On the same day the U.S.government began discussions about Bitcoin, the value of the digital currency is skyrocketing.Bitcoin’s value hit $900 on Mt.Gox exchange around 5 p.m.PST Monday, up more than 70 percent from Sunday’s close and setting an all-time high in the process.But, it also just dropped to $650 within the past 30 minutes, highlighting the current volatility of Bitcoin.The value of Bitcoin only hit $400 for the first time last week, and $500 for the first time on Sunday.Today’s spike is likely due to The Department of Justice noting that Bitcoins can be “legal means of exchange,” and U.S.Federal Reserve chairman Ben Bernanke writing that Bitcoin “may hold long-term promise,” even though he said the Federal Reserve has no plans to regulate Bitcoin.If you aren’t familiar with Bitcoin, it’s the emerging decentralized, virtual currency gaining popularity lately in light of the FBI shutting down Silk Road, the online marketplace for illegal drugs and illicit services.

Bitcoins exist only online, can be transferred right away and are not controlled by a central authority like the Federal Reserve.bitcoin podcast plan bWe recently wrote about a Seattle grilled cheese foodtruck that is now accepting Bitcoin and also noted how the world’s first Bitcoin ATM was just installed in Vancouver, B.C.hulk bitcoinUp to this point, it’s been unclear how or if governments will try to regulate the system.bitcoin idr chartBut today’s news certainly indicates some hope for those in favor of digital currency.cae el precio del bitcoinHere’s a good place to learn more about Bitcoin and how it works.bitcoin skype virus

Now, Bitcoin is trading at around $770 an hour after dropping from $900 to nearly $600.Bitcoin prices have shot past $900, the latest move in a week of dramatic market increases.bitcoin in bible codeThe digital currency’s price peaked at $911.99, according to data from the CoinDesk USD Bitcoin Price Index (BPI).20 minuten bitcoinPrices haven’t exceeded the $900 level since mid-January 2014, BPI data shows.bitcoin public ledgerAt press time, the price is hovering around an average of $902.92.bitcoin kurs kaufenThe development comes only two days after markets worldwide crossed the $800 mark, followed by additional action yesterday that saw the price exceed $870 before dipping.The rapidly climbing price has sparked headlines across major news outlets, culminating a year of dramatic market movements that have followed events like the UK vote to exit the European Union and the election of Republican Donald Trump to the US presidency.

Image via Shutterstock The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.Previous Article Dubai Appeals to Startup Ecosystem for Blockchain... Next Article Classic and the DAO: What Drove Ether Prices in 2016The price of Bitcoin went past the $900 margin on December 23, surging to $911 at its peak.Just as Civic CEO and Bitcoin analyst Vinny Lingham predicted on December 11, once the Bitcoin price surpassed the $800 mark, it went straight to $900.In an interview, Bitcoin expert Vinny Lingham accurately predicted two situations: Bitcoin will hit $800 and once it does, it will spike to $900 in a matter of days.As Bitcoin went past $800, it rapidly increased to $911, surpassing $930 in large markets like China, which control 94.5% of all Bitcoin trading.Vinny Lingham: If We Hit 800, We’ll Go Straight to 900 @civickey #Prescient - https://t.co/7y1jMwNwd1 — Pantera Capital (@PanteraCapital) December 23, 2016 Some analysts and financial outlets including Zerohedge commented that the surge in price could be referred back to panic buyers in China, opening up the market with highly anticipated buys for three days in a row.

The correlation between the Chinese market and Bitcoin is evident, the Bitcoin volume and price increased when the trading volumes and demand of the Chinese exchange market surged.While mainstream media outlets including Business Insider and other analysts stated that the recent surge in the price of Bitcoin is a culmination of global economic instability and heavy capital controls imposed by leading governments, it is highly likely that the largest Bitcoin market played a vital role in the rising value of Bitcoin.Moreover, as Chinese New Year approaches and more investors, traders, businesses and households plan to send money outside of the country, the demand for alternative assets like Bitcoin will spike due to the regulations on the outflow of the Chinese yuan.In the midst of the devaluation of the Chinese yuan, the government heavily restricted the outflow of its national currency to prevent further devaluation.Thus, assets like Bitcoin, which cannot be seized or confiscated like gold, will be preferred by the general population.

Username * First Name Last Name Email * Password * Repeat Password * You registration completed successfully.Bitcoin prices passed $900 today, though this feat was diminished by several rallies that ultimately failed to push its value above this benchmark.Overall, the digital currency rose to as much as $904.76, after falling below $880 earlier in the session, climbing above this level amid modest volatility.Later in the session, the price mounted another comeback, hitting a high just above $905, according to the CoinDesk USD Bitcoin Price Index (BPI).At press time, however, the price had dipped again to a value of $894.95.This upward movement represented the latest session of relatively mild price volatility, at least compared to the sharp price fluctuations experienced earlier this month.Most notable, however, about the day's trading, may have been the lack of any serious decline over the day's trading.Bitcoin prices enjoyed their latest climb in spite of new Chinese regulatory developments that found the nation’s exchanges responding publicly to pressures from the People's Bank of China, the country's central bank.