The world’s current favorite cryptocurrency, Bitcoin, is set to be the topic today at a second Senate Hearing titled “Virtual Currencies.” In light of the increased attention, Bitcoin users and Litecoin, BTC’s little brother (which one person called ‘The Silver to Bitcoin’s Gold), are expecting a bull market today on the various BTC exchanges.
This prediction is based on the fact that yesterday during the hearings, the price went to exorbitant highs, at one point hitting $900 on notoriously overpriced exchange, MtGox.com
In light of the rapid crash following, Bitcoiners are predicting similar behavior tonight, though the price has hovered around $550 since then — or around $700 on MtGox, which is again widely considered to be overpriced because moving money out of the exchange is very difficult.
BTC-E, a popular exchange with more accurate pricing, has a “trollbox,” a chat system where users post their thoughts, typically trying to influence buying and selling behaviors. Here is some of the buzz regarding the Senate Hearing, starting at 3:30PM Eastern time. YOu can watch it here.