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Bitcoin Surges, Hits $666 (Update 1)

Updated from 10:05 a.m. EST with updated price and analyst comment

NEW YORK ( TheStreet) -- The price of a Bitcoin surged past $600 to an all-time high Monday morning as the virtual currency continued a strong November rally.

A single Bitcoin was last trading at $666, reaching an intraday high of $675, according to Mt.Gox. The currency has gained more than 200% after closing at $213 on Oct. 31.

Fueling the surge was a letter from the Department of Justice and Securities and Exchange Commission obtained by Bloomberg News that tells the U.S. Senate Committee on Homeland Security and Governmental Affairs that Bitcoin has benefits and risks, similar to other online payment systems.

But the recent Bitcoin surge may include more than U.S. attention.

"It is quite obvious that Chinese buying is inflating this Bitcoin bubble," Walter Zimmermann, chief technical analyst for United-ICAP, wrote in a note to clients on Monday. "Taken together they all suggest that the Chinese yuan is not the safe store of wealth that many perceive it to be."

-- Written by Joe Deaux in New York

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