Bitcoin soars, receives cautious welcome from regulators

By Joseph Lawler

Published November 18, 2013 5:00am ET

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Bitcoin soars, receives cautious welcome from regulators — Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network, testifies at a Senate Homeland Security and Governmental Affairs Committee hearing on Monday, Nov. 18, about the threats of virtual currencies such as Bitcoin, which are susceptible to money laundering schemes. (Photo: Graeme Jennings/Washington Examiner) | Graeme Jennings

Monday was a day of successes for the digital payments system Bitcoin as its value soared and it gained a cautious green light from federal regulators.

The price of a Bitcoin soared to nearly $680 after an afternoon hearing before the Senate homeland security committee focused on digital currencies. The value of a Bitcoin on Internet exchanges was as low as $500 Monday and $200 in early November.

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