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March 03, 2014 AT 12:19 PM
Is bitcoin the new honey badger? In spite of being hit on all sides by bad news, the embattled virtual currency rallied sharply on Monday by nearly 20 percent, as questions swirled around the demise of the world's largest bitcoin exchange. As regulators and prosecutors encircled Mt. Gox, the bitcoin trader that folded into bankruptcy protection last week as nearly $500 million of virtual currency vanished into the ether, bitcoin extended its rally.