21 Oct '13, 1pm

Bitcoin price surges to post-crash high

Bitcoin, the cryptographic peer-to-peer digital currency, has reached a new price high since the market crash in April this year. Over the two weeks to 21 October, the value of one bitcoin rose by almost $60, and on Tuesday hit a high of $197.40 at the largest exchange , Mt Gox. An estimate of the current price taking a broader spectrum of exchanges into account shows it at $182.74. The price of one bitcoin peaked at $266 on 10 April, before tumbling rapidly to a low of $50 shortly after. Since then, the price has not risen above $170 until this week. Some observers worried that the shutdown of the online drugs marketplace Silk Road would hit the Bitcoin economy. A paper from 2012 estimated that almost one bitcoin in 20 was spent on the site, and economist Jeffrey Cook of World’s First currency brokers warned that investors were “scrabbling for the exit”. But others pointe...

Full article: http://www.theguardian.com/technology/2013/oct/21/bitcoin...

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