Bitcoin extended gains on Friday, climbing over 9% in late morning trade to $47,800, its highest level in 12 days.
The largest 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 cryptocurrency derivatives exchanges as a possible driver for the moves. Derivatives trading often influences spot bitcoin prices in markets.
Reporting by Tom Wilson; Editing by Saikat Chatterjee