[2015-11-05] NDTV: Value of Bitcoin Surges, Emerging From a Lull in Interest

Value of Bitcoin Surges, Emerging From a Lull in Interest

http://gadgets.ndtv.com/internet/news/value-of-bitcoin-surges-emerging-from-a-lull-in-interest-761863

After a long period of quiet, the price of the virtual currency Bitcoin is surging again as signs of interest from China and Wall Street have helped kick off a new speculative frenzy.

The price of a single Bitcoin has been steadily rising in recent weeks. On Wednesday, it spiked particularly sharply, rising above $500 (roughly Rs. 33,000) on some exchanges, and bringing the value of a single coin up over 100 percent from a month ago. By the end of Wednesday, the price had fallen back closer to $400 (roughly Rs. 26,000).

The recent rally has been the biggest since the currency entered a sustained decline after the collapse of what was once the biggest Bitcoin exchange, Mt. Gox, in early 2014. That incident - and the use of Bitcoin for drug sales - led many people to write off the virtual money as a passing fad.