As the value of the Bitcoin reached a landmark USD700 valuation, The US Senate committee held a hearing with experts, lobbyists and federal regulators to discuss about the potential threats, risks and benefits of virtual currency.

An analyst said that the involvement of Bitcoin in the Silk Road online marketplace scandal provided enough boost for the digital currency to receive support from the market, and even US government agencies, as an accepted investment and payment technology solution.

Bitcoing exchange BTC China received USD5 million in Series A investment from Lightspeed China Partners and Lightspeed Venture Partners to fund its general operations, but indicated plans to expand its business.

itBit is a digital currency exchange that provides the latest platform for Bitcoind trading in differing currencies such as the US Dollar, Singaporean Dollars and in Euros.

Singapore-based Bitcoin exchange startup itBit secured USD3.25 million in a new funding round to be used for the launching of its Bitcoin exchange currency and the expansion of its operations worldwide.

With the allowance of Baidu for Bitcoin, China's appetite for the virtual currency grows. Nearly a third of the world's Bitcoin transactions are done in China.

Some industry observers see the rise in Bitcoin value as a bloated valuation. In an article on TechCrunch, digital currency Bitcoin was reportedly on a comeback after a series of market value setbacks.

Circle Internet Financial's USD9 million Series A investment would be the biggest funding received by a digital currency startup.

Despite the negative press Bitcoin received due to the Silk Road black market scandal, industry observers believed that there would be a renewed investor interest in digital currency.

Payment processing company Dwolla told its customers through an email statement it would no longer accept Bitcoin currency starting the end of this month.