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The value of bitcoin jumped to $20,000 on Wednesday morning, CNBC reports, citing Coin Metrics market data.

The big picture: The cryptocurrency almost traded above $20k in 2017, but advocates tell CNBC that institutional support from S&P Dow Jones Indices and Cboe Global Markets have put the virtual currency on an upward track. 

Flashback: The value of a single bitcoin cracked $15,000 last month after the Justice Department seized about $1 billion worth of the cryptocurrency from the dormant site Silk Road on the dark web.

Bitcoin price reaches $20K for the first time

Advocates tell CNBC that institutional support has buoyed the virtual currency this year.

Animated illustration of a hand holding a rotating glowing golden pixel coin. 

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The value of bitcoin jumped to $20,000 on Wednesday morning, <a class="gtmContentClick" data-vars-link-text="CNBC reports" data-vars-click-url="https://www.cnbc.com/2020/12/16/bitcoin-breaks-above-20000-for-the-first-time-ever.html" data-vars-content-id="0036c079-ce4b-4316-baff-4493a093b608" data-vars-headline="Bitcoin price reaches $20K for the first time" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.cnbc.com/2020/12/16/bitcoin-breaks-above-20000-for-the-first-time-ever.html" target="_blank">CNBC reports</a>, citing Coin Metrics market data.The big picture: The cryptocurrency almost traded above $20k in 2017, but advocates tell CNBC that institutional support from <a class="gtmContentClick" data-vars-link-text="S&amp;P Dow Jones Indices" data-vars-click-url="https://www.reuters.com/article/us-cryptocurrencies-s-p/sp-dow-jones-indices-to-launch-cryptocurrency-indexes-in-2021-idUSKBN28D1YB" data-vars-content-id="0036c079-ce4b-4316-baff-4493a093b608" data-vars-headline="Bitcoin price reaches $20K for the first time" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.reuters.com/article/us-cryptocurrencies-s-p/sp-dow-jones-indices-to-launch-cryptocurrency-indexes-in-2021-idUSKBN28D1YB" target="_blank">S&amp;P Dow Jones Indices</a> and Cboe Global Markets have put the virtual currency on an upward track.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

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Bitcoin price reaches $20K for the first time

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