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Bitcoin and other cryptocurrencies staged a rally on Monday, with Bitcoin erasing its yearly losses having surged more than 12% since the beginning of last week.

The leading digital asset, Bitcoin rose almost 6% over the past 24 hours to above $47,200, moving above the price of $46,200 notched on Dec. 31, 2021. Bitcoin prices had dropped as low as around $35,000 in volatile trading that was seen earlier this year.