Bitcoin soars above $1,000

Oliver Smith
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BITCOIN broke fresh records last night when the price of the digital currency reached $1,073 (£659.60) on popular online exchange Mt.Gox, as market momentum lifted it to a new high.

Last week a US Senate committee described Bitcoin – the digital currency that can be traded anonymously and freely worldwide – as a legitimate financial service. Since then its price has more than doubled.

A Bitcoin bought for $450 last Monday before the committee hearing has now risen in value by over 138 per cent. At the beginning of the month Bitcoin traded at just $215. Its total market capitalisation is now $12.9bn.