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

A A A - - 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. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing , Forex and Currencies

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