Since mid-December, Bitcoin’s value was on the decline, but over the course of last 24 hours, its price has gone peaking towards $1000. It has received major impetus from the news that various major businesses are accepting it for trade and exchange.
After last month’s announcement of Bitcoin acceptance by Overstock, which is a world-renowned online retailer, this weekend Zynga officials stated that they will test Bitcoin payments for their seven most famous games. Zynga used Reddit’s online platform to declare that they would involve Bitpay for their gaming transactions.
Zynga’s announcement can be seen below:
This announcement by Zynga fueled an immediate and speedy rise in Bitcoin value and it went soaring towards $1000 mark. Bitcoin is currently priced at $996 according to Bitcoinaverage.com.
Last year, Bitcoin received a major blow when its price dipped to $506 on December 18 amid confirmed reports of China’s crackdown on Bitcoin exchanges. Before this downfall, it had touched $1000 at the end of November. The original price rise was supposed to have been an after effect of a substantial growth of Chinese investors. Hence, the fall was inevitable when China laid down stronger policies against Bitcoin exchange.
But after that slump, Bitcoin has revived itself again after various eminent organizations like Zynga and Overstock announced its acceptance. Rapper Snoop Dogg and Congressman Steve Stockman have also approved the digital currency whereas Fortress Investment Group declared that they would start their own Bitcoin fund.
You can see the current chart for Bitcoin (from Bitcoinaverage.com) here: