Investing.com - Bitcoin prices edged higher in subdued trade on Tuesday, as demand for the virtual currency remained underpinned amid speculation an increasing number of online retailers will begin accepting Bitcoin payments.
BTC/USD rose 2.3% during European morning hours to trade at USD702.00 on the Tokyo-based Mt. Gox Bitcoin exchange. The currency rose to a session high of USD730.00 earlier in the day.
Bitcoin prices rallied sharply on Monday after online retail outlet Overstock.com said that it will start accepting Bitcoin payments as early as the second half of 2014. The website will be the first major online retailer to do so.
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.
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.
BTC/USD rose 2.3% during European morning hours to trade at USD702.00 on the Tokyo-based Mt. Gox Bitcoin exchange. The currency rose to a session high of USD730.00 earlier in the day.
Bitcoin prices rallied sharply on Monday after online retail outlet Overstock.com said that it will start accepting Bitcoin payments as early as the second half of 2014. The website will be the first major online retailer to do so.
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.
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.