Bitcoin Hits Fresh 2020 High

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Bitcoin’s price clocked fresh 2020 highs on Wednesday after online payments company Paypal announced support for cryptocurrencies.

  • The cryptocurrency jumped to $12,481 during the U.S. trading hours to reach the highest level since July 2019, surpassing the previous 2020 high of $12,476 reached on Aug. 18, according to CoinDesk's Bitcoin Price Index.
  • PayPal launched a new service enabling its customers to buy, hold, and sell bitcoin, ether, bitcoin cash and litecoin, directly within the PayPal digital wallet.
  • The move is expected to increase cryptocurrency's utility as a funding source for digital commerce at PayPal's 26 million merchants.
  • "This PayPal news is the biggest news of the year in crypto. All banks will now be on a race to service crypto. We have crossed the rubicon," large crypto investor Michael Novogratz tweeted.

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