Bitcoin extends rally to trade at $640; BTC/USD soars 29% in May

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Investing.com - Bitcoin extended a recent rally to trade at the $640-level on Sunday, as ongoing optimism over the outlook for the digital currency continued to boost prices.

Bitcoin (BTC-eUSD) hit a session high of $648.93 on Slovenia-based BitStamp, the most since March 13. Prices last traded at $647.88 during U.S. morning hours, up 13.87%, or $78.92.

The price of a Bitcoin on Bulgaria-based BTC-e surged 15.68%, or $87.00, to trade at $642.00.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency advanced 3.69% to trade at $646.26 after hitting a daily peak of $646.91.

Bitcoin prices have rallied in recent sessions amid speculation the digital currency will become more mainstream. Bitcoin prices rose nearly 29% in May.

On Thursday, U.S. satellite service provider DISH Network (NASDAQ:DISH) said 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.

Bernie Han, executive vice president and chief operating officer at DISH, said: "Bitcoin is becoming a preferred way for some people to transact and we want to accommodate those individuals."

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.

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This article appears in: Investing , Forex and Currencies

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