Bitcoin tested and broke through the 1000 level on MtGox intermittently over the weekend as Overstock.com became the latest e-commerce site accepting the the digital currency. It is the first time BTC has reached this level since last Monday.
Overstock’s announcement encouraged BTC traders when they welcomed the cryptocurrency with open arms, lauding the the currency’s decentralized structure and steadfastness to constrained supply. BTC surged as demand for the currency picked up. Overstock made $130,000 in online sales just through bitcoin transactions alone on the first day of accepting it. In addition, the growing camp of reputable e-commerce sites now accepting the currency has reinforced positive sentiment among long term speculators.
BTC volume rivaled that seen during last Thursday’s sell-off, where BTC briefly tanked and recovered during a scare where GHash came close to wresting 51% of the available mining power. In such an event, the controlling group has consensus privileges. They can technically perform actions to their advantage that entirely undermine the cryptocurrency’s integrity.
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In the last 24 hours, BTC has successively established news highs and support levels. This may continue in trading today in the absence of any further destabilizing events.
(Chart Source: bitcoinwisdom.com)