Bitcoin Prices Exceed $1,000 Mark Following Zynga Announcement

Bitcoin Prices Exceed $1,000 Mark Following Zynga Announcement

Bitcoin prices surpassed the $1,000 mark following an announcement by Zynga that it may evaluate the use of the unregulated currency as a form of payment. The value of the digital currency has fluctuated in the past few weeks even as its use increased recently.

The value of the currency dropped following an announcement by China indicating that it will limit its usage in the country. Bitcoin prices at the Mt. Gox exchange reached $1,093 before going down to $1,000 by Monday.

The online gaming company announced over the weekend through Reddit that it will start to honor bitcoins as payment for its games, including Castleville and Farmville 2. Five other games will also accept the digital currency as a form of payment.

The company indicated that it will evaluate an expanded payment option for in-game purchases by players using bitcoins. The company added that the move was in response to the increasing popularity of the digital currency across the world. It will be implemented with the assistance of BitPay.

Bitcoin prices have fluctuated in recent years as its popularity increased among individuals, organizations and companies.

A Cyprus-based university has also indicated that it will start to accept payments for tuition using the digital currency. The currency was also accepted the use of the digital currency by an auto dealership in Newport Beach for the sale of the Model S electric car from Tesla Motors.

Documents were filed by Tyler and Cameron Winklevoss to unveil the first Wall Street investment offering using the digital currency. The twins are known for their settlement with Facebook, Inc. A note in connection to the use of the digital currency was issued recently by analysts from Bank of America Merrill Lynch. Bitcoin prices may also be affected by a political action group that was established by the supporters of the digital currency.

Posted by James Fried on Wednesday January 08 2014, 4:48 AM EST. Ref: LA Times. Link. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0