Bitcoin hits $1000 mark

Bitcoin hits $1000 mark

Bitcoin has smashed through the $1000 mark on Mt. Gox, with the virtual currency's price continuing to respond to encouraging noises from Washington lawmakers and growing popularity in China.

Less than two months ago bitcoin's value slumped to $109 on Mt. Gox in the wake of the FBI's take-down of the Silk Road online marketplace and arrest of founder Ross William Ulbricht.

However, in the longer term the Silk Road bust has helped push bitcoin's price up. It prompted a US Senate hearing earlier this month at which representatives from various government agencies gave the virtual currency a cautious thumbs up.

Last Monday, the day the hearing began, bitcoin's price responded by jumping from less than $500 to nearly $750.

With a benign regulatory environment also encouraging rapid uptake in China, the bitcoin price has continued to soar, hitting the $1000 on Mt. Gox for the first time today.

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