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Price of Bitcoin surges to almost $24,000

One Bitcoin is worth $23,855.20 as of the morning of Monday 21 December.

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The cryptocurrency soared to a new all-time high at the end of last week and has continued to rise since.

The news will boost the multitude of crypto-related gambling companies that exist in the market, although warnings exist about Bitcoin's volatility.

Despite its recent surges, inspired by support from the likes of PayPal, Bank of England Governor Andrew Bailey warned against the cryptocurrency holding "intrinsic value" in October, as quoted by the BBC.

However, the latest figures will certainly please crypto proponents, traders and investors.

Bitcoin, the world's largest cryptocurrency, was worth $327 in 2015 and has experienced a number of peaks and troughs since.

In December 2017, it peaked at $19,650 but was worth $3,400 just a year later. Bitcoin hit almost $12,000 in mid-2019, then sinking close to $5,000 in March of this year – at a time when stocks across the globe plummeted due to the COVID-19 pandemic.

A steady rise followed until October, before the cryptocurrency's value jumped significantly.

Onlookers will be keen to see if this trend continues, or whether there is another sharp fall in the near future.

It will be equally interesting to note whether this sees an increase in the use of crypto for gaming worldwide.

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