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November 28, 2013

Bitcoin value crosses past $1,000 mark

First time since its launch in 2009.

By Vinod

The value of a single Bitcoin surpassed the $1,000 (£613) mark, almost quadrupling in three weeks and for the first time since its launch in 2009.

Bitcoin’s increasing exposure, capability to remain untraceable and interest in alternative assets has boosted its popularity and value in recent years.

The US Homeland Security and Governmental Affairs Committee, which stamped the virtual currency as a ‘legitimate financial service’, has also increased its value.

However, watchdogs are increasingly showing concerns that it may be probably used for money laundering and other illegal intentions.

Reports revealed that there are currently more than 12 million Bitcoins, bringing the overall current value of Bitcoins to over $12bn.

Last month, the value of Bitcoin suddenly plunged 20% in the wake of the online drug marketplace, Silk Road, being shut down by the US FBI.

The online drug bazaar saw millions of Bitcoins moving across it in return for drugs over the last two years.

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