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Bitcoin surges to record $28,500, quadrupling in value this year

Institutional investors help cryptocurrency to 47% gain this month as interest in US dollar declines

Bitcoin has continued its end-of-year Santa Claus rally, surging to a new high of more than $28,500.

The cryptocurrency gained more than 5% to hit $28,572 on Wednesday. It is up 47% since the start of December and is on track for its biggest monthly gain since May 2019.

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