On Monday bitcoin prices jumped to the highest level in three weeks, as investor confidence remained strong amid bullish chart signals. The prices for cryptocurrency surged almost 50% since hitting a 21-month low of $152.40 on January 14.
Prices of the crypto-currency surged $42.12, or 16.55%, to trade at $296.63, according to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges
On Slovenia-based BitStamp, bitcoin (BTC/USD) rallied to a session high of $309.90, the most since January 3, before trading at $297.70 during U.S. morning hours, up $46.70, or 18.61%.
The price of a bitcoin on Bulgaria-based BTC-e jumped $41.70, or 16.9%, to trade at $288.54.
Prices on Singapore-based itBit rose $35.34, or 13.5%, to trade at $297.21.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) rose €40.64, or 15.81%, to trade at €297.70 on U.S.-based Kraken Exchange, the highest since January 3.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China advanced 308.16 yuan, or 19.92%, to trade at 1,855.00 yuan, while prices on Beijing-based OKCoin tacked on 326.65 yuan, or 21.34%, to trade at 1,857.53 yuan.
The recent jump coincided with news that bitcoin service provider Coinbase Inc. will launch the first licensed bitcoin exchange in the U.S. on Monday.
Coinbase is backed by $106 million from the New York Stock Exchange as well as various banks and venture-capital firms, bringing much-needed legitimacy to the virtual currency market.
Bitcoin is a cryptocurrency 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.
During recent months bitcoin’s market cap has been on a steady decline, even as the virtual currency has been getting more popular with merchants and retailers, including PayPal, Expedia, Overstock.com and Dell.
