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Bitcoin Leaps By 9% To Close In On 12-Day High

The leading cryptocurrency was closing in on its biggest single-day advance since the middle of June

Spiking volumes on crypto derivatives exchanges was touted as a possible reason for Bitcoin's rise. Photo: Reuters

 

Bitcoin surged by more than 9% in late morning trade on Friday to reach $47,800 – its highest level in 12 days. 

The biggest cryptocurrency was last up 7.9% at $47,263 which, if maintained, would be its largest one-day jump since mid-June. 

 

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Smaller coins ether and XRP, which tend to move in tandem with bitcoin, were up 7% and 5% respectively.

Joseph Edwards, head of research at Enigma Securities in London, cited spiking volumes on crypto derivatives exchanges as a possible driver for the moves. Derivatives trading often influences spot prices in bitcoin markets.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

Bitcoin Recovers After Evergrande Crisis Sparks Crypto Sell-Off

Bitcoin Outflows Accelerate As Global Crackdowns Take a Toll

Sean OMeara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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