Investing.com - Bitcoin prices rallied 20% on Thursday, as investors returned to the market to seek cheap valuations in wake of recent losses which took the virtual currency to the lowest level in more than a year on Wednesday.
Bitcoin (BTC/USD) jumped $38.03, or 21.37%, to trade at $216.03 on Slovenia-based BitStamp during U.S. morning hours.
A day earlier, BitStamp prices hit $152.40, a level not seen since April 2013, before ending at $172.14, as sentiment remained weak following last week's data breach.
Hackers stole nearly 19,000 bitcoins valued at approximately $5 million from BitStamp on January 5. The exchange then went offline for four days before reopening on Friday, January 9.
The price of a bitcoin on Bulgaria-based BTC-e rallied $40.33, or 23.24%, to trade at $213.88, while prices on Singapore-based itBit jumped $38.91, or 21.49%, to trade at $220.00.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency surged $38.32, or 21.64%, to trade at $215.40.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) rose €35.47, or 23.06%, to trade at €189.32 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China advanced 221.23 yuan, or 20.62%, to trade at 1,293.98 yuan, while prices on Beijing-based OKCoin tacked on 218.98 yuan, or 20.26%, to trade at 1,300.00 yuan.
Bitcoin is digital cash and 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.
Bitcoin’s market cap has been on a steady decline in recent months, even as the virtual currency has been getting more popular with merchants and retailers, including PayPal, Expedia, Overstock.com and Dell.
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Bitcoin rallies 20% as sell-off comes to an end
Published 01/15/2015, 07:37 AM
Updated 01/15/2015, 07:37 AM
Bitcoin rallies 20% as sell-off comes to an end
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