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Bitcoin above $20,000 for first time

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Leading virtual currency bitcoin on Wednesday traded above $20,000 for the first time following a sustained run higher in recent weeks.

Just 12 years old, bitcoin reached a record-high $20,398.50 before pulling back to $20,145, which was still an intra-day gain of nearly four per cent.

It has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.

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