Investing.com - Bitcoin rallied above the $680-level on Monday, before turning lower, as ongoing optimism over the outlook for the digital currency continued to support prices.
Bitcoin (BTC-eUSD) hit a session high of $683.26 on Slovenia-based BitStamp, the most since March 4, before turning lower to last trade at $629.29 during U.S. morning hours, down 2.71%, or $17.54.
The price of a Bitcoin on Bulgaria-based BTC-e retreated 3.77%, or $24.06, to trade at $614.00, after hitting a daily high of $667.70 earlier in the day.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency declined 0.8% to trade at $623.98.
Bitcoin prices have rallied in recent sessions amid speculation the digital currency will become more mainstream. Bitcoin prices rose nearly 29% in May.
U.S. satellite service provider DISH Network (NASDAQ:DISH) said last week that it will start accepting Bitcoin payments later this year. DISH Network has more than 14 million customers in the U.S. and reported revenue of $13.9 billion in 2013.
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.