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Bitcoin climbs 8% to $13k after PayPal allows using cryptocurrency on its network

On a year-to-date basis, Bitcoin prices are up over 77 percent.

October 22, 2020 / 09:23 PM IST

Bitcoin prices surged over 8 percent to break the psychological $13,000 mark for the first time in 2020 a day after PayPal Holdings Inc said it will allow customers to buy, sell and hold cryptocurrencies.

The world's largest digital currency was quoting $12,782.96, up 4.26 percent at the time of writing this copy. It touched an intraday high of $13,229.37 and an intraday low of $12,142.98.

On a year-to-date basis, Bitcoin prices are up over 77 percent.

PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.