Bitcoin surged to almost $13,000 for the first time since July 2019 after PayPal announced it will allow customers to use cryptocurrencies.

The largest digital coin increased as much as 8.5% to $12,915 on Wednesday, surpassing the previous high for the year of $12,473 set in August. Gains among so-called alt coins were even larger, with Litecoin jumping more than 13% and bitcoin cash surging more than 9%...

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