Microsoft Corporation (NASDAQ:MSFT) has included Bitcoin currency conversion to Bing that supports more than 50 currencies, in its index. For conversion, the user has to type “x btc to currency” or “x currency to btc.” Digital wallet company Coinbase will provide the data.
A Volatile currency
The digital currency option can be accessed by in Australia, Canada, India, the UK and the US followed by other markets, in the following weeks. As of now, Microsoft Corporation (NASDAQ:MSFT) has not uttered a word on options like Litecoin and Dogecoin, which leaves a chance for Google Inc (NASDAQ:GOOG) to beat Bing in recognizing other digital currencies.
Microsoft Corporation (NASDAQ:MSFT) addition of this feature into Bing will help the users to stay ahead of the market regarding a volatile currency.
Bitcoin dates back to 2009, but grabbed the eyeballs of the investors only last year. Bitcoin remained in its midteens, in January 2013, but experienced a rise in its value against the dollar of around 1,500% in the first quarter of 2013. The virtual currency has been volatile tumbling as much as 60% of its value within hours. In December, last year, it was trading around $1000, and currently it is priced at $580 on the Mt. Gox exchange.
Concerns surrounding the currency
On Monday, Bitcoin tumbled to its lowest level compared to the past two months after Mt. Gox extended the halt on withdrawals, it announced on Friday, to continue indefinitely after it detected “unusual activity.”
Price of Bitcoin changes from one exchange to another and Tokyo based Mt.Gox is the topmost operator of a Bitcoin digital marketplace, according to its website. The currency has traded at $595.74, a decline of around 14% from Friday. Bitcoin even tumbled to $500 early on Monday, a decline of 27% from Friday’s price of $692.
“This technical issue is of a much larger intensity than we’ve seen in the past,” told Sebastien Galy (currency strategist at Societe Generale in New York) to Reuters. The digital currency has also been a subject of investigation recently as New York state’s top bank regulator in January stated plans to regulate businesses handling transactions in Bitcoin this year.