Bitcoin prices rise 5% to trade at USD740 in post-Christmas trade

postxmasincrease26 Dec 2013 / – Bitcoin prices rose more than 5% on Thursday to hit a one-week high, as demand for the virtual currency remained supported amid ongoing speculation an increasing number of online retailers will begin accepting Bitcoin payments in the year ahead.Bitcoin prices hits USD740 in post-Christmas trade

BTC/USD rose 6.4% during European morning hours to trade at USD749.50 on the Tokyo-based Mt. Gox Bitcoin exchange. The currency rose to a session high of USD750.00 earlier in the day, the strongest level since December 20.

Online retail outlet said last week that it will start accepting Bitcoin payments as early as the second half of 2014. The website will be the first major online retailer to do so.

Prices of the virtual currency soared to an all-time high of USD1,241.10 on November 29. It was trading at USD100 in early October.

Bitcoin is digital cash for the internet and it is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

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