Bitcoin prices regained strength on Wednesday, as demand for the virtual currency remained supported amid speculation an increasing number of online retailers will begin accepting Bitcoin payments in the year ahead.
BTC/USD rose 4.5% during European morning hours to trade at USD957.55 on the Tokyo-based Mt. Gox Bitcoin exchange. The currency rose to a session high of USD1,028.77 earlier in the day.
Prices of the virtual currency tumbled approximately 12% on Tuesday as speculators booked profits from a recent rally which took prices of the virtual currency to a one-month high on Monday.
In the past month, the number of businesses on CoinMap, a website showing physical companies and vendors accepting Bitcoin, has tripled to more than 2,300.
Bitcoin is digital cash for the internet and it 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.
Prices of the virtual currency soared to an all-time high of USD1,241.10 on November 29. It was trading at USD100 in early October.
Jerusalem Post Annual Conference. Buy it now, Special offer. Come meet Israel's top leaders