Paul Vigna
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The S&P ended the week with losses as investors worry that new stimulus plans will lead to higher taxes.
The digital currency’s price has doubled in less than a month.
The deal indicates the surging demand for data and indexes used to track and trade cryptocurrencies.
The digital currency, which has been on an extended rally since early September, took a wild ride over the weekend, briefly spiking over $34, It fell as low as $29, early Monday.
High fees and volatility present obstacles to the soaring digital currency becoming a payments staple, but PayPal’s decision to allow customers to buy and sell bitcoin could be a step toward the mainstream.
Stocks drifted modestly higher in the final session to a year that saw the indexes contract in the spring before snapping back to new highs.
U.S. stocks rose in light holiday trading as investors tracked the latest developments on a new coronavirus aid package and the historic trade deal reached between the U.K. and European Union.
The volatile digital currency has tripled in price this year, but unlike some past surges, it is holding on to gains longer.
The agency, whose chairman is leaving soon, claims the company violated investor-protection laws when it sold the bitcoin-like digital asset.
Coinbase will be the first major bitcoin-focused company to test the public markets.
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