At 11:30 am, Bitcoin was up trading at over $34,500, up nearly 5 per cent from its value a day ago.
Two developments seem to have boosted the cryptocurrency market on Friday, starting from Andreessen Horowitz announcement about a $2.2 billion crypto fund to Bitcoin officially becoming legal tender in El Salvador from September 7.
While Bitcoin and other cryptocurrencies have gained on Friday, China’s crackdown continues to trigger high levels of volatility, which was evident this week.
One development that has exerted pressure on the crypto market from Thursday is a decision taken by China’s biggest maker of cryptocurrency mining machines, Bitmain.
The development has not been seen well by cryptocurrency investors who remain worried about the extent of China’s crypto crackdown.