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Bitcoin rallies to $683 before pulling back

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Investing.com -

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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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