surviving two Senate panels, impaired exchanges, and political tweets, Bitcoin is on an upward trend.

Here’s a recap of the previous week.

The online cryptocurrency hit a new all-time high, reaching toward $900 per Bitcoin at Mt. Gox, one of the largest Bitcoin exchanges.

That all-time high came after the Senate Homeland Security and Governmental Affairs Committee held a hearing on the usefulness of Bitcoin. Enthusiasts were happy with what they heard. Several government agencies, including the Department of Justice, explained that Bitcoin had legitimate uses. Many expected the hearing to be a net negative for Bitcoin.

Titled “Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies,” senators discussed Bitcoin and its existence after authorities shut down Silk Road, a popular black market fueled by Bitcoin merchants and service providers. The Washington Post called it a “Bitcoin lovefest.”……. Read more


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