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Update: Bitcoin goes for 1100 before dropping

Bitcoin soared past 600 today, tested 675, at writing about 663, quite a ride. We will see if it can shoot past the 700 mark. Looks like I was wrong about it wavering a little at this points. Had a high of 4879 CNY/RMB (chinese yuan/renminbi) in BTCChina.

btcchina mtgox663

Litecoin has caught up

ltc8to9

We have litecoin fighting 8 to 9 usd. That pushes it above the recent 1:100 with bitcoin, and a bit closer to its previous parity. Perhaps BTCChina litecoin implementation? Or china interest in litecoin.

Quite a bit of today’s bitcoin rise probably comes from USA too.

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency.

Representatives from the agencies told the U.S. Senate Committee on Homeland Security and Governmental Affairs ahead of a hearing today that the digital money offers benefits and carries risks, like any other online-payment system, according to letters they released before the meeting.

And Forbes has covered BTCChina

http://www.forbes.com/sites/kashmirhill/2013/11/08/from-walmart-to-bitcoin-the-ceo-behind-the-chinese-exchange-sending-bitcoin-to-new-highs/

“The biggest Bitcoin exchange is now in China, displacing Japanese, American and European sources of demand,” wrote Colas in a note to clients published by Business Insider. “That enterprise is called BTC China, and its CEO Bobby Lee hails from YahooYHOO +0.25%! and Walmart China

“I was introduced to Bitcoin two years ago by my brother, the founder of Litecoin (ed note: a competing cryptocurrency),” says Lee. “I started mining in 2011 and didn’t think too much about it. But when I thought about what I was excited enough about to start a business, it was Bitcoin.”

“We want to build a company that will last 100 years,” continues Lee. “When I went to Stanford I knew Internet was here to stay. And Bitcoin is same. The Internet was hard to use at first. Computers didn’t have browsers in the early 90s. You had to know FTP and Telnet. The AOLs, Googles and Yahoos made the Internet usable. We want to be that, to make Bitcoin more usable.”

BTC China’s CEO Bobby Lee’s brother is Charles Lee the founder of litecoin, want to see some litecoin movements and highs?

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