The Most Important Bitcoin Developments This Week: February 14, 2015

NEW YORK (InsideBitcoins) – After trading mostly in a tight range near $220 for weeks – including most of last week – bitcoin broke through the resistance Friday gaining nearly $20, ‘closing’ at $236.70, according to the Winkdex composite. The cryptocurrency added to those gains as the Valentine’s Day weekend began, climbing to the mid-$240s midmorning Saturday, according to the Inside Bitcoins Price Tracker.
The bitcoin price has lost about -21% for the year-to-date, according to the averageBTC index produced by bigterminal.com.
Other important developments for the week included:
Bitcoin-accepting retailers expect Valentine’s Day to motivate an increase in sales. The day dedicated to romance is a multi-billion dollar industry in the United States, with the average person expected to spend more than $142 this year. ‘Every Valentine’s Day we see a massive spike,’ Vinny Lingham, CEO of Gyft, told Inside Bitcoins. ‘People really love to spend their bitcoins on loved ones.’

This post was published at Inside Bitcoins on Feb 14, 2015.