Bitcoin skyrockets to $600 after U.S. agencies label it ‘legitimate’

The Department of Justice and Securities and Exchange Commission told senators that bitcoins are “legitimate financial instruments,” Bloomberg reports. The news comes just three days ahead of a U.S. Senate Committee on Homeland Security and Governmental Affairs hearing on Bitcoins,

Almost immediately following the article publication at 12:01am ET, the average price of Bitcoins jumped over $50, from $495 to $554, sprinting past the $500 milestone. It has continued to climb to a $583 average in the hours since. At Mt. Gox, the largest Bitcoin exchange, the currency is already selling for $630.

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