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.
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