The value of cryptocurrency bitcoin rose almost a tenth in a few minutes on Friday. As a result, the digital currency was traded for nearly 48,000 dollars. It is also the most significant daily profit in months.
It is not entirely clear why bitcoin suddenly rises in value so fast. However, some analysts point to comments from Federal Reserve Chairman Jerome Powell. He said on Thursday that the American central bank does not intend to ban cryptocurrencies.
There are also experts who point to more technical factors, and others think that the rally in the price is related to developments in the financial markets in the broad sense.
Cryptos are moving more and more with the sentiment in the regulated markets as regulators keep a closer eye on the tokens. More than a week ago, bitcoin was still worth around $40,000. However, the share price was under pressure for days after increasing criticism from regulators.
Bitcoin also proved not immune to the sell-off in the traditional markets. But when the indicators on the global stock markets subsequently showed a recovery, the dip in bitcoin also proved short-lived.